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Home Technology Big Data, Analytics & Intelligence

Conversational AI to generate $23 billion of revenue globally by 2027

FutureCIO Editors by FutureCIO Editors
February 28, 2025
Photo by Francesco Ungaro from Pexels: https://www.pexels.com/photo/aerial-view-of-ny-on-a-smoggy-day-96422/

Photo by Francesco Ungaro from Pexels: https://www.pexels.com/photo/aerial-view-of-ny-on-a-smoggy-day-96422/

A new study from Juniper Research predicts that the global revenue from conversational AI services will grow from $14.6 billion in 2025 to more than $23 billion by 2027.

Among the drivers for growth are specific technological advancements such as generative AI, agentic AI frameworks, speech recognition, and improvements in contextual awareness. These advancements, along with reduced cost and cost predictability of conversational AI services and increased consumer demand for conversational messaging, are fueling the industry's growth.

Agentic AI

The new report, Global Conversational AI Market 2025-2029, underscores that agentic AI frameworks will automate tasks and increase cost reductions for larger enterprises. The technology will help enterprises enable more intelligent message management and message personalisation and improve security.

"Juniper Research, therefore, believes that now is the time for conversational AI vendors to start investing in agentic AI and to form partnerships with AI vendors that will help them to launch this technology. However, we do not believe that agentic AI frameworks will contribute to much of the growth in the conversational AI market in 2025. Instead, conversational AI vendors must ready themselves for whe n enterprises are ready to implement this technology," the report noted.

Molly Gatford

Senior research analyst Molly Gatford commented: "Conversational AI vendors must carefully moderate the outputs of agentic AI models during early-stage implementations. Issues around liability arising from hallucinations or erroneous communications must be avoided before enterprises' trust in agentic AI can be established. This will best position conversational AI vendors to capitalise on this substantial revenue growth over the next three years."

Related:  AI Singapore boosts AI competencies with Dell HPC infrastructure
Tags: Artificial Intelligencedigital transformationgenerative AIJuniper Research
FutureCIO Editors

FutureCIO Editors

Strategic Insights for Chief Information Officers

FutureCIO is about enabling the CIO, his team, the leadership and the enterprise through shared expertise, know-how and experience - through a community of shared interests and goals. It is also about discovering unknown best practices that will help realize new business models.

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