The Conversational AI Market is projected to reach $43.7 billion by 2030, at a CAGR of 23.9% from 2023 to 2030. The growth of the conversational AI market is driven by the surge in demand for conversational AI solutions to improve call center operations and the proliferation of voice-enabled devices. However, a lack of accuracy in recognizing regional accents and dialects and low awareness about conversational AI solutions restrains the growth of this market. The high potential of AI-enabled voice assistants in the healthcare industry and the increasing proliferation of conversational AI solutions for sales and marketing management are expected to create growth opportunities for the players operating in the conversational AI market. However, data privacy and security concerns are a major challenge for market growth. Furthermore, AI chatbots with high emotional intelligence & the rise of voice-enabled assistants are the key trends observed in the conversational AI market.
Here are the top 10 companies operating in the Conversational AI Market
International Business Machines Corporation (U.S.)
Founded in 1911 and headquartered in New York, U.S., IBM is a leading provider of conversational AI solutions like digital assistants and chatbots. The company provides products such as IBM Watson Discovery, IBM Watson Natural Language Understanding, and IBM Watson Assistant. Further, its AI-powered intelligent search and text analytics platform eliminates data silos and retrieves information hidden within enterprise data.
IBM Watson Assistant uses best-in-class natural language understanding (NLU) and an integrated large language model (LLM) to better understand customers in context so customers can deliver fast, consistent, and accurate solutions — when and where customers need them. Further, the company provides an IBM Watson Assistant platform built on deep learning, machine learning, and natural language processing (NLP) models to understand questions, find or search for the best answers, and complete the user’s intended action through conversational AI. IBM Watson Speech to Text technology enables fast and accurate speech transcription in multiple languages for various use cases, including but not limited to customer self-service, agent assistance, and speech analytics. IBM operates through three business segments: Software, Consulting, and Infrastructure.
Google LLC (U.S.)
Incorporated in 1998 and headquartered in California, U.S., Google LLC is a leading provider of conversational AI solutions and services. The company provides conversational AI solutions to improve customer acquisition, reduce service costs, and enhance customer experience with advanced conversational AI technologies powered by the best of Google AI. Conversational AI technologies at Google Cloud come in as pre-trained ML models, available immediately through APIs, that tackle specific conversational needs, such as natural language processing, text-to-speech, speech-to-text, and CCAI Insights APIs.
Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.)
Founded in 1994 and headquartered in Washington, U.S., Amazon Web Services, Inc. is a global provider of conversational AI solutions & services. The company provides chatbots, voice assistants, smart devices, and applications that can deliver informal and repetitive customer service tasks or execute complex processes in multiple industries. With Amazon’s Conversational AI (CAI) solutions, enterprises can use AWS AI Services to build highly effective chatbot and voice experiences, increase user satisfaction, reduce operational costs, and streamline business processes—all while speeding up time-to-market. The company provides AWS Chatbot, the AWS service that enables DevOps and software development teams to use messaging program chat rooms to monitor and respond to operational events in their AWS Cloud. The company operates through three business segments: North America, International, and AWS.
Microsoft Corporation (U.S.)
Founded in 1975 and headquartered in Redmond, Washington, U.S., Microsoft Corporation is a leading provider of conversational AI solutions & services. The company provides conversational AI solutions such as interactive voice response (IVR) applications, text analytics, cognitive speech services, virtual agents & chatbots, and translator. The company provides Azure Bot Service, which offers an integrated development environment for bot building. Its integration with Power Virtual Agents, a fully hosted low-code platform, enables developers of all technical abilities to build conversational AI bots with no code needed. The company operates through three business segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing.
Oracle Corporation (U.S.)
Founded in 1977 and headquartered in California, U.S., Oracle is a leading provider of conversational AI solutions. The company provides virtual assistants like the Oracle Digital Assistant (ODA), which has a conversational interface that can be integrated into different interaction channels using Oracle Chat. To use Oracle Virtual Assistant with Oracle Service Cloud, consumers must have three applications: Oracle Service Cloud, Oracle RightNow Chat Cloud Service (chat), and Oracle Virtual Assistant. Oracle Digital Assistant delivers a complete AI platform to create conversational experiences for business applications through text, chat, and voice interfaces. OCI Speech is an AI service that applies automatic speech recognition technology to transform audio-based content into text.
