The Conversational AI Market is expected to grow from USD 10.7 billion in 2023 to USD 29.8 billion by 2028, at a CAGR of 22.6%, according to a new report by MarketsandMarkets. The growth is attributed to the increasing demand for AI-powered chatbots for various use cases across verticals.
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Chatbots to Lead the Market Growth
The chatbots segment is expected to account for the highest CAGR during the forecast period. This is due to the rising need for AI-powered chatbots for various use cases across verticals, such as customer service, sales, and marketing. The rising popularity of ChatGPT, an AI-powered chatbot, is also expected to spur the conversational AI market growth rate in the coming years.
BFSI Sector to Hold the Largest Market Share
The BFSI (banking, financial services, and insurance) sector is expected to hold the largest market share during the forecast period. This is due to the increased adoption of conversational AI solutions by financial institutions, which helps them improve the customer experience and reduce costs.
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Asia Pacific to Witness Highest Growth
The Asia Pacific region is expected to witness the highest CAGR during the forecast period. This is due to the rising acceptance of cloud deployment services by small and medium-sized businesses (SMEs) and the higher prevalence of connected devices in emerging economies.
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