COVID-19 Business Impact on Conversational AI Market Growth Opportunities, Market Share & Trends

The soaring demand for artificial intelligence (AI)-based customer support services is bolstering the popularity of conversational AI solutions across the world. As AI-based solutions have the ability to resolve customer queries without requiring any human intervention, they are increasingly being integrated in various customer services applications. Moreover, these solutions make the management of huge volumes of data in a highly structured manner possible, which, in turn, allows organizations to provide effective customer care services.

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According to the forecast of P&S Intelligence, a market research company based in India, the value of the conversational AI market will grow from $3.2 billion in 2018 to more than $15.0 billion by 2024. Furthermore, the market is predicted to advance at a CAGR of 30.2% from 2019 to 2024. Platforms and services are the two major components of conversational AI solutions. Between these, the demand for platform was found to be higher across the world in the past years.

Between these, the popularity of the cloud-based deployment was observed to be higher during the last few years and the demand for this deployment mode will surge sharply in the upcoming years. This will be because of the soaring requirement for 24X7 service and scalability. Globally, the demand for conversational AI solutions will shoot up in the European and North American regions in the future years, primarily because of the existence of several well-established industry players in these regions.

Hence, it can be said with full surety that the demand for conversational AI solutions will rise enormously across the world in the coming years, mainly because of the rising requirement for better and more efficient customer care services in several countries.

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