• Stacy Lawlor

Global Conversational AI Market Size to grow by US$ 22.8 Bn in 2030

The Global Conversational AI Market is projected to grow from USD 6.8 billion in 2021 to USD 22.8 billion by 2030 at a CAGR of 21.8%.

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Conversational AI is a type of technology that makes use of speech-based assistants to improve interactions and engagement at a massive scale across platforms and users. It combines speech-based techniques, natural language processing, and machine learning into a unified platform that can be used to develop and construct applications for a variety of verticals and use cases. Furthermore, during the projection period, a surge in the implementation of Omni-channel approaches is predicted to boost the conversational AI market growth.

During COVID-19, the growing need for AI-based chatbots to stay connected and informed has had a direct impact on the growth of the conversational artificial intelligence (AI) industry. The conversational artificial intelligence (AI) sector is also thriving due to Omni-channel implementation and low chatbot development costs. The market's growth is also being aided by the increased demand for AI-powered customer support services. Furthermore, the conversational artificial intelligence (AI) market is benefiting from significant technological advancements and breakthroughs in the field of artificial intelligence.

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The industries can now create intelligent agents, provide services, and carry out tasks that are connected to several platforms owing to the growing usage of AI and NLP technologies. New capabilities, such as gesture detection, can be integrated into conversational AI solutions in the future. Users will be able to control smart, conversational gadgets without touching or speaking if gesture detection capabilities are added to the conversational AI offering. Gesture recognition will assist users in controlling smart, conversational devices in situations when there is a lot of noise or disturbance, or the user's accent or tone is unrecognizable.

North America is expected to dominate the global conventional AI market during the forecast period owing to the widespread adoption of impending technological breakthroughs and a fast expanding need for artificial intelligence-powered customer support services. Asia Pacific region is expected to grow the highest CAGR during the projection period due to increased awareness among enterprises about new customer support services and technologies.

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In March 2021, Google, Vertex AI, a managed machine learning (ML) platform that helps enterprises to expedite the development and maintenance of artificial intelligence (AI) models, will be generally available according to Google Cloud.

In April 2021, Microsoft announced the acquisition of Nuance Communications, an AI-based technology company, for USD 19.7 billion in an all-cash transaction. Microsoft's voice recognition and transcription skills will be enhanced with the acquisition of Nuance.

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