Conversational AI Market to Hit $18.02 Billion by 2027

Verified Market Research expects the worldwide market for conversational artificial intelligence technologies to grow at a compound annual rate of 21.02 percent through 2027, when it will reach $18.02 billion.

The market, it said, is experiencing robust growth, fueled by technological advancements and a surging demand for AI-driven customer services. Conversational AI, which encompasses speech-based assistance, chatbots, messaging apps, and personalized customer interactions, has emerged as a key component of the artificial intelligence landscape.

Other factors impacting the growth of the market include the fact that businesses are increasingly adopting omnichannel deployment strategies; the cost-effectiveness of chatbot applications, which can automate routine customer interactions, reducing operational costs while maintaining high service quality; rising adoption by social media platforms, including Facebook, Telegram, Twitter, Tumblr, and Skype; and the global emphasis on remote work and virtual customer interactions amid the COVID-19 pandemic.

The report identified Amazon Web Services, Microsoft, Oracle, IBM, Google, SAP, Baidu, Nuance Communications, Artificial Solutions, Haptik, and Creative Virtual as the key players offering conversational AI technologies.

"As conversational AI continues to revolutionize customer interactions and streamline business operations, the conversational AI market growth trajectory remains robust. With ongoing technological advancements and the increasing recognition of its potential across various sectors, the future of conversational AI looks promising," the research firm concluded in its report.