What Has Been the Growth of the Conversational Commerce Market So Far?
The conversational commerce market has seen considerable growth due to a variety of factors.
• The size of the conversational commerce market has experienced rapid expansion in the past few years. It is projected to increase from $11.04 billion in 2024 to $13 billion in 2025, with a compound annual growth rate (CAGR) of 17.7%.
The historic growth is linked to factors such as heightened demand across various industries, customer support and personal assistance, data privacy and adherence to compliance, the growing popularity of messaging applications, and a rise in the demand for personalized customer experiences.
How Will the Conversational Commerce Market?
The conversational commerce market is expected to maintain its strong growth trajectory in upcoming years.
• It is predicted that the conversational commerce market will experience substantial growth in the coming years. The market is estimated to expand to $17.63 billion by 2029, with a compound annual growth rate (CAGR) of 7.9%.
The projected growth is due to factors such as consumer behavior analytics, international market expansion, growing desire for multilingual chatbots, increased use of chatbots in online retail, and a surge in demand for voice-activated chatbots. The forecast period is marked by significant trends like improvements in natural language understanding, multi-modal dialogues, industry-specific solutions, integration of voice assistants in IoT devices, and ongoing learning and adjustment.
Which Factors Are Boosting Growth In The Conversational Commerce Market?
The growth of the conversational commerce market is predicted to be driven by the expansion of the e-commerce sector. E-commerce, also known as electronic commerce, refers to the trading of goods and services through the internet. Conversational commerce has the power to unlock the potential of dialogues for online sellers to market their offerings by boosting interactions through tools like AI-driven text and voice assistants, social messaging applications, and other pioneering conversational commerce tools. For example, stats shared by the United States Census Bureau - a US-based commerce department, depict that the US retail e-commerce touched $271.7 billion in the third quarter of 2023. This marks a marginal rise of 0.9% from the $269.3 billion sales in Q2 2023. Moreover, the enhancement in e-commerce sales in Q3 2023 was considerably faster with a 7.8% surge compared to Q3 2022. Hence, the growth of the e-commerce sector stimulates the conversational commerce market.
What Key Areas Define The Segmentation Of The Global Conversational Commerce Market?
The conversational commerce market covered in this report is segmented –
1) By Type: Chatbots, Intelligent Virtual Assistants
2) By Component: Solution, Services
3) By Deployment Mode: Cloud, On-Premises
4)By Enterprise Size: Small And Mid-Sized Enterprises (SMEs), Large Enterprises
Subsegments:
1) By Chatbots: Rule-Based Chatbots, AI-Powered Chatbots, E-commerce Chatbots, Customer Support Chatbots
2) By Intelligent Virtual Assistants: Voice Assistants, Text-Based Assistants, Multi-Channel Assistants, Personal Shopping Assistants
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What Emerging Trends Are Influencing The Growth Of The Conversational Commerce Market?
Leading businesses in the conversational commerce market, such as Bobble AI, are designing groundbreaking products like Bobble Super, aimed at more accurately understanding consumer requirements, desires, and inquiries. Bobble Super is paired with Bobble AI's AI-driven keyboard, offering a smooth and easy shopping journey for users. For example, Bobble AI, a conversation media platform based in India, unveiled Bobble Super in March 2023. This chat-based commerce platform delivers a customized, real-time, intent-based shopping experience right on the keyboard app, making it effortless for users. Ordering food, booking flights or giving gifts online to over 100 enterprises such as Swiggy, Redrail, Winni, and Garnier is feasible for customers. The Super Keyboard app uses advanced intent recognition technology to gauge users' intentions across their real-time smartphone use, giving personalized product and service suggestions throughout their mobile journey.
Who Are the Key Players In The Conversational Commerce Market?
Major companies operating in the conversational commerce market report are:
• Amazon Inc.
• Apple Inc.
• Google LLC
• Microsoft Corporation
• Facebook Inc.
• IBM Corporation
• Oracle Corporation
• Salesforce Inc.
• Shopify Inc.
• Webio Ltd.
• Zendesk Inc.
• Nuance Communications Inc.
• LivePerson
• HubSpot
• Kore.ai Inc.
• Intercom Inc.
• Drift.com Inc.
• Haptic Technologies Pvt Ltd.
• SleekFlow
• Yalochat
• CogniCor Technologies
• Charles GmbH
• Octane AI
• Recart
• Bobble Keyboard
What Is The Most Dominant Region In The Conversational Commerce Market?
North America was the largest region in the conversational commerce market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the conversational commerce market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
