Juniper Research: Infobip, Twilio, Vonage Lead Conversational Commerce

By Author: Arina Smith
Total Articles: 185
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A new study from Juniper Research forecasts significant growth in global retail spending through conversational commerce channels. By 2028, the retail spend in this sector is predicted to reach $43 billion, a substantial increase from the $11.4 billion recorded in 2023. This remarkable growth, over 280%, is attributed to the emergence of personalized services enabled by AI (Artificial Intelligence) and LLMs (Large Language Models).

Conversational commerce involves using messaging or natural language interfaces for businesses to interact with customers, facilitating inquiries, order placements, and customer support. The study emphasizes that AI-based LLMs, like ChatGPT, will become key differentiators for conversational commerce vendors in 2024. The top 5 leading vendors in this market include Infobip, Twilio, Vonage, Meta, and Sinch. These vendors provide self-managed, AI-based chatbot solutions across various communication channels, such as RCS and OTT business messaging apps.

One key insight from the research is the potential for voice channels in conversational commerce. It highlights the need for vendors to ...
... integrate LLM-based conversational services into voice channels, including voice assistants and CCaaS (Contact Centre-as-a-Solution) platforms, to maximize future revenue opportunities. To fully capitalize on the $43 billion conversational commerce market within the retail sector, vendors should leverage LLMs to support multiple languages.

The research suite offered by Juniper Research provides a comprehensive assessment of the conversational commerce market. It includes market analysis and forecasts for 60 countries, containing a vast dataset of over 117,000 market statistics spanning five years. The suite also includes a 'Competitor Leaderboard' and examines both current and future market opportunities in the field of conversational commerce.

In summary, conversational commerce is poised for substantial growth, with AI and LLMs playing a pivotal role in shaping the future of customer interactions and retail spending.

https://www.techdogs.com/tech-news/business-wire/juniper-research-infobip-twilio-vonage-revealed-as-global-leaders-in-conversational-commerce-in-latest-juniper-research-competitor-leaderboard