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Conversational AI Market size worth USD 18.02 Billion, Globally, by 2027 at 21.02% CAGR: Verified Market Research®

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The “Global Conversational AI Market Size By Technology, By Deployment Type, By Vertical, By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Conversational AI Market, including its growth prospects, market trends, and market challenges
JERSEY CITY, N.J., Sept. 1, 2023 /PRNewswire/ — The Global Conversational AI Market is projected to grow at a CAGR of 21.02% from 2020 to 2027, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 3.89 Billion in 2019 and is expected to reach USD 18.02 Billion by the end of the forecast period.
Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample?rid=28945
Browse in-depth TOC on “Conversational AI Market”
202 – Pages126 – Tables37 – Figures
Conversational AI Market Witnesses Remarkable Growth Driven by Technological Advancements and Rising Demand for Customer Services
The global Conversational AI market 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.
Market Drivers:
Technological Advancements: The continuous evolution of Artificial Intelligence technologies is a primary driver of the Conversational AI market. Innovations in AI are enabling the development of highly sophisticated chatbots and virtual assistants, enhancing their capabilities and versatility.
Omnichannel Deployment: Businesses are increasingly adopting omnichannel deployment strategies, which involve deploying conversational AI solutions across multiple communication channels. This approach ensures a seamless customer experience, driving the adoption of conversational AI.
Cost-Effective Solutions: The cost-effectiveness of chatbot applications is another driving factor. Conversational AI allows organizations to automate routine customer interactions, reducing operational costs while maintaining high service quality.
Rising Adoption by Social Media Platforms: Prominent social media platforms, including Facebook, Telegram, Twitter, Tumblr, and Skype, have embraced conversational AI solutions. This adoption caters to the preferences of younger generations who spend substantial time on these platforms.
Market Outlook:
The Conversational AI market is poised for continued growth in the coming years. With the global emphasis on remote work and virtual customer interactions, the demand for AI-powered chatbots and virtual assistants is expected to surge. Furthermore, the ongoing COVID-19 pandemic has underscored the importance of Conversational AI in maintaining business continuity and enhancing customer experiences.
Key Players:
The market boasts a roster of key players driving innovation and shaping the Conversational AI market. Notable companies in this space include:
Amazon Web Services, Inc.MicrosoftOracleIBMGoogle LLCSAP ERPBaidu, Inc.NuanceArtificial SolutionsHaptikCreative VirtualThese industry leaders are at the forefront of developing cutting-edge Conversational AI solutions, catering to diverse industry verticals and ensuring the widespread adoption of this transformative technology.
As Conversational AI continues to revolutionize customer interactions and streamline business operations, 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.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Conversational AI Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Conversational AI Market into Technology, Vertical, Deployment Type, And Geography.
Conversational AI Market, by TechnologyMachine Learning and Deep LearningAutomated Speech RecognitionNatural Language ProcessingConversational AI Market, by Deployment TypeOn-PremisesCloudConversational AI Market, by VerticalBFSIMedia & EntertainmentRetail & eCommerceTravel & HospitalityTelecomConversational AI Market, by GeographyNorth AmericaU.SCanadaMexicoEuropeGermanyFranceU.KRest of EuropeAsia PacificChinaJapanIndiaRest of Asia PacificROWMiddle East & AfricaLatin AmericaBrowse Related Reports:
Speech And Voice Recognition Market By Deployment (Cloud, On-premise), By End user (Automotive, Banking, Telecommunication), By Geography, And Forecast
Conversational Systems Market By Type (Voice Assisted, Text Assisted), By Application (Oil Branding & Advertisement, Customer Support & Personal Assistant), By End-Users (BFSI, Healthcare & Life Sciences, Media & Entertainment), By Geography, And Forecast
Conversational AI Platform Software Market By Type(Cloud Based and On-Premises), By Application(Large Enterprises and SMEs), By Geography, And Forecast
Conversational Intelligence Software Market By Product (Cloud Based, Web Based), By Application (Large Enterprises, SMEs), By Geography, And Forecast
Top 10 Conversational AI Platforms changing the course of customer journey
Visualize Conversational AI Market using Verified Market Intelligence -:
Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.
VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.
About Us
Verified Market Research® is a leading Global Research and Consulting firm servicing over 5000+ customers. Verified Market Research® provides advanced analytical research solutions while offering information-enriched research studies. We offer insight into strategic and growth analyses, Data necessary to achieve corporate goals and critical revenue decisions.
Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research.
We study 14+ categories from Semiconductors & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & Construction, Agriculture industry and Medical Devices from over 100 countries.
Contact Us
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Artificial Intelligence

