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Conversational Commerce Market

Conversational Commerce Market Size, Share & Trends Analysis Report by Component (Solution, Services), Type (Chatbots And Intelligent Virtual Assistants), Deployment Mode (Cloud And On-Premises), Enterprises Size (Small And Mid-Sized Enterprises (Smes) And Large Enterprises), Business Function And Industry, Region And Segment Forecasts, 2024-2031

Report ID : 1946 | Published : 2024-02-09 | Pages: 180 | Format: PDF/EXCEL

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The Global Conversational Commerce Market Size is valued at 6.85 billion in 2023 and is predicted to reach 20.78 billion by the year 2031 at a 15.1% CAGR during the forecast period for 2024-2031.

E-commerce, or any business with a web and social media presence, includes conversational commerce. It deals with client engagement through messaging applications, social media, and other online platforms like business websites. This type of discussion uses voice assistants, messaging apps, and chatbots. It enables businesses to comprehend their current and potential clients' wants, expectations, and questions. Conversational commerce is expanding as a result of increased innovation in the market. Companies are now able to develop more complex chatbots that can comprehend and respond to clients' wants because of the development of artificial intelligence and machine learning.

Additionally, these technologies can assist companies in providing quicker and more accurate customer support, as well as personalized product recommendations and promotional offers. The fiercely competitive environment in which firms operate is a further element fostering the expansion of conversational commerce. Businesses need to develop fresh ways to stand out from the competition and give customers a more enjoyable buying experience considering the proliferation of e-commerce platforms and the expansion of online marketplaces. By providing a more individualized and interactive experience, businesses may differentiate themselves from their rivals and draw in more clients thanks to conversational commerce. 

Competitive Landscape:

Some of the Conversational Commerce Market Players are:

  • Charles GmbH
  • Octane AI
  • WorkFusion
  • Quiq
  • SleekFlow
  • Cognicor
  • Recart
  • Via
  • GLia
  • Action.AI
  • Inbenta
  • Wizard Commerce
  • Webio Ltd
  • Take App
  • CM.com
  • Drift
  • Yalo
  • LivePerson
  • Other Prominent Players

Market Segmentation:

The conversational commerce market is segmented based on component, type, deployment mode, enterprise size, business function and industry. The components segment includes solutions, services, training and consulting services, system integration and implementation services, and support and maintenance services. The market is segmented based on type as chatbots and intelligent virtual assistants. Based on deployment mode, the market is segmented as cloud and on-premises.

Enterprise size segment includes into small and mid-sized enterprises (SMEs) and large enterprises. The market is segmented as sales, finance, HR, operation, and IT service management based on business function. Based on industry, the market is segmented as BFSI, healthcare and life sciences, IT & telecom, retail and e-commerce, travel and hospitality, media and entertainment, automotive and others.

Based On Deployment Mode, The Cloud Segment Is Accounted As A Major Contributor In The Conversational Commerce Market

The cloud category is expected to hold a major share of the global Conversational Commerce market in 2022. By utilizing the cloud, businesses may eliminate wasteful spending and quickly and cheaply access the required resources. Growth would be aided by Al's incorporation and the continued development of numerous cloud technologies. Additionally, organizations are frequently integrating chatbots, voice assistants, and other technologies to expand their operations.

The Chatbots Segment Witnessed Growth At A Rapid Rate

The Chatbot segment is projected to grow at a rapid rate in the global conversational commerce market. One of the most often used forms of communication is chatbot. Customers may instantly get responses through the retailer's website, and it is easy to use. It has a significant edge over email and phone due to this feature. With a chatbot, one employee may converse with two or three consumers at once, which allows brands to shorten wait times and increase customer satisfaction. Chatbots have enormous e-commerce potential.

In The Region, The North American Conversational Commerce Market Holds A Significant Revenue Share

North America region is one of the fastest-growing conversational commerce markets globally. In North America, the United States has largely adopted conversational systems. The nation has incorporated deep learning, machine learning, and AI technology into its current business procedures to maintain a competitive edge. The Asia Pacific region is also expected to experience robust expansion, driven mainly by China.

