Conversational Systems Market size was over USD 234.49 billion in 2024 and is poised to exceed USD 7.17 trillion by 2037, growing at over 30.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of veterinary orthotics-prosthetics is estimated at USD 290.96 billion. The growth of the market can be attributed to the increasing adoption of natural language processing, artificial intelligence chatbots, and advancements in cloud services during the forecast period. As per International Finance Corporation, over 70 billion IoT devices were available across the globe in 2020 and are further projected to be tripled in the upcoming 5 years. The increasing demand for good customer service in all sectors is rising the need for chatbots. It is estimated that people who faced bad customer service lost trust and left the brand. The chatbots here help to generate automatic responses to the customers which makes them feel recognized. It also advertises new products with notifications and reduces employee costs through conversational AI implementation.
The market growth can be further attributed to the increasing deep neural networks, and machine learning technology used for application across various verticals like retail, BFSI, IT, telecommunications, and healthcare segments. Based on the data provided by UNESCO, AI was projected to generate an almost added value of USD 4 trillion by 2022. The global conversational systems market is based on artificial intelligence that can understand various languages and will start written or verbal communication with the customer. Hence, all these factors are estimated to hike the growth of the market over the forecast period.
Author Credits: Abhishek Verma
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