2024 Conversational Commerce Market Summary: 5 Key Findings
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What is the Expected Growth Rate of the Conversational Commerce Market from 2024 to 2033?
The conversational commerce market has expanded, expected to grow from $9.29 billion in 2023 to $11.04 billion in 2024 at a CAGR of 18.8%. Key factors include industry demand, customer support, data privacy, messaging app popularity, and personalized experiences.
The conversational commerce market is expected to hit $16.82 billion by 2028 at an 11.1% CAGR, driven by consumer behavior insights, global market expansion, demand for multilingual chatbots, and voice-enabled e-commerce. Trends include NLP advances, multimodal conversations, voice IoT assistants, and continuous learning.
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What Key Factors Are Fueling the Growth of the Conversational Commerce Market?
The expansion of the e-commerce industry is expected to drive the growth of the conversational commerce market. E-commerce, which involves buying and selling products and services online, benefits from conversational commerce, which enables online retailers to engage customers through AI-based assistants and messaging apps. The U.S. Census Bureau reported that U.S. retail e-commerce sales reached $271.7 billion in Q3 2023, marking a 0.9% increase from Q2 2023, with a 7.8% year-on-year growth. The expansion of e-commerce is expected to propel the conversational commerce market.
What Are the Major Segments of the Conversational Commerce Market?
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
What New Trends Are Transforming the Conversational Commerce Market?
Companies in the conversational commerce market are launching innovative products like Bobble Super to better understand customer needs. Bobble Super, integrated with Bobble AI’s keyboard, enables a seamless shopping experience. In March 2023, Bobble AI, an India-based platform, introduced Bobble Super, allowing users to shop in real-time via their keyboard. The platform uses intent recognition to provide personalized recommendations for services like food delivery and ticket booking.
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Which Regions Are Driving Growth in the Conversational Commerce Market?
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 Conversational Commerce Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the conversational commerce market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Conversational Commerce Market Include
1. Conversational Commerce Market Executive Summary
2. Conversational Commerce Market Segments
3. Conversational Commerce Market Size And Template Market Growth Rate
4. Key Conversational Commerce Market Trends
5. Major Conversational Commerce Market Drivers
……
25. Key Mergers And Acquisitions In The Conversational Commerce Market
26. Top Conversational Commerce Companies
27. Conversational Commerce Market Opportunities And Strategies
28. Conversational Commerce Market, Conclusions And Recommendations
29. Appendix
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