Delegation of International Communication Experts and Foreign Media Outlets Visits Emerging Industry Enterprises in Zhongshan, Guangdong Province

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BEIJING, Oct. 10, 2024 /PRNewswire/ — On October 9, 2024, the delegation of international communication experts and foreign media outlets, themed “The World Comes to Zhongshan” and organized by the CICG Academy of Translation and Interpretation, visited several representative enterprises in Zhongshan’s emerging industries to experience the development of these innovative sectors.

At the Sinoscience Fullcryo (Zhongshan) Equipment Manufacturing Co. Ltd., delegation members learned about a large hydrogen liquefier capable of producing five tons of liquefied hydrogen per day. This facility was jointly developed, designed, and manufactured by the company and the Technical Institute of Physics and Chemistry of the Chinese Academy of Sciences, achieving the domestic production of large hydrogen liquefiers, with overall performance reaching international advanced levels. Zhongshan has prioritized the hydrogen energy industry and has nurtured several leading enterprises and research institutes in low-temperature technology, thus forming a relatively complete hydrogen energy industrial chain.
At the Zhongshan Institute for Drug Discovery, the delegation received insights into several groundbreaking drugs developed by the institute that are pioneering in both China and globally. The institute is currently working on more than 60 new drugs, with seven of them undergoing clinical trials. This initiative reflects Zhongshan’s commitment to creating a national-level comprehensive platform that integrates biopharmaceutical research and development, technological breakthroughs, platform services, and industrial incubation, all aimed at promoting high-quality development in the biopharmaceutical and health industries within the Greater Bay Area.
During last year’s Hangzhou Asian Games, tens of thousands of spectators benefited from seamless video streaming and video calls through a robust 5G network, supported by Tongyu Communication Co. Ltd., based in Zhongshan. The delegation learned that as China’s pioneering manufacturer of base station antennas, the company has established two overseas production bases in India and Thailand, along with six international branches. Its base station antennas are extensively utilized in over 60 countries and regions and have earned certification as a global supplier from leading telecom equipment manufacturers such as Huawei, ZTE, and Ericsson.
At FCourier, a company specializing in the research, development, operation, and management of high-performance Unmanned Aerial Vehicles (UAVs), flight control systems, and artificial intelligence products, the delegation observed the test flights of two types of UAVs up close. Known for their exceptional performance, the company’s electric vertical take-off and landing fixed-wing UAVs with retractable rotors are sold in multiple Middle Eastern countries. They are effectively applied in various fields, including emergency firefighting, public safety, and energy inspection, and serve as an example of China’s high-end manufacturing going global. Zhongshan aims to gather over 300 relevant enterprises in the industrial chain, achieving an industrial scale exceeding 10 billion yuan, and is committed to establishing a distinctive low-altitude manufacturing industry, which is poised to be a key growth driver for the city’s economy.
Contact: Albert Huang Tel.: 008610-68990638E-mail: [email protected] 
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Artificial Intelligence

ACCENTURE CHAIR & CEO JULIE SWEET TO DELIVER KEYNOTE AT CES 2025

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ARLINGTON, Va., Oct. 10, 2024 /PRNewswire/ — The Consumer Technology Association (CTA)®, owner and producer of CES®, the world’s most powerful tech event, announces Accenture Chair and CEO Julie Sweet will share her insights on the keynote stage at CES 2025 on January 8 at 2 p.m. in the Palazzo Ballroom at the Venetian. Accenture is a long-standing CES exhibitor, showcasing how businesses can leverage emerging technologies, including AI, to enhance customer experiences and operational efficiency.

