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

The World Is Taking Notice: TIME Recognition Fuels VinFast’s Global Journey

Published

3 minutes ago

September 11, 2026

On a rainy Tuesday morning in Paris, a driver waiting at a red light on Boulevard Haussmann might not immediately place the badge on the SUV beside them. Thousands of miles away, a driver in California might have a similar moment seeing the same badge on an American road. It is not German, nor one of the familiar Asian names that have become common across established automotive markets. It belongs to VinFast , a Vietnamese automotive brand that is steadily making its presence felt across Europe and North America, and whose global journey reflects a much larger story unfolding inside its parent group, Vingroup.

PARIS , Sept. 11, 2026 /PRNewswire/ — That journey reached a new milestone this year. Vingroup has been ranked 340th in TIME’s World’s Best Companies 2026, produced jointly with the research firm Statista, placing it among the world’s top 350 businesses and marking a rise of nearly 500 places from the previous year. It is the only Vietnamese company to appear on the list for two consecutive years.

A Ranking Built on More Than Growth

TIME and Statista do not rank companies on size alone. Their methodology weighs three dimensions: revenue growth, employee satisfaction and sustainability transparency. Vingroup earned an overall score of 81 out of 100, rising from 817th to 340th worldwide.

The revenue figures behind that score are substantial. In the first half of 2026, Vingroup posted consolidated net revenue of VND 222.9 trillion, up 72 percent year on year, with profit after tax reaching VND 20.904 trillion, more than four and a half times the figure recorded over the same period in 2025. That growth was driven largely by the Group’s industrial manufacturing and real estate businesses, earning Vingroup an “Outstanding” rating on the revenue metric.

Employee satisfaction told a similar story of momentum. Vingroup climbed to 398th globally, up 496 places, in a workforce that now spans roughly 400,000 people across 12 countries.

On sustainability, the Group’s contribution came through a different kind of infrastructure – green transition projects, urban development, and long-term investment in the systems that sustain a livable city rather than a single quarter’s balance sheet. Vinhomes, the Group’s real estate arm, has extended this thinking through its ESG++ model, adding Regeneration and Resilience to the conventional three pillars of Environmental, Social and Governance work, applied across urban developments spanning thousands of hectares.

Two new business lines added to that picture in 2025: infrastructure, through VinSpeed’s high-speed rail projects connecting Ho Chi Minh City to Can Gio and Hanoi to Quang Ninh, and green energy, through VinEnergo’s projects across multiple provinces. Together, they represent an attempt to build not just individual businesses, but the connective tissue – rail, power and mobility – that a modern, low-carbon economy runs on.

Making the EV Transition More Accessible

Within that broader ecosystem, VinFast represents one of the clearest expressions of Vingroup’s global aspirations. The company’s expansion across Asia, North America and Europe is bringing the Group’s vision for a greener future to an increasingly international audience, while putting a Vietnamese automotive brand directly into competition in some of the world’s most established markets.

For customers considering a new automotive brand, however, global vision is only the starting point. The more important question is whether a new entrant can earn the trust required to become part of everyday life.

Research from the McKinsey Center for Future Mobility offers a useful, if counterintuitive, perspective. Surveying thousands of European car buyers, McKinsey found that Europeans open to considering an Asian market entrant show an overall 53 percent likelihood of switching to a new brand when they move to an electric vehicle – a figure that rises as high as 63 percent in the United Kingdom. Brand loyalty, in other words, is proving more fluid in the EV era than it was in the age of the internal combustion engine.

That shift creates an opening for new EV brands. But winning customers requires more than a competitive vehicle. It requires making electric mobility accessible while building the sales, service and ownership infrastructure that gives customers confidence throughout the ownership journey.

With an increasingly diverse and accessible product portfolio, VinFast remains committed to its mission of making electric vehicles more accessible to everyone and enabling customers to transition to green mobility with greater ease and confidence.

In Europe, the company is expanding its presence with products designed around local priorities of efficiency, design and accessibility, including the VF 6 and VF 8, while electric buses such as the EB 8 and the fully European-certified EB 12 further extend its contribution to the region’s transition toward greener transportation.

Across North America, the same vision is being supported by the expansion of VinFast’s sales and service network and the development of its Certified Pre-Owned (CPO) program. Together, these initiatives are designed to build a more comprehensive ecosystem around the customer, extending beyond the vehicle itself to the services and support that shape the ownership experience.

Vingroup was the first Vietnamese company to qualify for TIME’s World’s Best Companies list in 2025, while VinFast has earned recognition among TIME100 Most Influential Companies and Asia-Pacific’s Best Companies of 2025. These milestones reflect growing international recognition of Vingroup’s and VinFast’s aspirations, capabilities and expanding global reach.

The latest TIME recognition for Vingroup therefore arrives at a moment when that global reach is becoming increasingly visible. For VinFast, the challenge and opportunity now extend across multiple continents , from European cities where a new badge is gradually becoming familiar, to North American roads where the company is building its presence and customer ecosystem.

