Asia Pacific Conversational AI Market Forecast to 2031 – Regional Analysis – by Component (Platform and Service), Type (Chatbots and Intelligent Virtual Assistants), Deployment Type (On-Premise and Cloud), and Industry (Retail & E-commerce, Healthcare & L

The Asia Pacific conversational AI market was valued at US$ 1,900.96 million in 2023 and is expected to reach US$ 9,785.54 million by 2031; it is estimated to register a CAGR of 22.7% from 2023 to 2031.

Emergence of Generative AI Boosts Asia Pacific Conversational AI Market

Generative AI is extremely important across a wide range of businesses. Its ability to generate unique content has important ramifications in industries such as art, design, and marketing. This technology improves personalization and innovates and streamlines creative processes. Furthermore, by producing different scenarios and answers, generative AI aids in problem-solving. Thus, it is emerging as a key tool that transforms conventional methodologies and opens up new possibilities as industries try to realize the potential of AI-driven innovation. In addition, generative AI excels in automating repetitive activities, freeing up human resources for more strategic and complicated projects. Also, it provides highly personalized experiences by providing product information to individual tastes. From tailored marketing campaigns to curated product suggestions, generative AI technology uses data to produce content that communicates to each user. Incorporating generative AI into conversational AI chatbots and virtual assistants improves their ability to participate in natural, human-like conversations. These systems interpret and process user input to produce real-time responses, suggestions, and solutions. Generative AI enables chatbots to deliver tailored advice and manage difficult inquiries. This transforms customer service, e-commerce interactions, and other areas where effective communication is critical. Furthermore, generative AI technology is transforming the world of language processing, allowing for accurate translations and natural interactions that cross traditional communication borders. Its applications in language translation and chatbot interactions demonstrate the revolutionary power of cutting-edge AI technology across a wide range of sectors. Thus, the emergence of generative AI is expected to fuel the growth of the conversational AI market during the forecasted period.

Asia Pacific Conversational AI Market Overview

According to the ITA, the e-commerce market of China is the largest in the world and generates almost 50% of transactions across the world. Online retail transactions in the country reached more than 710 million digital buyers, contributing ~US$ 2.29 trillion in 2020, and are expected to reach US$ 3.56 trillion by 2024. Further, the government of China is taking various initiatives for the growth of the e-commerce industry. For instance, in February 2021, China’s State Council introduced the Antitrust Guidelines for the Platform Economy to stop the monopolistic behaviors of large companies and promote the sustainable and healthy development of online commerce. Thus, the growing e-commerce sector in China propels the conversational AI market growth in the country.

Asia Pacific Conversational AI Market Revenue and Forecast to 2031 (US$ Million)

Asia Pacific Conversational AI Market Segmentation

The Asia Pacific conversational AI market is categorized into component, type, deployment type, industry, and country.

Based on component, the Asia Pacific conversational AI market is bifurcated into platform and service. The platform segment held a larger share of the Asia Pacific conversational AI market share in 2023.

By type, the Asia Pacific conversational AI market is bifurcated into chatbots and intelligent virtual assistants. The chatbots segment held a larger share of Asia Pacific conversational AI market in 2023.

In terms of deployment type, the Asia Pacific conversational AI market is bifurcated into on-premise and cloud. The on-premise segment held a larger share of Asia Pacific conversational AI market in 2023.

Based on industry, the Asia Pacific conversational AI market is segmented into retail & e-commerce, healthcare & life sciences, travel & hospitality, BFSI, IT & telecom, media & entertainment, and others. The retail & e-commerce segment held the largest share of the Asia Pacific conversational AI market share in 2023.

By country, the Asia Pacific conversational AI market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific conversational AI market share in 2023.

Alphabet Inc, Amazon.com Inc., Cognigy GmbH, International Business Machines Corp, Kore.ai Inc., Microsoft Corp, Oracle Corp, and SAP SE are some of the leading companies operating in the Asia Pacific conversational AI market.

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