Conversational AI Market Size, Top Key Players, Latest Trends, Regional Insights and Global Industry Dynamics By 2032Posted by Ashish on October 5th, 2022 According to a recent study by FMI, the conversational AI market is expected to reach US$ 40.5 billion by 2032, up from US$ 8.3 billion in 2022, expanding at a high CAGR of 17.2%. This study explains that the key factors such as rise in demand for AI-based Gartner chatbots solutions are expected to augment the growth of the market during the forecast period. The major factors that are expected to accelerate the growth of the conversational AI market during the forecast period include increasing demand for AI-powered customer support services, omnichannel deployment, and reduced chat bot development costs. Furthermore, the rising demand for AI-based chatbots to stay connected and increasing focus on customer engagement are the major factors adding value to the conversational AI offerings, which is expected to provide opportunities for enterprises operating in various verticals in the conversational AI market. With advancements in the use of AI technology, organizations are making use of conversational AI solutions to offer customer service efficiently. This is another major factor that is expected to accelerate the market growth during the forecast period. The growing use of AI and NLP technologies has enabled companies to build intelligent agents and add services as well as perform tasks integrated with other multiple platforms. There is further scope for the integration of new capabilities, such as gesture recognition in conversational AI offerings. These factors are further expected to propel the market growth over the analysis period. Key Takeaways from the Market Study
Competitive Landscape Players in the global Conversational AI Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
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