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Technology

XLCS Partners advises CID Capital on its investment in Kaiser Garage Doors & Gates

Published

3 minutes ago

September 11, 2026

NASHVILLE, Tenn., Sept. 11, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce it served as advisor to CID Capital on its investment in Kaiser Garage Doors & Gates, LLC (Kaiser).

Headquartered in Tucson, Arizona, Kaiser is a leading installer and servicer of residential and commercial overhead doors and gates serving the Phoenix, Tucson, and White Mountains markets. With over 30 years of proven operations, the company has established a strong regional footprint, a reputation for quality and reliability, and long-standing customer relationships.

Based in Indianapolis, Indiana, CID Capital is a private equity firm with decades of experience partnering with high-quality, lower middle market companies. CID makes control investments in companies with a proven track record of success and works alongside management teams to provide strategic guidance, resources, and capital for the next phase of growth, combining a focus on founder- and family-owned companies with a collaborative approach to building long-term value.

Kaiser is the third platform investment made from CID’s latest fund, CID Capital Opportunity Fund IV, L.P. In conjunction with the closing, industry veteran Eric Farley stepped in as CEO to lead the business under CID’s ownership, partnering with Dean Bennett, COO, and the existing Kaiser team.

XLCS acted as buyside advisor to CID Capital in connection with its investment in Kaiser, which was completed on August 14, 2026. The engagement was supported by Jay Cremer, Vice President, and David Silva, Senior Associate.

About XLCS Partners, Inc.
XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact:
Kendra Span
kspan@xlcspartners.com
615-379-7783

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Technology

PlanetiQ Selected for NOAA’s Space-Based Environmental Monitoring IDIQ

Published

1 hour ago

September 11, 2026

Selection builds on PlanetiQ’s long-standing relationship with NOAA and adds thermospheric neutral density to its environmental data offerings

GOLDEN, Colo., Sept. 11, 2026 /PRNewswire/ — PlanetiQ, a leading provider of commercial satellite-based environmental data, today announced that it has been selected as an industry partner under NOAA’s new Space-Based Environmental Monitoring (SBEM) Indefinite Delivery, Indefinite Quantity (IDIQ) contract. Through the SBEM IDIQ, PlanetiQ will be eligible to compete for task orders to provide NOAA with two types of commercial environmental data: Global Navigation Satellite System-Radio Occultation (GNSS-RO) observations for atmospheric profiling and ionospheric monitoring, and thermospheric neutral density data for satellite orbit prediction.

“This selection builds on our long-standing partnership with NOAA and expands the ways our data can support the agency, from high-resolution atmospheric and ionospheric observations to thermospheric neutral density for satellite orbit prediction,” said Ira Scharf, CEO of PlanetiQ.

The SBEM IDIQ, established by NOAA’s National Environmental Satellite, Data, and Information Service (NESDIS) through its Commercial Data Program. The contract has a five-year base period followed by a five-year option and is effective from September 1, 2026, through August 31, 2036.

Under SBEM, PlanetiQ will provide data from its existing satellite constellation as well as additional satellites planned for launch later this year. The company’s GNSS-RO observations provide high-resolution atmospheric profiles for numerical weather prediction and measurements of the ionosphere, including Total Electron Content (TEC) and scintillation. PlanetiQ will also introduce thermospheric neutral density data as a new commercial data product for NOAA NESDIS, supporting improved satellite orbit prediction and space-weather applications.

“PlanetiQ has built its business around delivering high-quality GNSS-RO data with the precision needed to improve weather forecasting,” said Ira Scharf, CEO of PlanetiQ. “This selection builds on our long-standing partnership with NOAA and expands the ways our data can support the agency, from high-resolution atmospheric and ionospheric observations to thermospheric neutral density for satellite orbit prediction. We look forward to continuing to work with NOAA to advance weather forecasting and space weather applications.”

Per NOAA’s own press release, NOAA is expanding its procurement and use of new commercial environmental satellite data streams that will enhance weather forecasting and space weather monitoring. The SBEM IDIQ contract is a key part in the agency’s ongoing effort to boost U.S. weather forecasting capabilities.

PlanetiQ currently provides GNSS-RO data to NOAA NESDIS under the agency’s previous commercial data contract vehicle. The company’s most recent task order, announced in August, provides GNSS-RO and ionospheric data and bridges the transition to the new SBEM contract.

About PlanetiQ

PlanetiQ provides the highest-quality GNSS radio occultation (RO) data available from a commercial constellation of satellites, offering unmatched temporal and spatial resolution. The data drive accurate, high-impact weather and climate forecast models, helping improve Numerical Weather Prediction and AI forecasts, safeguard lives and property from severe weather. In 2025, PlanetiQ was awarded NOAA’s largest-ever contract for satellite weather data, valued at $24.3 million. PlanetiQ is a space-tech company that serves the most mission-critical government, defense, and industry leaders, including international weather agencies, enabling more resilient operations across sectors. Founded in 2015 and privately owned, PlanetiQ designs, builds, and operates the preeminent commercial constellation of GNSS-RO satellites, setting the standard for precision and reliability in atmospheric monitoring. For more information, contact info@planetiq.com

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