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 observed during the historical period can be attributed to several factors, including increasing demand across various industries, the need for enhanced customer support and personal assistance, heightened concerns regarding data privacy and compliance, the growing popularity of messaging applications, and the rising demand for personalized customer experiences.
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 projected growth in the upcoming period can be attributed to several factors, including consumer behavior analysis, the expansion of global markets, increasing demand for multilingual chatbots, growing utilization of chatbots in e-commerce, and rising demand for voice-enabled chatbots. Key trends expected in the forecast period encompass advancements in natural language processing, the adoption of multimodal conversations, the development of industry-specific solutions, the integration of voice assistants in IoT devices, and the emphasis on continuous learning and adaptation within chatbot systems.
The projected growth of the conversational commerce market is being fueled by the expansion of the e-commerce industry. E-commerce, or electronic commerce, involves the buying and selling of goods and services over the Internet. Conversational commerce leverages the power of conversation to facilitate sales by employing AI-based text and voice assistants, social messaging apps, and other innovative tools to engage with customers. For example, data from the United States Census Bureau shows that in the third quarter of 2023, retail e-commerce sales in the US reached $271.7 billion, marking a slight 0.9% increase from the previous quarter and a significant 7.8% boost compared to the same period in 2022. This expansion of the e-commerce industry is a driving force behind the growth of the conversational commerce market.
Leading companies in the conversational commerce market are focused on developing innovative products such as Bobble Super to better cater to customers' needs, preferences, and inquiries. Bobble Super, integrated with Bobble AI's AI-based keyboard, offers users a seamless and personalized shopping experience. For instance, in March 2023, Bobble AI, an India-based conversation media platform, introduced Bobble Super, enabling users to enjoy hassle-free, real-time shopping experiences directly within its keyboard application. This conversational commerce feature allows users to order food, book flights, and purchase gifts from over 100 businesses such as Swiggy, Redrail, Winni, and Garnier. Utilizing advanced intent recognition technology, the Super Keyboard app provides personalized product and service recommendations based on users' intents across their smartphone usage.
In October 2021, Vonage, a US-based telecommunications company, acquired Jumper.AI to enhance its capabilities in conversational commerce. This acquisition brings valuable technology, developer talent, and expertise to Vonage, enabling businesses to manage, measure, and enhance commercial interactions with customers across all channels. By leveraging Jumper.ai's AI-powered conversational commerce platform, Vonage aims to deliver more advanced communication solutions and create richer customer experiences. Jumper.ai, headquartered in Singapore, specializes in AI-driven conversational commerce solutions.
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.
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. The countries covered in the conversational commerce market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The conversational commerce market includes revenues earned by entities by providing services such as customer support, ordering and purchasing, payment processing, personalized experiences, upselling and cross-selling, product catalog integration, language translation. The market value includes the value of related goods sold by the service provider or included within the service offering. The conversational commerce market also includes sales of smart speakers and smart displays. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
Conversational commerce encompasses a segment of e-commerce that enables customers to engage and shop with businesses through chat, audio, and messaging platforms. This approach facilitates continuous omnichannel interactions between businesses and customers, providing valuable insights and contributing to the creation of seamless, efficient customer experiences.
The primary types of conversational commerce include chatbots and intelligent virtual assistants. Chatbots are computer programs or software applications specifically designed to simulate human-such as conversations, leveraging natural language processing (NLP) and artificial intelligence (AI) capabilities. These components, comprising solutions and services, are deployed via cloud-based and on-premises models and cater to both small and mid-sized enterprises (SMEs) and large enterprises.
The conversational commerce market research report is one of a series of new reports that provides conversational commerce market statistics, including conversational commerce industry global market size, regional shares, competitors with a conversational commerce market share, detailed conversational commerce market segments, market trends and opportunities, and any further data you may need to thrive in the conversational commerce industry. This conversational commerce market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
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 projected growth in the upcoming period can be attributed to several factors, including consumer behavior analysis, the expansion of global markets, increasing demand for multilingual chatbots, growing utilization of chatbots in e-commerce, and rising demand for voice-enabled chatbots. Key trends expected in the forecast period encompass advancements in natural language processing, the adoption of multimodal conversations, the development of industry-specific solutions, the integration of voice assistants in IoT devices, and the emphasis on continuous learning and adaptation within chatbot systems.
The projected growth of the conversational commerce market is being fueled by the expansion of the e-commerce industry. E-commerce, or electronic commerce, involves the buying and selling of goods and services over the Internet. Conversational commerce leverages the power of conversation to facilitate sales by employing AI-based text and voice assistants, social messaging apps, and other innovative tools to engage with customers. For example, data from the United States Census Bureau shows that in the third quarter of 2023, retail e-commerce sales in the US reached $271.7 billion, marking a slight 0.9% increase from the previous quarter and a significant 7.8% boost compared to the same period in 2022. This expansion of the e-commerce industry is a driving force behind the growth of the conversational commerce market.
