Technology

Conversational AI Market Worth $54.1 Billion by 2031- Exclusive Report by Meticulous Research®

Published

2 years ago

July 23, 2024

REDDING, Calif., July 23, 2024 /PRNewswire/ — According to a new market research report titled, ‘Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing)—Global Forecast to 2031, the global conversational AI market is projected to reach $54.1 billion by 2031, at a CAGR of 23.9% during the forecast period.

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Conversational AI is the branch of artificial intelligence that supports human-to-computer and computer-to-human interactions. Conversational AI plays an important role in applications such as customer service, information technology service management, human resource management, sales & marketing management, operations and supply chain management, finance and accounting, and other applications. Conversational AI solutions help to reduce the time and effort required by humans to perform time-consuming tasks. Conversational AI aims to learn from human conversations to make digital systems easy and intuitive to use. It saves time, so humans give their precious time to focus on manual tasks. Conversational AI Services combine all the technologies such as natural language processing (NLP), machine learning, deep learning, and artificial intelligence with traditional software such as chatbots, voice assistants, or voice recognition systems to help customers through either spoken written text or typed interface.

The growth of the conversational AI market is driven by the surge in demand for conversational AI solutions to improve call center operations and the proliferation of voice-enabled devices. However, a lack of accuracy in recognizing regional accents and dialects and low awareness about conversational AI solutions restrains the growth of this market. The high potential of AI-enabled voice assistants in the healthcare industry and the increasing proliferation of conversational AI solutions for sales and marketing management are expected to create growth opportunities for the players operating in the conversational AI market. However, data privacy and security concerns are a major challenge for market growth. Furthermore, AI chatbots with high emotional intelligence & the rise of voice-enabled assistants are the key trends observed in the conversational AI market.

The global conversational AI market is segmented by offering (solutions [chatbots, intelligent virtual assistants, speech recognition solutions, other conversational AI solutions], services (professional services, managed services), applications (customer service, information technology service management, human resource management, sales and marketing management, operations & supply chain management, finance and accounting, other applications), organization size (large enterprises, small & medium-sized enterprises), deployment mode (cloud-based deployment, on-premise deployment), sector(IT & telecommunications, BFSI, retail & e-commerce, healthcare & life sciences, travel & hospitality, education, government & public sector, media & entertainment, energy & utilities, manufacturing, and other sectors). The study also evaluates industry competitors and analyzes the market at regional and country levels.

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By offering, in 2024, the solutions segment is expected to account for the largest share of over 76.0% of the global conversational AI market. The large market share of this segment is attributed to the increasing focus on solution-centric automation capabilities, several solution providers investing in R&D, and the growing adoption of conversational AI solutions in various industries.

Additionally, this segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing deployments of chatbots and digital assistants, a surge in demand for IVR systems, and initiatives by companies to launch speech recognition solutions and content management solutions.

By application, in 2024, the customer service segment is expected to account for the largest share of over 27.0% of the global conversational AI market. The large market share of this segment is attributed to the growing demand for digital assistants and chatbots in customer service for answering FAQs, increasing usage of AI-powered chatbots or virtual assistants for account management, rising need to analyze customer queries or statements, and conversational AI for multilingual support. However, this segment is also projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing usage of conversational AI for payment management and the increasing need for conversational AI for order tracking and order updates.

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By organization size, in 2024, the large enterprises segment is expected to account for the larger share of above 63.0% of the global conversational AI market. The large market share of this segment is attributed to the keen focus on developing strategic IT initiatives by large enterprises, the growing need to handle large volumes of customer-level data, early adoption of advanced technologies in retail, manufacturing, healthcare, and automotive sectors, and the growing need for better insights into customer responses. However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period.

By deployment mode, in 2024, the cloud-based deployment segment is expected to account for the larger share of over 67.0% of the global conversational AI market. This segment’s large market share is attributed to the rising demand for benefits such as easy maintenance of customer data, cost-effectiveness, and scalability and the growing demand for conversational AI solutions for multi-cloud deployments.

Additionally, this segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing implementations of cloud-based conversational AI and ongoing efforts by companies to launch cloud-based chatbots and digital assistants.

By sector, in 2024, the IT & telecommunications segment is expected to account for the largest share of over 28.0% of the global conversational AI market. The large market share of this segment is attributed to the increasing adoption of AI solutions for fraud detection and prevention, the surge in demand for conversational AI to improve call center operations, exerting efforts by companies to launch chatbots for IT service management, rising need for network optimization and maintenance.

