United States Conversational AI Market Introduction and Overview
According to SPER Market Research, the United States Conversational AI Market is estimated to reach USD 20.76 billion by 2033 with a CAGR 23.4%.
The report includes an in-depth analysis of the United States Conversational AI Market, including market size and trends, product mix, distribution channels, and supplier analysis. The term "conversational AI" describes the technology that lets computers and humans have natural language discussions. It processes, comprehends, and produces replies that are similar to those of a human by combining methods from artificial intelligence, natural language processing, and machine learning. Simple chatbots that respond to routine questions and sophisticated virtual assistants who can comprehend context, complete tasks, and even display personality traits are examples of conversational AI systems. These systems create a smooth interaction experience by analyzing user input, interpreting their intent, and formulating appropriate responses.
Market Opportunities and Challenges
Opportunities: AI chatbot integration in messaging services is growing. Adoption of conversational AI solutions in the market is mostly fueled by the growing integration of AI chatbots in messaging services. With messaging platforms taking over as the primary means of communication globally, companies are realizing how much potential there is in incorporating AI-driven chatbots to facilitate seamless consumer engagement. Recent data indicates that over 2.7 billion individuals use messaging applications worldwide, underscoring the potential effect and wide reach of utilizing these platforms for client interactions. Furthermore, by integrating AI chatbots into messaging services, companies can meet customers where they are and offer prompt, tailored support from within their favorite messaging apps. Given that 64% of consumers prefer texting over voice channels for customer support interactions, convenience is a critical consideration.
Challenges: A major challenge to the large adoption of conversational AI systems is the imprecision of chatbots and virtual assistants. Users become frustrated and dissatisfied with these AI-powered systems when they are unable to accurately comprehend their inquiries or respond in a way that is relevant, which eventually erodes their trust in the technology. Inaccurate answers can also cause firms to lose out on chances to properly handle client inquiries or promote goods and services. According to research, 55% of US people are prone to give up on their online purchases if they are unable to obtain prompt answers to their queries. Therefore, for companies using conversational AI solutions, a lack of accuracy directly affects conversion rates and revenue creation in addition to having an adverse effect on user experience.
Market Competitive Landscape
The Conversational AI market in United States moderately consolidated. Some of the market key players are Amazon, Avaamo, Conversica, Google, IBM, Inbenta, Microsoft, Nuance, Oracle, Pypestream, Solvvy, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Technology, By Application, By End User
|
| Regions covered | Eastern Region, Western Region, Northern Region, Southern Region
|
| Companies Covered | Amazon, Avaamo, Conversica, Google, IBM, Inbenta, Microsoft, Nuance, Oracle, Pypestream, Solvvy, Others.
|
COVID-19 Impact on United States Conversational AI Market
The US market for conversational AI has been significantly impacted by the COVID-19 outbreak. Lockdowns and other social distancing techniques have increased demand for digital communication channels, which has accelerated the development of conversational artificial intelligence (AI) solutions across a range of businesses. In the face of disruptions to traditional service channels, businesses are increasingly relying on chatbots and virtual assistants to answer consumer inquiries, expedite operations, and offer round-the-clock support. In addition, the pandemic has increased the demand for self-service solutions and automation to handle remote work environments and changing client demands.
Key Target Audience:
- Enterprises
- Customer Service Departments
- E-commerce Platforms
- Healthcare Providers
- Financial Institutions
- Retailers
- Hospitality Industry
Our in-depth analysis of the United States Conversational AI Market includes the following segments:
|
By Technology: |
Customer Support
Sales and Marketing
Virtual Assistants
Healthcare
Banking and Finance
E-commerce
Others
|
|
By Application: |
Natural Language Processing (NLP)
Machine Learning
Automated Speech Recognition (ASR)
Text-to-Speech (TTS)
Others
|
|
By End User: |
Retail
Healthcare
BFSI
IT and Telecom
Travel and Hospitality
Others
|
Key Topics Covered in the Report:
- United States Conversational AI Market Size (FY’2024-FY’2033)
- Overview of United States Conversational AI Market
- Segmentation of United States Conversational AI Market By Technology (Customer Support, Sales and Marketing, Virtual Assistants, Healthcare, Banking anf Finance, E-commerce, Others)
- Segmentation of United States Conversational AI Market By Application (Natural Language Processing, Machine Learning, Automated Speech Recognition, Text-to-Speech, Others)
- Segmentation of United States Conversational AI Market By End User (Biotechnology and Pharmaceutical Manufacturers, Contract Research and Manufacturing Organizations, Others)
- Expansion Analysis of United States Conversational AI Market
- Problems and Obstacles in United States Conversational AI Market
- Competitive Landscape in the United States Conversational AI Market
- Impact of COVID-19 and Demonetization on United States Conversational AI Market
- Details on Current Investment in United States Conversational AI Market
- Competitive Analysis of United States Conversational AI Market
- Prominent Players in the United States Conversational AI Market
- SWOT Analysis of United States Conversational AI Market
- United States Conversational AI Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the United States Conversational AI Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. United States Conversational AI Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in United States Conversational AI Market
7. United States Conversational AI Market, By Technology (USD Million) 2020-2033
7.1. United States Conversational AI Market Size, Share and Forecast, By Technology, 2020-2026
7.2. United States Conversational AI Market Size, Share and Forecast, By Technology, 2027-2033
7.3. Customer Support
7.4. Sales and Marketing
7.5. Virtual Assistants
7.6. Healthcare
7.7. Banking and Finance
7.8. E-commerce
7.9. Others
8. United States Conversational AI Market, By Application (USD Million) 2020-2033
8.1. United States Conversational AI Market Size, Share and Forecast, By Application, 2020-2026
8.2. United States Conversational AI Market Size, Share and Forecast, By Application, 2027-2033
8.3. Natural Language Processing (NLP)
8.4. Machine Learning
8.5. Automated Speech Recognition (ASR)
8.6. Text-to-Speech (TTS)
8.7. Others
9. United States Conversational AI Market, By End User (USD Million) 2020-2033
9.1. United States Conversational AI Market Size, Share and Forecast, By End User, 2020-2026
9.2. United States Conversational AI Market Size, Share and Forecast, By End User, 2027-2033
9.3. Retail
9.4. Healthcare
9.5. BFSI
9.6. IT and Telecom
9.7. Travel and Hospitality
9.8. Others
10. United States Conversational AI Market Forecast, 2020-2033 (USD Million)
10.1. United States Conversational AI Market Size and Market Share
11. United States Conversational AI Market, By Region, 2020-2033 (USD Million)
11.1. United States Conversational AI Market Size and Market Share By Region (2020-2026)
11.2. United States Conversational AI Market Size and Market Share By Region (2027-2033)
11.3. Eastern
11.4. Western
11.5. Northern
11.6. Southern
12. Company Profile
12.1. Amazon
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. Avaamo
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. Conversica
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. Google
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. IBM
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. Inbenta
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. Microsoft
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. Nuance
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. Oracle
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Pypestream
12.10.1. Company details
12.10.2. Financial outlook
12.10.3. Product summary
12.10.4. Recent developments
12.11. Solvvy
12.11.1. Company details
12.11.2. Financial outlook
12.11.3. Product summary
12.11.4. Recent developments
12.12. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