Growing economies like China and India may be to blame for the rise since they use technology more regularly. Rising smartphone demand in the area will likely present market development opportunities. Several small and medium-sized enterprises in the region have begun integrating conversational technology into their everyday operations to engage clients and help them generate more leads efficiently.

Conversational Commerce Market Report Scope:

Report Attribute

Specifications

Market Size Value In 2023

USD 6.85 Bn

Revenue Forecast In 2031

USD 20.78 Bn

Growth Rate CAGR

CAGR of 15.1 % from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Million and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

Component, Type, Deployment Mode, Enterprise Size, Business Function And Industry

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia

Competitive Landscape

Charles GmbH, Octane AI, WorkFusion, Quiq, SleekFlow, Cognicor, Recart, Via, lia, Action.AI, Inbenta, Wizard Commerce

Customization Scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Conversational Commerce Market Snapshot

Chapter 4. Global Conversational Commerce Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis of Metaverse Industry
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. COVID-19 Impact on Metaverse Industry

Chapter 5. Market Segmentation 1: By Component Estimates & Trend Analysis
5.1. By Component & Market Share, 2019-2031

5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Component:

5.2.1. Solution
5.2.2. Services
5.2.2.1. Training and Consulting Services
5.2.2.2. System Integration and Implementation Services

5.2.2.3. Support and Maintenance Services

Chapter 6. Market Segmentation 2: By Type Estimates & Trend Analysis

6.1. By Component & Market Share, 2019-2031
6.1.1. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Type:

6.1.2. Chatbots
6.1.3. Intelligent Virtual Assistants

Chapter 7. Market Segmentation 3: By Deployment Mode Estimates & Trend Analysis
7.1. By Component & Market Share, 2019-2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Deployment Mode:

7.2.1. Cloud
7.2.2. On-Premises

Chapter 8. Market Segmentation 4: By Enterprise Size Estimates & Trend Analysis
8.1. By Component & Market Share, 2019-2031
8.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Enterprise Size:

8.2.1. Small and Mid-Sized Enterprises (SMEs)
8.2.2. Large Enterprises

Chapter 9. Market Segmentation 5: By Business Function Estimates & Trend Analysis
9.1. By Component & Market Share, 2019-2031
9.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Business Function:

9.2.1. Sales
9.2.2. Finance
9.2.3. HR
9.2.4. Operations
9.2.5. IT Service Management

Chapter 10. Market Segmentation 6: By Industry Estimates & Trend Analysis
10.1. By Component & Market Share, 2019-2031
10.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Industry:

10.2.1. BFSI
10.2.2. Healthcare and Life Sciences
10.2.3. IT & Telecom
10.2.4. Retail and E-commerce
10.2.5. Travel and Hospitality
10.2.6. Media and Entertainment
10.2.7. Automotive
10.2.8. Others

Chapter 11. Conversational Commerce Market Segmentation 7: Regional Estimates & Trend Analysis

11.1. North America

11.1.1. North America Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Component, 2024-2031
11.1.2. North America Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
11.1.3. North America Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Deployment Mode, 2024-2031
11.1.4. North America Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Industry, 2024-2031
11.1.5. North America Conversational Commerce Market revenue (US$ Million) estimates and forecasts By, Enterprise Size 2024-2031
11.1.6. North America Conversational Commerce Market revenue (US$ Million) estimates and forecasts By, Business Function 2024-2031
11.1.7. North America Conversational Commerce Market revenue (US$ Million) estimates and forecasts by country, 2024-2031

11.1.7.1. U.S.
11.1.7.2. Canada

11.2. Europe

11.2.1. Europe Conversational Commerce Market revenue (US$ Million) by By Component, 2024-2031
11.2.2. Europe Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
11.2.3. Europe Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Deployment Mode, 2024-2031
11.2.4. Europe Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Industry, 2024-2031
11.2.5. Europe Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Enterprise Size,2024-2031
11.2.6. Europe Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Business Function,2024-2031
11.2.7. Europe Conversational Commerce Market revenue (US$ Million) by country, 2023-2031

