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Conversational AI Market Trends

Report ID: GMI6692
Published Date: Jul 2024
Report Format: PDF

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Conversational AI Market Trends

Conversational AI search engines are driving lucrative growth in the conversational AI industry by enhancing user experiences and information retrieval. These engines enable users to interact with search queries using natural language, making information access more intuitive and efficient. For instance, in April 2023, Google announced its intentions to integrate conversational Artificial Intelligence (AI) into its primary search engine, responding to the increased competition from AI chatbots such as ChatGPT. This move signifies a notable shift that has the potential to reshape user interactions with search platforms as it seeks to incorporate conversational AI capabilities directly into the search experience. As user demand for conversational interfaces grows, this technology is set to play a pivotal role in expanding the market, offering personalized, conversational & user-friendly search experiences.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for conversational AI was valued at USD 9.9 billion in 2023 and is estimated to register a CAGR of over 21.5% between 2024 and 2032, owing to the growing adoption of AI solutions in numerous industries.

The on-premise segment held a market share of over 60% in 2023 and will continue to grow through 2032, driven by the collaborative projects to develop on-premise generative AI.

North America led the global conversational AI market with a share of over 32% in 2023 and will continue growing through 2032, backed by technological advancements and the emergence of conversational AI startups in the U.S.

Amazon Web Services Inc., Google LLC, IBM Corporation, Jio Haptik Technologies Limited, Conversica Inc., Microsoft Corporation, Oracle Corporation, FIS Global, and SAP SE.