The conversational commerce global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Conversational Commerce Market, 2024 report by The Business Research Company
offers comprehensive insights into the current state of the market and
highlights future growth opportunities.
Market Size -
The conversational commerce market size has grown rapidly in recent years. It
will grow from $9.29 billion in 2023 to $11.04 billion in 2024 at a compound
annual growth rate (CAGR) of 18.8%. The growth in the historic period can be
attributed to increasing demand across industries, customer support and
personal assistance, data privacy and compliance, rising popularity of
messaging apps, rising demand for personalized customer experience..
The conversational commerce market size is expected to see rapid growth in the
next few years. It will grow to $16.82 billion in 2028 at a compound annual
growth rate (CAGR) of 11.1%. The growth in the forecast period can be
attributed to consumer behavior analysis, global market expansion, rising
demand for multilingual chatbots, increasing use of chatbots in e-commerce,
rising demand for voice-enabled chatbots.. Major trends in the forecast period
include advancements in natural language processing , multimodal conversations,
industry-specific solutions, voice assistants in iot devices, continuous
learning and adaptation..
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Scope Of Conversational Commerce Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Conversational Commerce Market Overview
Market Drivers -
The expansion of the e-commerce industry is expected to propel the growth of
the conversational commerce market going forward. E-commerce, or electronic
commerce, describes the exchange of products and services via the Internet.
Conversational commerce can help online retailers unleash the potential of
conversation to sell their products and services by facilitating engagement
through AI-based text and voice assistants, social messaging apps, and other
innovative conversational commerce tools. For instance, according to the United
States Census Bureau, a US-based department of commerce, the US retail
e-commerce reached $271.7 billion in the third quarter of 2023, which reflects
a slight 0.9% increase from the $269.3 billion in sales during Q2 2023.
Further, the e-commerce sales expanded much faster in Q3 2023 with a 7.8% boost
versus Q3 2022. Therefore, the expansion of the e-commerce industry is driving
the conversational commerce market.
Market Trends -
Major companies operating in the conversational commerce market are developing
innovative products such as Bobble Super to better understand customers' needs,
demands, and queries. Bobble Super is integrated with Bobble AI's AI-based
keyboard, providing users with a seamless and convenient shopping experience.
For instance, in March 2023, Bobble AI, an India-based conversation media
platform, launched Bobble Super. This conversational commerce allows users a
hassle-free, personalized, and real-time intent-based shopping experience
directly on its keyboard application. Customers can order food, book flight
tickets, and send gifts online to over 100 businesses like Swiggy, Redrail,
Winni, and Garnier. Using cutting-edge intent recognition technology that maps
users' intents across their smartphone usage in real time, the Super Keyboard
app offers users personalized product and service recommendations throughout
their smartphone trip.
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
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Regional Insights -
North America was the largest region in the conversational commerce market in
2023. 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.
Key Companies -
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
Table of Contents
1. Executive Summary
2. Conversational Commerce Market Report Structure
3. Conversational Commerce Market Trends And Strategies
4. Conversational Commerce Market – Macro Economic Scenario
5. Conversational Commerce Market Size And Growth
…..
27. Conversational Commerce Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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