According to the publisher, the conversational commerce industry in Asia Pacific is expected to grow by 27.4% on annual basis to reach US$1,502.9 billion in 2023.
The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 23.3% during 2022-2028. The conversational commerce transaction value in the region will increase from US$1,502.9 billion in 2023 to reach US$4,279.9 billion by 2028.
The conversational commerce industry in Asia Pacific is one of the fast-growing markets worldwide. Led by China, the market is projected record strong growth over the next five years in the Asia Pacific region. With robust internet and digital infrastructure expanding in countries like India and other Southeast Asian countries, more and more shoppers and brands are expected to adopt conversational commerce over the next five years.
This, coupled with the innovative startup ecosystem and the growing e-commerce market, will keep aiding the industry growth. As the market continues to expand and reach more consumers, the publisher also expects a higher amount of venture capital and private equity funding to enter into the Asia Pacific conversational commerce market over the next three to four years. This will also drive the competitive landscape leading to further innovation and market growth.
These findings shows that digital commerce is moving beyond traditional e-commerce platforms. Consequently, for businesses that are seeking to remain competitive in the ever-changing commerce landscape, they need to consider conversational commerce to reach new customers. With these numbers projected to further grow in 2023, the publisher expects conversational commerce industry to record strong growth in Singapore and other Southeast Asian countries from the short to medium-term perspective.
Country reports in this bundled offering provide in-depth analysis of Conversational Commerce industry. Below is a summary of key market segments offered at country level:
This report provides in-depth, data-centric analysis of conversational commerce. Below is a summary of key market segments:
The conversational commerce industry is expected to grow steadily over the forecast period, recording a CAGR of 23.3% during 2022-2028. The conversational commerce transaction value in the region will increase from US$1,502.9 billion in 2023 to reach US$4,279.9 billion by 2028.
The conversational commerce industry in Asia Pacific is one of the fast-growing markets worldwide. Led by China, the market is projected record strong growth over the next five years in the Asia Pacific region. With robust internet and digital infrastructure expanding in countries like India and other Southeast Asian countries, more and more shoppers and brands are expected to adopt conversational commerce over the next five years.
This, coupled with the innovative startup ecosystem and the growing e-commerce market, will keep aiding the industry growth. As the market continues to expand and reach more consumers, the publisher also expects a higher amount of venture capital and private equity funding to enter into the Asia Pacific conversational commerce market over the next three to four years. This will also drive the competitive landscape leading to further innovation and market growth.
Indian e-commerce players are seeking to leverage conversational commerce to unlock further growth
Over the last five years, e-commerce market in India has recorded strong growth. Driven by rising internet and smartphone penetration and the growing adoption of digital payments has accelerated online shopping trends in India. However, amid the market growth, the competition in the space has also intensified significantly. Consequently, to reach the next 100s of millions of users and compete with industry giants, new players in the segment are seeking to leverage conversational commerce to unlock further growth.- In March 2023, Meesho, one of the new players in the e-commerce market in India, announced the firm is running a pilot project with WhatsApp for conversational commerce. Through the initiative, the firm is positioning itself to launch a personalized conversational platform for the next 200 million consumers in India. With curated product recommendations, Meesho aims to deliver a tailored shopping experience for its shoppers through conversational commerce capabilities.
Singapore consumers are willing to make purchases through WhatsApp and other chat messaging apps
In the Southeast Asian region, conversational commerce is also gaining strong momentum in the Singaporean market. More and more consumers are showing the willingness to make purchases through messaging apps, such as WhatsApp and Facebook Messenger. Over 38% of the Singaporean consumers have stated that they would consider making product purchases directly through conversational messaging applications.These findings shows that digital commerce is moving beyond traditional e-commerce platforms. Consequently, for businesses that are seeking to remain competitive in the ever-changing commerce landscape, they need to consider conversational commerce to reach new customers. With these numbers projected to further grow in 2023, the publisher expects conversational commerce industry to record strong growth in Singapore and other Southeast Asian countries from the short to medium-term perspective.
This title is a bundled offering provides detailed 13 reports, covering regional insights along with data centric analysis at regional and country level:
- Asia Pacific Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Australia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- China Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- India Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Indonesia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Japan Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Malaysia Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- South Korea Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Philippines Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Singapore Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Taiwan Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Thailand Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
- Vietnam Conversational Commerce Market Intelligence and Future Growth Dynamics (Databook)
Scope
This title is a bundled offering, combining 13 reports (1,014 tables and 1,287 charts).