Leading companies in the conversational commerce market are focused on developing innovative products such as Bobble Super to better cater to customers' needs, preferences, and inquiries. Bobble Super, integrated with Bobble AI's AI-based keyboard, offers users a seamless and personalized shopping experience. For instance, in March 2023, Bobble AI, an India-based conversation media platform, introduced Bobble Super, enabling users to enjoy hassle-free, real-time shopping experiences directly within its keyboard application. This conversational commerce feature allows users to order food, book flights, and purchase gifts from over 100 businesses such as Swiggy, Redrail, Winni, and Garnier. Utilizing advanced intent recognition technology, the Super Keyboard app provides personalized product and service recommendations based on users' intents across their smartphone usage.
In October 2021, Vonage, a US-based telecommunications company, acquired Jumper.AI to enhance its capabilities in conversational commerce. This acquisition brings valuable technology, developer talent, and expertise to Vonage, enabling businesses to manage, measure, and enhance commercial interactions with customers across all channels. By leveraging Jumper.ai's AI-powered conversational commerce platform, Vonage aims to deliver more advanced communication solutions and create richer customer experiences. Jumper.ai, headquartered in Singapore, specializes in AI-driven conversational commerce solutions.
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.
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. The countries covered in the conversational commerce market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The conversational commerce market includes revenues earned by entities by providing services such as customer support, ordering and purchasing, payment processing, personalized experiences, upselling and cross-selling, product catalog integration, language translation. The market value includes the value of related goods sold by the service provider or included within the service offering. The conversational commerce market also includes sales of smart speakers and smart displays. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
Conversational commerce encompasses a segment of e-commerce that enables customers to engage and shop with businesses through chat, audio, and messaging platforms. This approach facilitates continuous omnichannel interactions between businesses and customers, providing valuable insights and contributing to the creation of seamless, efficient customer experiences.
The primary types of conversational commerce include chatbots and intelligent virtual assistants. Chatbots are computer programs or software applications specifically designed to simulate human-such as conversations, leveraging natural language processing (NLP) and artificial intelligence (AI) capabilities. These components, comprising solutions and services, are deployed via cloud-based and on-premises models and cater to both small and mid-sized enterprises (SMEs) and large enterprises.
The conversational commerce market research report is one of a series of new reports that provides conversational commerce market statistics, including conversational commerce industry global market size, regional shares, competitors with a conversational commerce market share, detailed conversational commerce market segments, market trends and opportunities, and any further data you may need to thrive in the conversational commerce industry. This conversational commerce market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Conversational Commerce Market Characteristics3. Conversational Commerce Market Trends and Strategies32. Global Conversational Commerce Market Competitive Benchmarking33. Global Conversational Commerce Market Competitive Dashboard34. Key Mergers and Acquisitions in the Conversational Commerce Market
4. Conversational Commerce Market - Macro Economic Scenario
5. Global Conversational Commerce Market Size and Growth
6. Conversational Commerce Market Segmentation
7. Conversational Commerce Market Regional and Country Analysis
8. Asia-Pacific Conversational Commerce Market
9. China Conversational Commerce Market
10. India Conversational Commerce Market
11. Japan Conversational Commerce Market
12. Australia Conversational Commerce Market
13. Indonesia Conversational Commerce Market
14. South Korea Conversational Commerce Market
15. Western Europe Conversational Commerce Market
16. UK Conversational Commerce Market
17. Germany Conversational Commerce Market
18. France Conversational Commerce Market
19. Italy Conversational Commerce Market
20. Spain Conversational Commerce Market
21. Eastern Europe Conversational Commerce Market
22. Russia Conversational Commerce Market
23. North America Conversational Commerce Market
24. USA Conversational Commerce Market
25. Canada Conversational Commerce Market
26. South America Conversational Commerce Market
27. Brazil Conversational Commerce Market
28. Middle East Conversational Commerce Market
29. Africa Conversational Commerce Market
30. Conversational Commerce Market Competitive Landscape and Company Profiles
31. Conversational Commerce Market Other Major and Innovative Companies
35. Conversational Commerce Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Conversational Commerce Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on conversational commerce market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description:
Where is the largest and fastest growing market for conversational commerce ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The conversational commerce market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Chatbots; Intelligent Virtual Assistants2) By Component: Solution; Services
3) By Deployment Mode: Cloud; On-Premises
4)By Enterprise Size: Small And Mid-Sized Enterprises (SMEs); Large Enterprises
Key Companies Mentioned: Amazon Inc.; Apple Inc.; Google LLC; Microsoft Corporation; Facebook Inc.Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | March 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 11.04 Billion |
Forecasted Market Value ( USD | $ 16.82 Billion |
Compound Annual Growth Rate | 11.1% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |