According to Future Market Insight’s latest report, the global conversational commerce market is growing rapidly, with an estimated US$ 7.61 billion in 2024. The trend of conversational commerce is fueled by the increasing demand for seamless customer experiences combining chatbots, artificial intelligence (AI), and natural language processing. The industry is expected to grow at a remarkable CAGR of 16.3% from 2024 to 2034, reaching a staggering value of US$ 34.41 billion by 2034.
In the global conversational commerce environment, organizations must concentrate on offering personalized experiences catered to each consumer’s unique requirements and preferences to satisfy customer expectations. To make this happen, businesses must ensure that consumers can have fascinating conversations while purchasing and that interactions run smoothly. Businesses that create a conversational commerce experience that matches these expectations are going to be able to foster long-term development and solid customer connections, bolstering the conversational commerce industry.
With chatbots, messaging applications, and social commerce tools, businesses can have direct, real-time conversations with customers through a new conversational commerce method. Platforms like WeChat, WhatsApp, and Facebook Messenger enable companies to start discussions, give customer service, and suggest products. Chatbots with AI and NLP capabilities automate answers and deliver pertinent information. Businesses may display products within their apps thanks to social commerce features like Instagram and Pinterest, which let users find, explore, and buy things without leaving the app. Sales are increased, and this connection improves user experience.
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“The demand for conversational commerce solutions is increasing due to their seamless integration across various channels, such as websites, mobile apps, social media, and messaging platforms. This approach ensures a consistent shopping experience across multiple touchpoints, enhancing customer satisfaction, loyalty, and conversion rates. It also allows businesses to leverage data and insights from multiple channels for personalized interactions, driving market growth and innovation.” Says Lead Analyst at Future Market Insights
Key Takeaways from the Conversational Commerce Market
- The United States Conversational Commerce industry is projected to experience a CAGR of 1% through 2034.
- Japan’s Conversational Commerce market is expected to demonstrate a CAGR of 2% through 2034.
- The Conversational Commerce industry in Germany is anticipated to see a CAGR of 5% through 2034.
- The Conversational Commerce sector of Australia and New Zealand is expected to showcase a significant CAGR of 0% through 2034.
- The Chinese Conversational Commerce market is expected to display a CAGR of 5% through 2034.
Competitive Landscape of the Conversational Commerce Market
Various market players, including tech giants like Amazon, Google, and Facebook, who innovate, collaborate, and enhance user experiences through AI-powered chatbots, voice assistants, and messaging platforms, shape the global conversational commerce industry. These companies provide personalized recommendations, streamline transactions, and deliver seamless conversations across multiple channels. Startups and emerging players like LivePerson, Intercom, and Drift are revolutionizing conversational commerce by developing specialized solutions for specific industries.
Strategic alliances between technology providers, e-commerce platforms, messaging apps, and retail brands are crucial for the future of conversational commerce. These partnerships enable seamless user experiences, expand market reach, and drive the adoption of conversational commerce solutions across industries and geographies. Players who innovate, collaborate, and meet customer demands, boosting its development, competitiveness, and distinction as consumer tastes and technology evolve shape the global conversational commerce market.
Recent Developments in the Conversational Commerce Industry
- Infobip and AuthVia teamed in December 2023 to provide secure payment and transaction capabilities over messaging channels. This guarantees a smooth checkout process by enabling users to finish purchases, sign paperwork, and finalize transactions from chat apps like Facebook Messenger and WhatsApp.
Leading conversational commerce platform, Connectly raised US$ 7.85 million in November 2023 to further AI-powered conversational commerce. RX Ventures, DST Global managing partner Saurabh Gupta, and Volpe Capital led the round
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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
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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