Conversational AI Market Growing due to Increasing Demand for AI-Powered Customer Support Services


Valued at $3.2 billion in 2018, the conversationalartificial intelligence market is expected to reach $15.0 billion in 2024, registering a 30.2% CAGR during 2019–2024. The market is witnessing growth due to the rising demand for AI-powered customer support services, positive return on investment (ROI) for companies deploying conversational AI solutions, and increasing number of solution providers in the market. The application of intelligent virtual assistants (IVA), chatbots, and intelligent interactive voice response (IVR) systems in different industries for automating interaction with customers and creating a personalized customer experience is called conversational AI.

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On the basis of industry, the conversational AI market is divided into retail & e-commerce, hospitality, media & entertainment, banking, financial services, & insurance (BFSI), healthcare, telecom, and others (which include oil & gas, government, energy & utilities, education, and automotive). Among these, the retail & e-commerce industry accounted for the major share of the market during the historical period (2014–2018) and is going to retain its position during the forecast period. The fastest growth is projected to be witnessed by the BFSI industry.The rising demand for AI-powered customer support services is a major factor driving the growth of the conversational AI market. The adoption of several automated customer support services has been made possible due to chatbots, IVR, and IVA. The deployment of these tools helps engage the customers and gather relevant information about them, before redirecting the queries to a human agent, which results in improved work efficiency and creation of a personalized experience for the user. The AI-enabled conversational tools help the users in taking better decisions related to the purchase of a service or products.

A major trend being observed in the conversational AI market is the growing implementation of IVA and chatbots for healthcare applications. The application of these tools in the industry helps the patients in various ways such as monitoring patient’s health status, booking appointments and follow-ups, and delivering customized experience. Due to these factors, the healthcare providers, including hospitals, clinics, and pharmaceutical companies are focusing on adopting chatbots for continuous engagement with the patients. These factors are further predicted to increase the demand for conversational AI in the coming years. 

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The positive ROI for companies who are deploying conversational AI solutions is among the primary driving factors of the conversational AI market. While there is a one-time cost that has to be invested by organizations for the deployment of conversational AI bots, it has been observed to be highly beneficial in the long run. A bot can engage with multiple customers at a time and hence can solve multiple queries at an instance. Moreover, basic queries can be handled by bots leaving the human agents free to solve complex problems.
Hence, the market is growing due to the growing demand for AI-powered customer support services and positive ROI for companies deploying conversational AI solutions. 
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