Report : Asia Pacific Conversational AI Market Forecast to 2031 – Regional Analysis – by Component (Platform and Service), Type (Chatbots and Intelligent Virtual Assistants), Deployment Type (On-Premise and Cloud), and Industry (Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, BFSI, IT & Telecom, Media & Entertainment, and Others)
At 22.7% CAGR, Asia Pacific Conversational AI Market is Projected to be Worth US$ 9,785.54 million by 2031, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific conversational AI market was valued at US$ 1,900.96 million in 2023 and is expected to reach US$ 9,785.54 million by 2031, registering a CAGR of 22.7% from 2023 to 2031. Rising demand for conversational AI in healthcare sector and increasing demand for chatbot solutions are among the critical factors attributed to drive the Asia Pacific conversational AI market growth.
Chatbots can provide round-the-clock customer service by managing thousands of interactions at once. It allows customer service representatives to focus on complex cases rather than having consumers wait in line for long periods of time. With the rise of social media and growing digitization worldwide, people often want to express their problems to businesses via this medium. As a result, chatbots are becoming an essential aspect of CRM operations for top companies. Automation of customer service is achieved through the integration of chatbots with social networks. A chatbot provides intelligent responses in place of human customer service representatives. In addition, it can extract valuable information about clients' preferences and purchasing behaviors to better serve them. Furthermore, consumers are more interested in saving time while shopping. They prefer to use their smartphones to research and purchase products. For example, Amazon Echo customers can use voice commands to shop for products. Moreover, consumers frequently encounter challenges when attempting to find crucial information on the internet. It occurs because they occasionally are unable to locate the appropriate term to search for. A chatbot can quickly deliver the appropriate information by communicating with the user. As chatbot helps increase business efficiency, its demand is increasing globally, which fuels the conversational AI market growth.
On the flip side, rising privacy concerns hamper the growth of Asia Pacific conversational AI market.
Based component, the Asia Pacific conversational AI market is bifurcated into platform and service. The platform segment held 71.8% share of Asia Pacific conversational AI market share in 2023, amassing US$ 1,364.48 million. It is projected to garner US$ 7,308.27 million by 2031 to register 23.3% CAGR during 2023–2031.
By type, the Asia Pacific conversational AI market is bifurcated into chatbots and intelligent virtual assistants. The chatbots segment held 69.6% share of Asia Pacific conversational AI market in 2023, amassing US$ 1,323.76 million. It is anticipated to garner US$ 7,004.06 million by 2031 to expand at 23.2% CAGR during 2023–2031.
In terms of deployment type, the Asia Pacific conversational AI market is bifurcated into on-premise and cloud. The on-premise segment held 58.4% share of Asia Pacific conversational AI market in 2023, amassing US$ 1,109.44 million. It is anticipated to garner US$ 5,401.08 million by 2031 to expand at 21.9% CAGR during 2023–2031.
Based on industry, the Asia Pacific conversational AI market is segmented into retail & e-commerce, healthcare & life sciences, travel & hospitality, BFSI, IT & telecom, media & entertainment, and others. The retail & e-commerce segment held 24.7% share of Asia Pacific conversational AI market in 2023, amassing US$ 470.11 million. It is anticipated to garner US$ 2,767.06 million by 2031 to expand at 24.8% CAGR during 2023–2031.
By country, the Asia Pacific conversational AI market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China segment held 27.6% share of Asia Pacific conversational AI market in 2023, amassing US$ 524.28 million. It is anticipated to garner US$ 3,049.83 million by 2031 to expand at 24.6% CAGR during 2023–2031
Key players operating in the Asia Pacific conversational AI market are Alphabet Inc, Amazon.com Inc., Cognigy GmbH, International Business Machines Corp, Kore.ai Inc., Microsoft Corp, Oracle Corp, and SAP SE, among others.
- In 2024; Amazon.com, Inc. announced the general availability of Amazon Q for businesses and developers. Amazon Q is the most capable generative artificial intelligence (AI)-powered assistant for accelerating software development and leveraging companies’ internal data.
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