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Conversational AI Market is Set to Exhibit a Robust CAGR of 21.8% During the Forecast Period, Driven by Demand for AI-Powered Customer Support Services, North America to Lead the Market, Projects Extrapolate
Original article seen at: www.globenewswire.com on July 12, 2023
tldr
- 📈 The Global Conversational AI Market is projected to grow significantly from 2021 to 2030.
- 🔑 Key players in the market include Google, Microsoft, Amazon Web Services, IBM Corporation, and Oracle.
- ☁️ The prevalence of cloud-based technologies is expected to fuel the market growth.
- 🤖 The demand for AI-based chatbots has increased during the COVID-19 pandemic.
- 🌎 North America is anticipated to lead the market due to the acceptance of upcoming technological developments.
summary
The Global Conversational AI Market is projected to grow from USD 6.8 billion in 2021 to USD 22.8 billion by 2030, exhibiting a CAGR of 21.8%. This growth is driven by the rising demand for AI-powered customer support services and chatbot solutions. The market is highly competitive with key players like Google, Microsoft, Amazon Web Services, IBM Corporation, and Oracle. The report suggests that the increasing demand for conversational AI solutions by service deployers and the prevalence of cloud-based technologies will fuel the market growth. The need for AI-based chatbots has increased during the COVID-19 pandemic, contributing to the market expansion. North America is anticipated to lead the market due to the broad acceptance of upcoming technological developments and a rapidly growing demand for AI-powered customer support services.starlaneai's full analysis
The growth of the Global Conversational AI Market is a significant development in the AI industry. The market's projected growth from USD 6.8 billion in 2021 to USD 22.8 billion by 2030 indicates the increasing demand for AI-powered customer support services and chatbot solutions. This trend is likely to continue as businesses seek to enhance customer experience and streamline operations. However, the market's growth could be hindered by data privacy and security concerns. The involvement of key players like Google, Microsoft, Amazon Web Services, IBM Corporation, and Oracle suggests a highly competitive market. These companies' investment in AI technologies could lead to further advancements and innovations in the field. The market's growth could also have a ripple effect on other sectors like healthcare, BFSI, and travel, creating new opportunities and challenges.
* All content on this page may be partially written by a clever AI so always double check facts, ratings and conclusions. Any opinions expressed in this analysis do not reflect the opinions of the starlane.ai team unless specifically stated as such.
starlaneai's Ratings & Analysis
Technical Advancement
70 The technical advancement rating is high due to the innovative use of AI in customer support services and chatbot solutions.
Adoption Potential
80 The adoption potential is high as more businesses are turning to AI solutions for customer support services.
Public Impact
65 The public impact is moderate as the use of AI in customer support services can enhance customer experience.
Innovation/Novelty
60 The novelty is moderate as AI has been used in customer support services for some time, but the market is expected to grow significantly.
Article Accessibility
75 The accessibility is high as the use of AI in customer support services is becoming more prevalent.
Global Impact
85 The global impact is high as the market is expected to grow significantly worldwide, with North America leading the way.
Ethical Consideration
50 The ethical consideration is moderate as the use of AI in customer support services raises questions about data privacy and security.
Collaboration Potential
90 The collaboration potential is very high as many key players in the tech industry are involved in the market.
Ripple Effect
70 The ripple effect is high as the growth of the conversational AI market can impact other sectors like healthcare, BFSI, and travel.
Investment Landscape
80 The AI investment landscape is high as the growth of the market can attract more investors.