Conversational Systems Market Analysis

Type (Voice Assisted, Text Assisted)

The global conversational systems market is segmented and analyzed for demand and supply by type into voice-assisted, text-assisted, and others. Out of these sub-segments, the voice-assisted segment is anticipated to hold the largest market size by the end of 2031 during the forecast period on account of advancements in Artificial Intelligence (AI) technologies.  Increased adoption of new technologies along with improving customer experience is estimated to drive market growth in the telecommunication segment during the forecast period. Data provided by the World Bank states that with the usage of chatbots banks globally will save about USD 7 billion in operating costs by 2023. The voice-assisted chatbots are really useful in this fast-growing world of digitalization. The automatic AI-generated replies in the customer service sector are useful to navigate people on the right path without the need for a virtual assistant. This can help people by responding to a command on the smartphone or electronic device by recognizing the voice.

End-user (IT & Telecommunication, BFSI, Government, Retail, Energy, Power)

The global conversational systems market is also segmented and analyzed for demand and supply by verticals into IT & telecommunication, BFSI, government, retail, energy, and power. Amongst these segments, the IT & telecommunication segment is estimated to garner the largest revenue during the forecast period. The increasing adoption of telecommunication in every sector and a growing number of prominent players in conversational systems. The growing need to meet the demand and satisfy the customers with good customer service. The penetration of the internet and the use of mobile and smartphones is estimated to have a positive impact on the telecommunications industry. The rising interest of people in upcoming new technologies and increasing competition among key players. The 5G technology and the Internet of Things are also having a huge impact on the industry’s growth. The increasing need for big data analytics as the data is growing tremendously creating opportunities for the telecom sector. Also, government initiatives to improve infrastructure is estimated to drive market growth during the forecast period as per the market analysis. As per the estimations, the net profit of telecommunication companies across the world is estimated to be 13% in 2022.

Our in-depth analysis of the global market includes the following segments: