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Conversational AI Market Worth $54.1 Billion by 2031- Exclusive Report by Meticulous Research®

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REDDING, Calif., July 23, 2024 /PRNewswire/ — According to a new market research report titled, ‘Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing)—Global Forecast to 2031, the global conversational AI market is projected to reach $54.1 billion by 2031, at a CAGR of 23.9% during the forecast period.

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Conversational AI is the branch of artificial intelligence that supports human-to-computer and computer-to-human interactions. Conversational AI plays an important role in applications such as customer service, information technology service management, human resource management, sales & marketing management, operations and supply chain management, finance and accounting, and other applications. Conversational AI solutions help to reduce the time and effort required by humans to perform time-consuming tasks. Conversational AI aims to learn from human conversations to make digital systems easy and intuitive to use. It saves time, so humans give their precious time to focus on manual tasks. Conversational AI Services combine all the technologies such as natural language processing (NLP), machine learning, deep learning, and artificial intelligence with traditional software such as chatbots, voice assistants, or voice recognition systems to help customers through either spoken written text or typed interface.

The growth of the conversational AI market is driven by the surge in demand for conversational AI solutions to improve call center operations and the proliferation of voice-enabled devices. However, a lack of accuracy in recognizing regional accents and dialects and low awareness about conversational AI solutions restrains the growth of this market. The high potential of AI-enabled voice assistants in the healthcare industry and the increasing proliferation of conversational AI solutions for sales and marketing management are expected to create growth opportunities for the players operating in the conversational AI market. However, data privacy and security concerns are a major challenge for market growth. Furthermore, AI chatbots with high emotional intelligence & the rise of voice-enabled assistants are the key trends observed in the conversational AI market.

The global conversational AI market is segmented by offering (solutions [chatbots, intelligent virtual assistants, speech recognition solutions, other conversational AI solutions], services (professional services, managed services), applications (customer service, information technology service management, human resource management, sales and marketing management, operations & supply chain management, finance and accounting, other applications), organization size (large enterprises, small & medium-sized enterprises), deployment mode (cloud-based deployment, on-premise deployment), sector(IT & telecommunications, BFSI, retail & e-commerce, healthcare & life sciences, travel & hospitality, education, government & public sector, media & entertainment, energy & utilities, manufacturing, and other sectors). The study also evaluates industry competitors and analyzes the market at regional and country levels.

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By offering, in 2024, the solutions segment is expected to account for the largest share of over 76.0% of the global conversational AI market. The large market share of this segment is attributed to the increasing focus on solution-centric automation capabilities, several solution providers investing in R&D, and the growing adoption of conversational AI solutions in various industries.

Additionally, this segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing deployments of chatbots and digital assistants, a surge in demand for IVR systems, and initiatives by companies to launch speech recognition solutions and content management solutions.

By application, in 2024, the customer service segment is expected to account for the largest share of over 27.0% of the global conversational AI market. The large market share of this segment is attributed to the growing demand for digital assistants and chatbots in customer service for answering FAQs, increasing usage of AI-powered chatbots or virtual assistants for account management, rising need to analyze customer queries or statements, and conversational AI for multilingual support. However, this segment is also projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing usage of conversational AI for payment management and the increasing need for conversational AI for order tracking and order updates.

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By organization size, in 2024, the large enterprises segment is expected to account for the larger share of above 63.0% of the global conversational AI market. The large market share of this segment is attributed to the keen focus on developing strategic IT initiatives by large enterprises, the growing need to handle large volumes of customer-level data, early adoption of advanced technologies in retail, manufacturing, healthcare, and automotive sectors, and the growing need for better insights into customer responses. However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period.

By deployment mode, in 2024, the cloud-based deployment segment is expected to account for the larger share of over 67.0% of the global conversational AI market. This segment’s large market share is attributed to the rising demand for benefits such as easy maintenance of customer data, cost-effectiveness, and scalability and the growing demand for conversational AI solutions for multi-cloud deployments.

Additionally, this segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing implementations of cloud-based conversational AI and ongoing efforts by companies to launch cloud-based chatbots and digital assistants.

By sector, in 2024, the IT & telecommunications segment is expected to account for the largest share of over 28.0% of the global conversational AI market. The large market share of this segment is attributed to the increasing adoption of AI solutions for fraud detection and prevention, the surge in demand for conversational AI to improve call center operations, exerting efforts by companies to launch chatbots for IT service management, rising need for network optimization and maintenance.

Additionally, this segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing implementation of chatbots and digital assistants to address a variety of IT customer questions and the growing need to resolve IT service issues quickly.

By geography, in 2024, North America is expected to account for the largest share of over 37.0% of the global conversational AI market. However, the Asia-Pacific region is projected to register the highest CAGR of over 26.0% during the forecast period. The growth of this regional market is driven by the growing emphasis of companies on launching chatbots and virtual assistants in the Asia-Pacific region, the growing demand for chatbots and voice assistant solutions, and the increasing demand for AI-powered customer support services.