The company provides conversational AI solutions in categories such as Conversational AI for customer experience (CX), digital customer service, oracle field service, sales assistant, personalized marketing, content management, loyalty and engagement, and digital assistant. Oracle Digital Assistant delivers a complete AI platform to create conversational experiences for business applications through text, chat, and voice interfaces. The company operates through three business segments: Cloud and license, Hardware, and Services.
Meticulous Research in its latest publication on Conversational AI Market has predicted the growth of 23.9% during the forecast year 2023-2030.
Verint Systems Inc. (U.S.)
Incorporated in 1994 and headquartered in New York, U.S., Verint is a global provider of customer engagement solutions & services. The company provides conversational AI solutions, including chatbots, virtual and voice assistants. Conversational AI technology can be used across channels, including web, text, voice, and telephone. The company sells software and hardware products for customer engagement management and business intelligence. These products are designed to assist clients in data analysis, specifically large data sets.
Verint Intelligent Virtual Assistant (IVA) enables the quick and efficient deployment of CX automation across customer engagement channels to deliver consistent and personalized self-service customer experiences while improving contact center operations. IVA Pro Package is one of the only low-code chatbot offerings on the market that imports and makes sense of unstructured conversational data. The company operates through four segments: Cloud, Support, Perpetual, and Professional Services.
NVIDIA Corporation (U.S.)
Founded in 1993 and headquartered in California, U.S., NVIDIA is a leading provider of conversational AI platforms. The company has made several breakthroughs in conversational AI for building and deploying automatic speech recognition (ASR), natural language processing (NLP), and text-to-speech (TTS) applications. The company provides conversational AI solutions for customer experience, personalized, high-touch, automated services and recommendations to existing customers, and NLP-driven chatbots and virtual assistant solutions. The company provides its solutions for industries such as financial services, telecommunications, and consumer services. NVIDIA operates through two business segments: Compute & Networking, and Graphics.
AT&T Inc. (U.S.)
Founded in 1983 and headquartered in Texas, U.S., AT&T Inc. is a technology and telecommunication company. The company provides conversational AI solutions. The company offers a voice assistant mobile app that allows users to use their voice to control certain aspects of their digital Life home security and automation system, including being able to ask questions to the system. The AT&T Digital Life Voice Assistant app uses Interactions’ Curo speech and language platform to respond to natural English language voice instructions. AT&T operates in the Conversational AI market through two business segments: Communications and Latin America – Mexico.
Founded in 2014 and headquartered in Florida, U.S., Kore.ai Inc. pioneered the creation and adoption of AI-first virtual assistants by enterprises across all industries and regions. Over the years, Kore.ai has emerged as the trusted advisor and preferred technology provider to automate conversational interactions for its Global 2000 customers. Kore.ai provides an end-to-end, comprehensive AI-powered ‘no-code’ platform that is a secure foundation for enterprises to design, build, test, host, and deploy AI-rich virtual assistants, process assistants, and conversational digital apps across 30+ digital and voice channels. The company also offers specialized solutions for cloud call centers, banking, healthcare, HR and IT helpdesk, search capabilities, and customer support services.
The company’s solutions provide secure, contextual, conversational, quick-to-deploy, and digital UX-rich intelligent virtual assistants to enhance the experience of customers, employees, and agents. Kore.ai also provides end-to-end services to ensure the developed solution continually aligns with the business objectives. The company helps customers manage the project scope by identifying risks and costs associated with implementing the chatbot during each phase, from optimizing the functionality to providing post-implementation support and training employees for the transformation. It offers conversational AI solutions for banking, insurance, healthcare, retail, telecom, travel and hospitality, media & entertainment, and utilities.
DRUID S.A. (Romania)
Founded in 2018 and headquartered in Bucharest, Romania, DRUID S.A. is a leading provider of conversational AI solutions & services. DRUID is a no-code Conversational AI platform that allows companies to design and deploy superior experiences for internal and external users using omnichannel interactions and business process automation.
DRUID’s conversational AI interface and automation capabilities provide users with more self-service options, allowing contact center agents to focus on handling more complex customer interactions, eventually improving the customer experience. The company offers conversational AI solutions for contact centers, human resources, sales and marketing managers, banking, leasing, insurance, healthcare, and retail.
With over 100 enterprise global customers, a full-fledged conversational automation platform, and over 150 partnerships with the world’s best consulting, BPO companies, and top technology providers, DRUID is one of the leaders in the global conversational AI landscape, redefining how technology is helping companies work better.
Authoritative Research on the Conversational AI Market – Global Opportunity Analysis and Industry Forecast (2023-2030)
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