Conversational Commerce Global Market Report 2024

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.


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