According to Future Market Insights, the global conversational commerce market is expected to grow at a CAGR of 15.6% during the forecast period of 2022 to 2032. The market is set to reach a valuation of US$ 26,301.8 Mn by the end of 2032. As per FMI, by 2022, it is projected to be valued at US$ 6,147.1 Mn.
Conversational commerce is one of the major aspects of e-commerce which deals with customer interaction by using chatbots, messenger applications, and social media. It allows brands or companies to better understand the concerns, issues, complaints, and requests of their clients and customers. This form of conversation can create a more natural, informal, and personalized communication between the two parties through which both parties can benefit.
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Key Takeaways: Conversational Commerce Market
- By component, the solution segment reached a valuation of US$ 3,441.2 Mn in 2021.
- By type, the chatbots segment is anticipated to lead the global market with a share of nearly 59.5% by 2032.
- By deployment mode, the on-premises segment was worth US$ 3,147.3 Mn in 2021.
- By enterprise size, the large enterprises segment dominated the market in 2021 with a valuation of US$ 2,971.0 Mn.
- By business function, the sales segment was valued at US$ 1,538.9 Mn in 2021.
“Increasing penetration of the internet in regions like South Asia and Pacific is likely to boost the use of social media, thereby encouraging companies to communicate with their customers through conversational commerce. Besides, new solutions can help companies to address and clear repetitive questions, doubts, and prevent the exchange of false information,” says a FMI analyst.
Investments by Companies to Launch Social Media Marketing Campaigns Will Aid Growth
Messaging applications like WhatsApp are equipped with various features that would help businesses to boost their growth. Social media platforms like Instagram allow companies to share updates, sell their products, and interact with customers online.
Social media platforms are considered to be an ideal place for companies to market their products and services as their target customers are usually active on these platforms, especially if they are young. Being open to accepting messages from consumers, companies can allow the exchange of raw and direct messages.
This would further enable businesses to better understand various problems that their customers are facing to approach and solve the issue. Personalized interactions with customers can also help improve the brand image and enhance sales.
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Conversational Commerce Market Outlook by Category
By Component:
- Solution
- Services
- Training and Consulting Services
- System Integration and Implementation Services
- Support and Maintenance Services
By Type:
- Chatbots
- Intelligent Virtual Assistants
By Deployment Mode:
- Cloud
- On-Premises
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By Business Function:
- Sales
- Finance
- HR
- Operations
- IT Service Management
By Industry:
- BFSI
- Healthcare and Life Sciences
- IT & Telecom
- Retail and E-commerce
- Travel and Hospitality
- Media and Entertainment
- Automotive
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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