The key players operating in the global conversational AI market are Google LLC (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.) (U.S.), Oracle Corporation (U.S.), International Business Machine Corporation (U.S.), NVIDIA Corporation (U.S.), Baidu, Inc. (China), Verint Systems Inc. (U.S.), SAP SE (Germany), AT & T Inc. (U.S.), Conversica, Inc. (U.S.), AssemblyAI, Inc.(U.S.), Kore.ai Inc. (U.S.), OpenAI OpCo, LLC (U.S.), and DRUID S.A. (Romania).

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Scope of the Report:

Conversational AI Market Assessment—by Offering 

SolutionsChatbotsIntelligent Virtual AssistantSpeech Recognition SolutionsOther Conversational AI SolutionsServicesProfessional ServicesManaged Services

Conversational AI Market Assessment—by Application 

Customer ServiceInformation Technology Service ManagementHuman Resource ManagementSales and Marketing ManagementOperations and Supply Chain ManagementFinance and AccountingOther Applications

Conversational AI Market Assessment—by Organization Size

Large EnterprisesSmall & Medium-sized Enterprises

Conversational AI Market Assessment—by Deployment Mode

Cloud-based DeploymentsOn-premise Deployments

Conversational AI Market Assessment—by Sector

IT & TelecommunicationsBFSIRetail & E-commerceHealthcare & Life SciencesTravel & HospitalityEducationGovernment & Public SectorMedia & EntertainmentEnergy & UtilitiesManufacturingOther Sectors

Conversational AI Market Assessment—by Geography

North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainNetherlandsRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaBrazilMexicoRest of Latin AmericaMiddle East & AfricaUAEIsraelRest of Middle East & Africa

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Related Reports:

Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030

Speech-to-text API Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Application (Transcription, Customer Experience & Analytics, Subtitle & Caption Generation), End User (B2B, B2C, B2G, G2C), Geography – Global Forecast to 2030

Healthcare Virtual Assistant Market by Product (Chatbot And Smart Speaker), Technology (Speech Recognition, Text-To-Speech, And Text Based), End User (Providers, Payers, And Other End User), And Geography – Global Forecast To 2025

Speech Analytics Market by Component, Application (Customer Experience Management, Sales & Marketing Management, Risk & Compliance Management, Fraud Detection & Security Applications), Organization Size, Deployment Mode, End-use Industry (IT & Telecommunications, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Business Process Outsourcing) – Global Forecast to 2029

Natural Language Processing Market by Component, Organization Size, Application, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, and Healthcare & Life Sciences) – Global Forecast to 2030

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
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California, 96001, U.S.
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TVCMALL Leads Wholesale Innovation for Simplified Online Retail Business Success at CES 2025

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January 11, 2025

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LAS VEGAS, Jan. 11, 2025 /PRNewswire/ — CES 2025, one of the largest tech events globally, concluded with over 4,000 exhibitors showcasing breakthroughs in AI, digital health, and mobility. TVCMALL, a leading one-stop B2B wholesaler, made its second consecutive appearance at the event, delivering comprehensive solutions and introducing a new brand, LEMONDA. With a focus on eco-friendly products and AI-driven accessories, TVCMALL is redefining the wholesale experience for global entrepreneurs.

Revolutionizing Wholesale with AI and Sustainability
TVCMALL is a one-stop platform offering over 1 million SKUs, including mobile accessories, smart tech, and consumer electronics. At CES 2025, the company presented a range of cutting-edge products, from biodegradable phone cases to AI-driven gadgets like Meta Quest 3 headbands, wireless chargers, power banks, and gaming accessories. As part of its innovative approach, TVCMALL launched LEMONDA, a lifestyle brand focused on sustainability. Featuring lightweight, corrosion-resistant resin smartwatch straps and eco-friendly packaging, LEMONDA aligns with the growing demand for green solutions in tech, further cementing TVCMALL’s commitment to a sustainable future.

Comprehensive Solutions for Retailers
TVCMALL simplifies sourcing with an extensive catalog and AI-powered ordering systems, allowing businesses to streamline purchasing and make data-driven decisions. With no minimum order quantity (MOQ) on most products and a flexible dropshipping service, TVCMALL supports businesses with customized solutions tailored to their needs. Whether through personalized packaging or exclusive designs, TVCMALL helps entrepreneurs enhance their brand visibility and stay competitive. The platform also integrates with Amazon and custom APIs for a seamless experience.

Commitment to Quality and Global Growth
TVCMALL is dedicated to helping entrepreneurs succeed in both established and emerging markets. By offering competitive prices, fast delivery, and in-depth market insights, TVCMALL empowers businesses to expand into regions like Europe, Southeast Asia, and Brazil. The company works with trusted partners like Dux Ducis, CaseMe, and Nillkin, ensuring the reliability and quality of its offerings. Additionally, TVCMALL provides value-added services like product photography, factory inspections, and certifications (CE, RoHS), assisting clients with smooth market entry.

