The increasing demand for AI-powered customer support services, the global conversational intelligence software market is estimated at US$ 43.2 Billion, while expanding at a 7.2% CAGR from 2022 to 2032. The market is anticipated to garner USD 20.1 Billion in 2021 and USD 21.6 Billion in 2022. Growing demand for AI-based Gartner chatbots is likely to be another cause propelling the market growth.
With the outbreak of COVID-19, there has been a surged demand for AI-based chatbots to stay connected, thereby, benefitting the market. In addition, the growing deployment of omnichannel methods is likely to augment the market size in the assessment period. With the usage of automation, firms can achieve higher efficiency and lesser manual work.
According to LivePerson, a conversational AI solution provider, customers spend 80% of their time messaging through their devices. Also, there are about 57 billion conversations occurring globally in contact centers, and USD 1.2 trillion is spent on voice calls in centers across the globe.
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On the contrary, awareness of such technology is much lesser in developing nations as compared to developed nations. According to a recent study conducted by HubSpot, there is only 37% of AI awareness among consumers and 63% of consumers do not realize that they are using AI. However, the integration of new specifications such as gesture recognition is an emerging opportunity for the players, countering the market restraints.
Key Takeaways:
- The global conversational intelligence software market to reach US$ 20.1 Billion in 2021.
- The global conversational intelligence software market to garner US$ 43.2 Billion in 2032, exhibiting a 7.2% CAGR from 2022-2032
- The cloud-based segment to record a 7.2% CAGR during the forecast period
- The BFSI segment to expand at a 6.6% CAGR from 2022-2032
- The U.S market to value US$ 15.5 Billion from 2022-2032
- Market in China to flourish at a 6.6% CAGR, securing US$ 3 Billion by 2032
Competitive Analysis
Key players in the global conversational intelligence software market include CallRail Inc, AffectLayer Inc, Active.ai, Avaamo, and Avoma Inc among others.
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Recent developments among key players are:
- In September 2021, Astro, a new robot was launched. It was specifically designed to assist customers with tasks like home monitoring and keeping in touch with family.
- In September 2021, Baidu and China Gas Holdings signed agreement to enhance digital and intelligent transformation in the energy and power sector with unique solutions based on Baidu AI Cloud.
Key Segments Covered in the Conversation Intelligence Software Market Report
Conversation Intelligence Software by Deployment
- On-premise Conversation Intelligence Software
- Cloud-based Conversation Intelligence Software
Conversation Intelligence Software by End Users
- Conversation Intelligence Software for SMEs
- Conversation Intelligence Software for Large Enterprises
Conversation Intelligence Software by Vertical
- Conversation Intelligence Software for IT & Telecommunications
- Conversation Intelligence Software for Retail
- Conversation Intelligence Software for BFSI
- Conversation Intelligence Software for Real Estate
- Conversation Intelligence Software for Other Verticals
Conversation Intelligence Software by Region
- North America Conversation Intelligence Software Market
- Europe Conversation Intelligence Software Market
- Asia-Pacific Conversation Intelligence Software Market
- Middle East & Africa Conversation Intelligence Software Market
- Latin America Conversation Intelligence Software Market
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