PUBLISHER: The Business Research Company | PRODUCT CODE: 1682176
PUBLISHER: The Business Research Company | PRODUCT CODE: 1682176
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 from The Business Research Company 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 conversational commerce market size has grown rapidly in recent years. It will grow from $11.04 billion in 2024 to $13 billion in 2025 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to increasing demand across industries, customer support and personal assistance, data privacy and compliance, rising popularity of messaging apps, rising demand for personalized customer experience.
The conversational commerce market size is expected to see strong growth in the next few years. It will grow to $17.63 billion in 2029 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to consumer behavior analysis, global market expansion, rising demand for multilingual chatbots, increasing use of chatbots in e-commerce, rising demand for voice-enabled chatbots. Major trends in the forecast period include advancements in natural language processing, multimodal conversations, industry-specific solutions, voice assistants in iot devices, continuous learning and adaptation.
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 January 2024, Bloomreach, a US-based software company, acquired Radiance Commerce for an undisclosed amount. This acquisition is aimed at strengthening Bloomreach's ability to create personalized online shopping experiences that replicate the interactions customers have with sales representatives in physical stores. Radiance Commerce, also a US-based company, specializes in conversational commerce and artificial intelligence (AI) solutions tailored for the e-commerce sector. By integrating Radiance's expertise, Bloomreach plans to enhance its e-commerce offerings with AI-powered, interactive, and customer-centric shopping experiences.
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 2024. 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).
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.
Conversational Commerce Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on conversational commerce market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for conversational commerce ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The conversational commerce market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.