“At TVCMALL, our vision is to build a more generous and thriving world,” said Leo Chen, Founder and Chairman of TVCMALL. “CES 2025 is not just an exhibition for us; it’s an opportunity to collaborate, innovate, and inspire a new era of retail and technology.”

For more information, please visit www.tvcmall.com or contact sales@tvcmall.com.

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The green power trading electricity volume in Turfan has surged significantly in 2024

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January 11, 2025

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TURFAN, China, Jan. 11, 2025 /PRNewswire/ — On January 9, 2024, data released by Xinjiang Power Trading Centre Co., Ltd. indicated that the green power trading electricity volume in the Turfan region reached 0.97 billion kWh, representing a remarkable year-on-year increase of up to 14 times. This substantial growth underscores the region’s successful transition towards green energy.

State Grid Turfan Power Supply Company has taken proactive measures to expedite the development of the green power market. The company has facilitated the government’s introduction of a renewable energy consumption action plan, specifying new energy consumption ratios for key energy-consuming entities and establishing a market mechanism with a high proportion of new energy. These efforts have effectively promoted the “new energy participation in all trading varieties of the 24-hour curve” trading model and ensured continuous market opening on working days, thereby better accommodating the fluctuating characteristics of new energy output.

Furthermore, State Grid Turfan Power Supply Company established a green power certificate service station in Gaochang District, providing customers with convenient green power trading services and fostering a green consumption atmosphere throughout society. During the Autonomous Region Tourism Development Conference and the Turfan Grape Festival, the company achieved 100% green power supply and assisted three export-oriented enterprises in achieving low-carbon transformation, thereby enhancing the international influence of their brands.

Looking ahead, State Grid Turfan Power Supply Company will continue to implement measures to expand its “Power Supply + Energy Efficiency Bill” service, guiding society towards more efficient, economical, and environmentally friendly electricity usage, and contributing to the clean and low-carbon transformation of local energy resources.

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SOURCE State Grid Turfan Power Supply Company

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Equipboard Unveils Sleek Redesign to Enhance Music Gear Discovery for Musicians Worldwide

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2 hours ago

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January 11, 2025

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Redesign Introduces Modern Features, Streamlined Navigation, and Richer Content to Inspire and Support Music Makers Globally

AUSTIN, Texas, Jan. 11, 2025 /PRNewswire-PRWeb/ — Equipboard, the leading online community for musicians and gear enthusiasts, announces the launch of its newly redesigned website. With a modern look, streamlined navigation, and powerful new features, the redesign sets a new standard for connecting artists, producers, and hobbyists with the tools they need to create music.

Since its inception in 2013, Equipboard has grown into the world’s largest database of music gear used by professionals and amateurs alike. The redesign reflects the platform’s commitment to fostering creativity, offering transparent information, and making gear discovery and purchasing easier and more enjoyable for its global user base.

What’s New?

Equipboard’s redesign is more than just a fresh coat of paint. It introduces a host of improvements aimed at elevating the way users explore, share, and connect over their favorite gear:

    Modernized Design: A sleek, responsive layout ensures a seamless experience across all devices, with improved readability and accessibility.    Enhanced Navigation: Faster, more intuitive browsing helps users discover gear, artists, and inspiration effortlessly. Whether searching for a guitarist’s pedalboard or a producer’s go-to synth, the information is now at their fingertips.    Richer Content: Equipboard now features in-depth guides, expert-curated collections, and a revamped artist gear section to inspire and inform users at all levels of their musical journey.    Personalized Experience: Registered users can now enjoy a more tailored interface, saving their favorite gear and creating wishlists for their next creative adventure.    Price Comparisons Across Leading Retailers: Equipboard helps musicians make informed decisions by comparing prices on music gear from top retailers, ensuring they get the best value for their investment.    Community-Focused Features: New tools make it easier for users to contribute to Equipboard’s ever-growing database, ensuring the platform remains the most trusted source for music gear information.

“Equipboard has always been about empowering musicians by connecting them with the tools and insights they need,” said Michael Pierce, Co-Founder. “This redesign reflects our commitment to innovation and community, creating an experience that’s as inspiring as the gear our users discover. From in-depth artist insights to real-time price comparisons, we’re excited to see how these improvements help musicians worldwide make better gear choices and create amazing music.”

About Equipboard

Equipboard is the ultimate online resource for musicians and gear enthusiasts. With a mission to provide transparent, community-driven information about the gear used by artists and professionals, Equipboard has become a trusted destination for millions of music creators. The platform also simplifies the buying process with its innovative price comparison tool, helping users find the best deals from leading retailers. From electric guitars to studio monitors, Equipboard’s extensive database helps users make informed decisions about their music-making journey.

The redesigned Equipboard is now live at https://equipboard.com, offering a fresh look and enhanced tools to support music creators in exploring the gear behind their favorite artists’ sound.

Media Contact

Michael Pierce, Equipboard, 888-888-8888, contact@equipboard.com, https://equipboard.com/

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SOURCE Equipboard

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