conversational commerce market is flourishing because of an increasing adoption of artificial intelligence (AI) and rising customer demand for convenience and personalization.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global conversational commerce market size at USD 10.34 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global conversational commerce market size to grow at a robust CAGR of 24.03% reaching a value of USD 37.64 billion by 2029. Major growth drivers for the global conversational commerce marketinclude an increasing level of innovation within the sector. The advent of artificial intelligence (AI) and machine learning (ML) has empowered companies to develop highly sophisticated chatbots capable of comprehending and effectively responding to customer inquiries. Furthermore, these systems facilitate swift and precise customer service, coupled with personalized product recommendations and promotional incentives. Additionally, the competitive landscape within which businesses operate is spurring the growth of conversational commerce. With the proliferation of e-commerce platforms and the expansion of online marketplaces, companies are actively seeking innovative means to differentiate themselves and deliver more engaging shopping experiences to their customers. Conversational commerce emerges as a solution, allowing businesses to offer personalized and interactive interactions, setting them apart from competitors and attracting a larger customer base. However, lack of trust in chatbots and limited human interaction are anticipated to restrain the overall market during the forecast period.
Global Conversational Commerce Market – Overview
The global conversational commerce market refers to the worldwide industry that encompasses the use of technology, particularly artificial intelligence (AI) and chatbot systems, to facilitate interactive and personalized conversations between businesses and customers. In this market, businesses employ chatbots and automated messaging platforms to engage with customers, answer inquiries, provide customer support, and even assist with product recommendations or purchases. Conversational commerce aims to enhance the customer experience by enabling seamless, real-time, and natural-language interactions through various digital communication channels, including messaging apps, websites, and social media platforms. This market represents the growing integration of technology and communication to streamline online transactions and improve customer engagement in the global business landscape.
Impact of COVID-19 on Global Conversational Commerce Market
COVID-19 pandemic adversely affected the global conversational commerce market. With lockdowns and social distancing measures in place, there has been a surge in online shopping and digital interactions. As a result, businesses accelerated the adoption of conversational commerce to cater to increased customer demand for virtual shopping assistance, support, and personalized recommendations. The pandemic highlighted the importance of contactless shopping and efficient customer service, driving the growth of AI-powered chatbots and virtual assistants. While COVID-19 initially disrupted supply chains, conversational commerce solutions have helped businesses adapt to the new normal, ensuring continuity and resilience in the face of global challenges.
Global Conversational Commerce Market – By Organization Size
Based on organization size, the global conversational commerce market is bifurcated into Large Enterprises and SMEs segments. The large enterprises segment holds a higher share in the global conversational commerce market by organization size. Large enterprises typically have more extensive resources, allowing them to invest significantly in advanced conversational commerce solutions powered by artificial intelligence and machine learning. These enterprises have the capacity to implement comprehensive and highly personalized customer engagement strategies, leveraging conversational AI to offer tailored experiences. Also, their broader customer base and market reach enable them to benefit from economies of scale, making the deployment of sophisticated conversational commerce platforms more cost-effective. As a result, large enterprises can provide enhanced customer experiences, driving their dominance in the market.
Major players operating in the global conversational commerce market include Charles GmbH, Octane AI, WorkFusion, Quiq, SleekFlow, Cognicor, Recart, Via, GLia, Action.AI, Inbenta, Wizard Commerce, Webio Ltd, Take App, CM.com, Drift, Yalo, and LivePerson. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics on the Global Conversational Commerce Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Conversational Commerce Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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