Country reports in this bundled offering provide in-depth analysis of Conversational Commerce industry. Below is a summary of key market segments offered at country level:
This report provides in-depth, data-centric analysis of conversational commerce. Below is a summary of key market segments:
Conversational Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators
- Transaction Value
- Transaction Volume
- Average Value Per Transaction
Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
- AI-Based Virtual Assistants
- Non-Intelligent Chatbot
Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
- Chatbots
- Digital Voice Assistants
- OTT Messaging
- RCS Messaging
Conversational Commerce Industry Market Size and Forecast by Chatbots
- Web-Based
- App-Based
Conversational Commerce Industry Market Size and Forecast by Key Sectors
- Retail Shopping
- Travel & Hospitality
- Online Food Service
- Media and Entertainment
- Healthcare and Wellness
- Financial Services
- Technology Products and Services
- Other Sectors
Conversational Commerce Industry Market Size and Forecast in Key Sectors by Product Offering
- Retail Shopping By Chatbots
- Travel & Hospitality By Chatbots
- Online Food Service By Chatbots
- Media and Entertainment By Chatbots
- Healthcare and Wellness By Chatbots
- Financial Services By Chatbots
- Technology Products and Services By Chatbots
- Other Sectors By Chatbots
- Retail Shopping By Digital Voice Assistants
- Travel & Hospitality By Digital Voice Assistants
- Online Food Service By Digital Voice Assistants
- Media and Entertainment By Digital Voice Assistants
- Healthcare and Wellness By Digital Voice Assistants
- Financial Services By Digital Voice Assistants
- Technology Products and Services By Digital Voice Assistants
- Other Sectors By Digital Voice Assistants
- Retail Shopping By OTT Messaging
- Travel & Hospitality By OTT Messaging
- Online Food Service By OTT Messaging
- Media and Entertainment By OTT Messaging
- Healthcare and Wellness By OTT Messaging
- Financial Services By OTT Messaging
- Technology Products and Services By OTT Messaging
- Other Sectors By OTT Messaging
- Retail Shopping By RCS Messaging
- Travel & Hospitality By RCS Messaging
- Online Food Service By RCS Messaging
- Media and Entertainment By RCS Messaging
- Healthcare and Wellness By RCS Messaging
- Financial Services By RCS Messaging
- Technology Products and Services By RCS Messaging
- Other Sectors By RCS Messaging
Conversational Commerce Industry Market Size and Forecast by Organization Size
- Large Enterprise
- Medium-Sized Enterprise
- Small Enterprise
Total Spend on Conversational Commerce Market
Conversational Commerce Industry Market Size and Forecast by Spend on Application
- Software Application
- IT Services
- Consulting Services
Conversational Commerce Spend on Key Sectors
- Retail Shopping
- Travel & Hospitality
- Online Food Service
- Media and Entertainment
- Healthcare and Wellness
- Financial Services
- Technology Products and Services
- Other Sectors
Reasons to buy
- In-depth Understanding of Asia Pacific Conversational Commerce Market Dynamics: Understand market opportunities and key trends along with forecast in Asia Pacific.
- Insights into Opportunity by end-use sectors: Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
- Insights into Opportunity by products: Get market dynamics by key products of conversational commerce.
- Develop Market Specific Strategies: Identify growth segments and target specific opportunities.
- Develop proactive and lucrative business strategies through market intelligence and forward-looking analysis of conversational market opportunities in Asia Pacific.
Table of Contents
This title is a bundled offering provides detailed 13 reports, covering regional insights along with data centric analysis at regional and country level:
1. About this Report
2. Conversational Commerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators
3. Conversational Commerce Industry Market Size and Forecast by Virtual Assistant Type
4. Conversational Commerce Industry Market Size and Forecast by Product Offering
5. Conversational Commerce Industry Market Size and Forecast by Chatbots
6. Conversational Commerce Industry Market Size and Forecast by Sector
7. Conversational Commerce Industry Market Size and Forecast in Key Sectors by Product Offering
8. Conversational Commerce Industry Market Size and Forecast by Organization Size
10. Conversational Commerce Industry Market Size and Forecast by Spend on Application, 2019-2028
11. Conversational Commerce Spend on Key Sectors, 2019-2028
12. Further Reading
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 1495 |
| Published | August 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 1502.9 Billion |
| Forecasted Market Value ( USD | $ 4279.9 Billion |
| Compound Annual Growth Rate | 23.2% |
| Regions Covered | Asia Pacific |
