According to a new report, published by KBV research, The Global Conversational Systems Market size is expected to reach $68.50 billion by 2031, rising at a market growth of 26.6% CAGR during the forecast period.
The Compute Platforms segment captured the maximum revenue in the Global Conversational Systems Market by Component in 2023, thereby, achieving a market value of $31.8 billion by 2031. The compute platforms segment is driven by the increasing need for high-performance hardware and infrastructure supporting advanced AI algorithms and natural language processing (NLP) models. The growing adoption of conversational systems requires powerful processors, GPUs, and cloud-based architectures that can handle large-scale data processing and real-time interactions.
The Customer Support & Personal Assistance segment is experiencing a CAGR of 25.9 % during the forecast period. This dominant position is due to the pervasive implementation of conversational AI in the automation of customer interactions, the improvement of user experiences, and the provision of 24/7 support. Businesses in sectors like e-commerce, banking, and healthcare have increasingly leveraged chatbots and virtual assistants to manage high volumes of inquiries efficiently, reduce response times, and improve customer satisfaction.
The Text Assistant segment led the maximum revenue in the Global Conversational Systems Market by Type in 2023, thereby, achieving a market value of $40.8 billion by 2031. This dominant position is due to the pervasive implementation of conversational AI in the automation of customer interactions, the improvement of user experiences, and the provision of 24/7 support. The scalability and cost-efficiency of text assistants make them an attractive option for businesses, especially in industries requiring high-volume interactions.
The Telecom segment is growing at a CAGR of 24.4 % during the forecast period. This dominance is driven by the telecom industry’s reliance on conversational systems for customer support, billing inquiries, and troubleshooting assistance. With a vast customer base and high demand for efficient query resolution, telecom companies have embraced chatbots and voice assistants to automate repetitive tasks, enhance customer satisfaction, and reduce operational costs.
Full Report: https://www.kbvresearch.com/conversational-systems-market/
The North America region dominated the Global Conversational Systems Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $25.2 billion by 2031. The Europe region is anticipated to grow at a CAGR of 26.1% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 27.3% during (2024 - 2031).
By Component
By Application
By Type
By End User
Unique Offerings 
