Major players in the conversational ai market are Google Inc, IBM Corporation, Amazon Web Services Inc, Artificial Solutions Holding ASH AB, Baidu Inc, Microsoft Corporation , Oracle Corporation, SAP ERP, Kore.

New York, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Conversational AI Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06368549/?utm_source=GNW
ai Inc, Jio Haptik Technologies Limited, Conversica Inc, Rasa Technologies Inc, Solvvy, Saarthi.ai , Exceed.ai , Mindsay , and FIS.

The global conversational AI market is expected to grow from $6.26 billion in 2021 to $7.92 billion in 2022 at a compound annual growth rate (CAGR) of 26.50%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The conversational AI market is expected to grow to $18.29 billion in 2026 at a compound annual growth rate (CAGR) of 23.26%.

The conversational artificial intelligence (AI) market consists of the sales of conversational AI services by entities (organizations, sole traders, and partnerships) that are used to respond to queries, resolve issues, collect information, conduct transactions, and deliver services more quickly and efficiently. Conversational AI is a type of artificial intelligence that allows users to engage with computer applications such as advanced chatbots or AI chatbots similar to the way they would interact with other humans.

The main types of conversational AI include IVA and chatbots.IVAs are intelligent virtual assistants that are used to find the necessary information or accomplish tasks depending on particular user information, prior discussions, and their location.

The different conversational AI components include platforms and services.The deployment types include cloud and on-premise.

The conversational AI technologies include machine learning, deep learning, NLP and automated speech recognition, used by end-users such as BFSI, retail and e-commerce, healthcare and life science, travel and hospitality, telecom, media and entertainment and other end-users.

North America was the largest region in the conversational AI market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in conversational AI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Increasing focus on customer engagement is expected to drive the conversational AI market.Customer engagement is the process of communicating with customers through various channels to strengthen relationships.

Most businesses are focusing on increasing the customer experience to increase customer loyalty and revenue generation.According to the 2022 State of Customer Engagement Report published by Twilio, a US-based customer engagement platform for customized experiences, companies that invested in digital client engagement had revenue growth of 70% over the past two years.

Conversational AI involves the use of messaging apps, speech-based assistants, and chatbots to automate conversation and provide personalized consumer engagement. Therefore, increasing focus on customer engagement will drive the conversational AI market.

Technological advancements in conversational AI are a key trend in the market.Companies operating in the conversational AI market have come up with various technological advancements such as no-code development technology, easier deployment, advanced machine learning and natural language processing technology to increase usage and adoption of conversational AI in industries with no technical background.

For instance, in November 2021, ZeroShotBot, a chatbot builder based in the United States, released a new innovative conversational AI technology that democratizes chatbots for both large and small organizations. ZeroShotBot is an approach to constructing chatbots that can be scalable in hours and do not require training data, allowing anyone with no coding knowledge or training to create a fully functional chatbot.

In March 2022, Microsoft Corporation, a US-based software company, acquired Nuance Communications Inc for a $19.7 billion deal. With this acquisition, Microsoft aims to boost its AI and cloud capabilities. This deal brings Nuance’s conversational AI and ambient intelligence with Microsoft’s secure and trusted industry cloud offerings. Nuance Communications Inc is a US-based software company that provides conversational AI and ambient intelligence across the healthcare, financial services, retail and telecommunications industries.

The countries covered in the conversational AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The conversational AI market research report is one of a series of new reports that provides conversational AI market statistics, including conversational AI industry global market size, regional shares, competitors with a conversational AI market share, detailed conversational AI market segments, market trends and opportunities, and any further data you may need to thrive in the conversational AI industry. This conversational AI market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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