Hampshire, UK – 30th October 2023: A new study from Juniper Research, the foremost experts in telecommunications markets, has forecast global retail spend via conversational commerce channels will increase to $43 billion by 2028, from $11.4 billion in 2023.
This growth of over 280% will be driven by the emergence of new personalised services, made possible by incorporating AI and LLMs (Large Language Models).
Conversational commerce is the use of messaging or natural language interfaces; enabling businesses to interact with customers for use cases including inquiries, placing orders, and customer support.
Find out more about the new report, Global Conversational Commerce Market 2023-2028, or download a free sample.
The report predicts the automated services provided by AI‑based LLMs, such as ChatGPT, will become key differentiators for conversational commerce vendors in 2024. Juniper Research analysed and scored leading conversational commerce platforms based on product capabilities, depth of services and market presence, and identified the top 5 leading vendors in the market:
- Infobip
- Twilio
- Vonage
- Meta
- Sinch
Source: Juniper Research
Top Vendors Maximising AI Benefits for Conversational Commerce
The top-ranked conversational commerce vendors offer self-managed, AI-based chatbot solutions to enterprises via multiple channels, including RCS and OTT business messaging apps. Given the growing adoption of conversational commerce via omnichannel communications, the research urges leading vendors to introduce LLM-based conversational services across as many communications channels as possible.
The research identified voice channels as an underserved emerging opportunity for vendors. Therefore, they must implement LLM-based conversational services into voice channels, including voice assistants and CCaaS (Contact Centre-as-a-Solution) platforms to maximise future revenue. To capitalise on the $43 billion conversational commerce opportunity within retail, vendors must leverage LLMs to immediately support multiple languages.
The Research Suite
The new research suite offers the most comprehensive assessment of the conversational commerce market to date, including market analysis and in-depth forecasts for 60 countries. The dataset contains over 117,000 market statistics within a five-year period. It includes a ‘Competitor Leaderboard’ and an examination of current and future market opportunities.
Juniper Research has, for two decades, provided market intelligence and advisory services to the global telecommunications sector, and is retained by many of the world’s leading network operators and communications platforms.
For further details please contact Sam Smith, Press Relations
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