11.2.7.1. Germany
11.2.7.2. Poland
11.2.7.3. France
11.2.7.4. Italy
11.2.7.5. Spain
11.2.7.6. UK
11.2.7.7. Rest of Europe

11.3. Asia Pacific

11.3.1. Asia Pacific Conversational Commerce Market revenue (US$ Million) by By Component, 2024-2031
11.3.2. Asia Pacific Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
11.3.3. Asia Pacific Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Deployment Mode, 2024-2031
11.3.4. Asia Pacific Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Industry, 2024-2031
11.3.5. Asia Pacific Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Enterprise Size, 2024-2031

11.3.6. Asia Pacific Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Business Function, 2024-2031
11.3.7. Asia Pacific Conversational Commerce Market revenue (US$ Million) by country, 2024-2031

11.3.7.1. China
11.3.7.2. India
11.3.7.3. Japan
11.3.7.4. Australia
11.3.7.5. Rest of Asia Pacific


11.4. Latin America

11.4.1. Latin America Conversational Commerce Market revenue (US$ Million) by By Component, 2024-2031
11.4.2. Latin America Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
11.4.3. Latin America Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Deployment Mode, 2024-2031
11.4.4. Latin America Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Industry , 2024-2031
11.4.5. Latin America Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Enterprise Size, 2024-2031
11.4.6. Latin America Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Business Function, 2024-2031
11.4.7. Latin America Conversational Commerce Market revenue (US$ Million) by country, (US$ Million) 2024-2031

11.4.7.1. Brazil
11.4.7.2. Rest of Latin America

11.5. Middle East & Africa

11.5.1. Middle East & Africa Conversational Commerce Market revenue (US$ Million) by By Component, (US$ Million)
11.5.2. Middle East & Africa Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
11.5.3. Middle East & Africa Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Deployment Mode, 2024-2031
11.5.4. Middle East & Africa Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Industry, 2024-2031
11.5.5. Middle East & Africa Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Enterprise Size, 2024-2031
11.5.6. Middle East & Africa Conversational Commerce Market revenue (US$ Million) estimates and forecasts By Business Function, 2024-2031
11.5.7. Middle East & Africa Conversational Commerce Market revenue (US$ Million) by country, (US$ Million) 2024-2031

11.5.7.1. South Africa
11.5.7.2. GCC Countries
11.5.7.3. Rest of MEA

Chapter 12. Competitive Landscape

12.1. Major Mergers and Acquisitions/Strategic Alliances

12.2. Company Profiles

12.2.1 Charles GmbH
12.2.2 Octane AI
12.2.3 WorkFusion
12.2.4 Quiq
12.2.5 SleekFlow
12.2.6 Cognicor
12.2.7 Recart
12.2.8 Via
12.2.9 GLia
12.2.10 Action.AI
12.2.11 Inbenta
12.2.12 Wizard Commerce
12.2.13 Webio Ltd
12.2.14 Take App
12.2.15 CM.com
12.2.16 Drift
12.2.17 Yalo
12.2.18 LivePerson
12.2.19 Other Prominent Players

Segmentation of Conversational Commerce Market-

Conversational Commerce Market By Component

  • Solution
  • Services
    • Training and Consulting Services
    • System Integration and Implementation Services
    • Support and Maintenance Services

conversational

Conversational Commerce Market By Type

  • Chatbots
  • Intelligent Virtual Assistants

Conversational Commerce Market By Deployment Mode

  • Cloud
  • On-Premises

Conversational Commerce Market By Enterprise Size

  • Small and Mid-Sized Enterprises (SMEs)
  • Large Enterprises

Conversational Commerce Market By Business Function

  • Sales
  • Finance
  • HR
  • Operation
  • IT Service Management

Conversational Commerce Market By Industry

  • BFSI
  • Healthcare and Life Sciences
  • IT & Telecom
  • Retail and E-commerce
  • Travel and Hospitality
  • Media and Entertainment
  • Automotive
  • Others

Conversational Commerce Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

 InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Charles GmbH, Octane AI, WorkFusion, Quiq, SleekFlow, Cognicor, Recart, Via, lia, Action.AI, Inbenta, Others

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