Additionally, this segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing implementation of chatbots and digital assistants to address a variety of IT customer questions and the growing need to resolve IT service issues quickly.

By geography, in 2024, North America is expected to account for the largest share of over 37.0% of the global conversational AI market. However, the Asia-Pacific region is projected to register the highest CAGR of over 26.0% during the forecast period. The growth of this regional market is driven by the growing emphasis of companies on launching chatbots and virtual assistants in the Asia-Pacific region, the growing demand for chatbots and voice assistant solutions, and the increasing demand for AI-powered customer support services.

The key players operating in the global conversational AI market are Google LLC (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.) (U.S.), Oracle Corporation (U.S.), International Business Machine Corporation (U.S.), NVIDIA Corporation (U.S.), Baidu, Inc. (China), Verint Systems Inc. (U.S.), SAP SE (Germany), AT & T Inc. (U.S.), Conversica, Inc. (U.S.), AssemblyAI, Inc.(U.S.), Kore.ai Inc. (U.S.), OpenAI OpCo, LLC (U.S.), and DRUID S.A. (Romania).

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Scope of the Report:

Conversational AI Market Assessment—by Offering

SolutionsChatbotsIntelligent Virtual AssistantSpeech Recognition SolutionsOther Conversational AI SolutionsServicesProfessional ServicesManaged Services

Conversational AI Market Assessment—by Application

Customer ServiceInformation Technology Service ManagementHuman Resource ManagementSales and Marketing ManagementOperations and Supply Chain ManagementFinance and AccountingOther Applications

Conversational AI Market Assessment—by Organization Size

Large EnterprisesSmall & Medium-sized Enterprises

Conversational AI Market Assessment—by Deployment Mode

Cloud-based DeploymentsOn-premise Deployments

Conversational AI Market Assessment—by Sector

IT & TelecommunicationsBFSIRetail & E-commerceHealthcare & Life SciencesTravel & HospitalityEducationGovernment & Public SectorMedia & EntertainmentEnergy & UtilitiesManufacturingOther Sectors

Conversational AI Market Assessment—by Geography

North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainNetherlandsRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaBrazilMexicoRest of Latin AmericaMiddle East & AfricaUAEIsraelRest of Middle East & Africa

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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Technology

Larry Ellison Cancels His Plan to Sell Oracle Stock

Published

52 minutes ago

September 12, 2026

AUSTIN, Texas, Sept. 12, 2026 /PRNewswire/ — Oracle Corporation (NYSE: ORCL) today announced that Larry Ellison, Executive Chair of the Board and Chief Technology Officer, has cancelled his 10b5-1 Plan to sell Oracle stock. No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock.

About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

Trademarks
Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

“Safe Harbor” Statement: Statements in this press release relating to future plans, expectations, beliefs, intentions and prospects, are “forward-looking statements” and are subject to material risks and uncertainties. A detailed discussion of risks that affect our business is contained in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or by contacting Oracle’s Investor Relations Department at (650) 506-4073 or by clicking on SEC Filings on the Oracle Investor Relations website at www.oracle.com/investor/. All information set forth in this press release is current as of September 12, 2026. Oracle undertakes no duty to update any statement in light of new information or future events.

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SOURCE Oracle

Technology

CBE’s 233 MW Kamoa Project Comes Online with AIKO ABC Modules

Published

2 hours ago

September 12, 2026

YIWU, China, Sept. 12, 2026 /PRNewswire/ — CrossBoundary Energy’s (CBE) 233 MW Kamoa solar project in the Democratic Republic of the Congo (DRC) has achieved full-capacity grid connection and entered commercial operation. Completed just 16 months after the power purchase agreement was signed, the project sets a new delivery benchmark for large-scale solar in Africa.

Powered by AIKO’s high-efficiency ABC modules, Kamoa is Africa’s first project to provide round-the-clock baseload power entirely through an integrated solar-plus-storage system. It offers a replicable clean energy solution for mining operations seeking both reliable power and lower carbon emissions.

The project is located next to the Kamoa-Kakula Copper Complex, one of the world’s largest copper mining operations. Remote mines across Africa have traditionally relied on diesel generators to sustain continuous production, leaving operators exposed to fuel-price volatility and increasing carbon-related compliance costs.

Kamoa uses approximately 360,000 AIKO 655 W dual-glass modules in the 66-cell format. With a mass-production efficiency of 24.2%, each module delivers 30 W more power than comparable products of the same format. Their superior temperature coefficient and hotspot suppression performance also support stable generation and system safety under the mine’s hot, high-irradiance conditions.