“Accenture continues to be a driving force in innovation, continuing a legacy in technology services with groundbreaking work in AI,” said Gary Shapiro, CEO, CTA. “Under Julie’s leadership, Accenture became a leader in cloud and AI solutions and scaled sustainable business models for some of the world’s largest companies.”
Sweet is a premier advisor to the world’s most influential business leaders, guiding them through the AI-powered reinvention of their enterprises. Her leadership and guidance touch virtually every sector and region, helping companies harness the potential of AI, data and emerging technologies.
She has been recognized on TIME’s 100 Most Influential People, as one of Fortune’s Most Powerful Women in Business and by Forbes as one of The World’s 100 Most Powerful Women. Sweet became CEO in September 2019 and assumed the additional position of chair in September 2021.
During CES 2021, Sweet shared her predictions on the next decade of tech trends, and how tech can help companies and society bridge gaps and divides.
Accenture is a talent- and innovation-led company with 774,000 people serving clients in more than 120 countries. The company has become the go-to partner for businesses seeking to reinvent using tech, data, AI and new ways of working. Accenture views generative AI as holding tremendous potential as a catalyst for reinvention; the company had $3 billion in new generative AI bookings in its recently completed fiscal year 2024.
“CES is the largest international business event in the U.S.,” said Kinsey Fabrizio, President, CTA. “Accenture’s leadership across every sector of the technology industry has increased adoption of innovations that drive global business forward. I look forward to hearing what Julie believes is next.”
This announcement comes a week after Accenture and NVIDIA announced an expanded partnership, including Accenture’s formation of a new NVIDIA Business Group, to help the world’s enterprises rapidly scale their AI adoption. Earlier this week, CTA shared that Jensen Huang, founder and CEO of NVIDIA, will also be a keynote speaker.
DIVE IN to all CES 2025 has to offer—breakthrough innovations, top minds from every industry, and the unmissable connections that can only happen at the most powerful tech event in the world. CES 2025 takes place January 7-10, 2025, in Las Vegas. 
About CES®:   CES is the most powerful tech event in the world – the proving ground for breakthrough technologies and global innovators. This is where the world’s biggest brands do business and meet new partners, and the sharpest innovators hit the stage. Owned and produced by the Consumer Technology Association (CTA)®, CES features every aspect of the tech sector. CES 2025 takes place Jan. 7-10, 2025, in Las Vegas. Learn more at CES.tech and follow CES on social. 
About Consumer Technology Association (CTA)®:   As North America’s largest technology trade association, CTA is the tech sector. Our members are the world’s leading innovators – from startups to global brands – helping support more than 18 million American jobs. CTA owns and produces CES® – the most powerful tech event in the world. Find us at CTA.tech. Follow us @CTAtech. 
 
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Artificial Intelligence

NEXTCHEM (MAIRE) AWARDED LICENSING AND PROCESS DESIGN PACKAGE TO UPGRADE BSR’S HYDROGEN PRODUCTION UNIT IN VIETNAM, BASED ON ITS PROPRIETARY NX REFORM™ TECHNOLOGY

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NEXTCHEM’s subsidiary KT Tech will provide the licensing and the process design package for its NX Reform™ hydrogen technology as part of the larger Dung Quat Refinery’s upgrading and expansion project in Vietnam This agreement includes also the supply of the proprietary steam methane reforming equipment during the plant’s construction phaseMILAN, Oct. 10, 2024 /PRNewswire/ — MAIRE announces that NEXTCHEM (Sustainable Technology Solutions), through its subsidiary KT Tech, hydrogen technologies licensor, has been awarded by Binh Son Refining and Petrochemical Joint Stock Company (BSR) the licensing and the Process Design Package (PDP) for a new hydrogen production unit, as part of the larger upgrading and expansion project of Dung Quat Refinery in Vietnam.

 
 
KT Tech will design the new hydrogen production unit with a capacity of 22,676 cubic metres per hour (Nm3/h), leveraging on its proprietary technology. This technology, which is part of NX Reform™ hydrogen technology portfolio enables cost-effective hydrogen production and offers the potential to reduce the carbon footprint by incorporating CO2 capture technology. It offers flexibility in feedstock and capacity, ensuring production adaptability. The solution is based on proven and widely adopted steam methane reforming methods, resulting in high operational efficiency. Once the project reaches the construction phase, KT TECH will also supply the proprietary equipment for the steam methane reforming process.
Alessandro Bernini, MAIRE CEO, commented, “We are proud of this important achievement, which confirms our excellent track-record in upgrading existing production plants to enhance efficiency and achieving lower consumptions, thanks to our leading technological know-how and unparalleled process engineering capabilities.”
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