Software
Photo: Adobe Stock
May 15, 2025
The global conversational AI market is forecast to reach $41.39 billion by 2030, according to a report by Grand View Research, Inc.
The report projects a compound annual growth rate of 23.7% between 2025 and 2030, citing increased user engagement across platforms and the growing adoption of advanced AI technology as key drivers, according to a press release on the findings.
The research highlights the expanding e-commerce sector and digitalization as creating favorable conditions for customer support service demand. It also noted the global adoption of AI is being propelled by omnichannel deployment, the availability of 24/7 customer service, real-time personalized service and reduced customer service expenses.
The report mentioned the October 2021 launch of Jio platform’s Haptik’s enterprise CX Platform, designed to facilitate the rapid deployment of intelligent virtual assistants in a low-code environment. It further points to the November 2021 introduction of new conversational AI technology by ZeroShotBot, which allows for the creation of functional chatbots without coding knowledge or training data.
Grand View Research identifies the solution segment as leading the conversational AI industry in 2024, holding a 61.1% share of global revenue. The chatbot segment also held a significant market share in 2024. In terms of deployment, the on-premises segment led in 2024 due to the flexibility offered to customers. The natural language processing segment is reported to have led the industry in 2024 in terms of technology. By end user, the retail and e-commerce segment held the largest market share in 2024.
The need for skilled professionals to manage conversational AI, and a lack of awareness about the technology, are factors that could potentially hinder its widespread adoption, according to the release.