By combining lower levelized cost of energy with reliable round-the-clock supply, the project replaces conventional diesel generation, reduces energy-price risk and lowers the carbon footprint of Kamoa’s copper production. This strengthens the competitiveness of its products as carbon requirements tighten in international markets.

Over its 30-year lifecycle, Kamoa is expected to generate 7.8 billion kWh of electricity and avoid approximately 78,800 tonnes of carbon emissions annually. As the DRC diversifies beyond its hydropower-dominated energy mix, the project provides a valuable model for integrating renewable power with mining across Africa.

The successful delivery of Kamoa further strengthens AIKO’s position in Africa’s fast-growing solar market. AIKO will continue to advance the global energy transition through high-efficiency technology and long-term value creation.

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Technology

HVAC Expert Darrin Monks Explains How Dry Air Impacts Indoor Air Quality and Health in Colorado Homes in HelloNation

Published

3 hours ago

September 12, 2026

The article outlines how humidity control and proper HVAC planning support comfort, efficiency, and healthier indoor environments.

STRASBURG, Colo., Sept. 12, 2026 /PRNewswire/ — How does dry Colorado air affect indoor air quality and overall health inside the home? HelloNation has published the answer in an article featuring insights from HVAC Expert Darrin Monks of U.S. Mechanical Company in Strasburg, Colorado.

The HelloNation article explains that indoor air quality is a critical but often overlooked part of home comfort. In Strasburg, Colorado, dry air is common, especially during the winter months. The article notes that low humidity levels can irritate the eyes, nose, and throat and may worsen asthma or allergy symptoms.

According to the article, dry air also affects more than personal comfort. It can increase static electricity and cause damage to wood floors, furniture, and musical instruments. Addressing indoor air quality in Strasburg, CO, helps protect both health and household materials throughout the year.

The article describes how the region’s high elevation, cold winters, and naturally low humidity create ongoing challenges. When heating systems run during colder months, they can further reduce indoor moisture levels. This combination often leaves homes feeling colder and less comfortable, even when thermostats are set at normal temperatures.

Managing humidity properly can improve both comfort and HVAC performance. The article explains that many homeowners begin with portable units, but these often provide uneven coverage. A whole-home humidifier offers a more consistent solution by distributing moisture evenly through the HVAC system.

Dry air can also affect equipment efficiency. The article notes that when humidity levels are too low, heating systems may work harder to maintain comfort. This added strain can increase energy use and lead to more frequent HVAC repairs. Integrating a whole-home humidifier with an energy-efficient HVAC setup can reduce wear and support more stable indoor temperatures.

The HelloNation article also highlights the benefits of pairing humidity control with smart thermostat installation in Strasburg. This combination allows homeowners to monitor and adjust both temperature and moisture levels more precisely. Improved control can enhance comfort while supporting lower monthly utility costs.

Beyond dryness, the article addresses airborne particles such as dust and pollen that can accumulate when homes remain closed during winter. Regular HVAC maintenance, including filter replacement and duct cleaning, plays an important role in protecting indoor air quality. A properly maintained HVAC system combined with humidifier installation can promote cleaner air and healthier breathing conditions.

The article emphasizes that children, seniors, and individuals with respiratory concerns may be especially sensitive to poor indoor air quality. Common symptoms of dry air include itchy eyes, sore throats, dry skin, and persistent coughing. Balanced humidity levels can ease these symptoms and create a more supportive indoor environment.

Professional planning is another key theme. The article explains that humidifier installation should be coordinated with properly sized equipment to ensure even air distribution. HVAC installation in Strasburg, CO, performed by experienced contractors helps ensure that all components work together efficiently and reduces the likelihood of future HVAC repair.

Cost considerations are also addressed. While installing a whole-home humidifier or upgrading to an energy-efficient HVAC system requires upfront investment, the article notes that long-term benefits often include fewer repairs, improved comfort, and lower energy bills. Careful equipment selection and qualified installation support lasting results.

The article concludes that improving indoor air quality through humidity control, routine maintenance, and thoughtful HVAC system design directly supports health and comfort. In Colorado’s dry climate, proactive solutions help homeowners maintain balanced air, protect their homes, and promote well-being year-round.

Understanding Indoor Air Quality: Why Dry Colorado Air Impacts Your Health features insights from Darrin Monks, HVAC Expert of Strasburg, Colorado, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

www.hellonation.com

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SOURCE HelloNation