Demand driven by banks and fintech firms
The Conversational AI market in India is expected to reach Rs.152.31 billion by 2030, expanding at a compound annual growth rate (CAGR) of ~ 26.22% during the 2025 – 2030 period, according to a report by ResearchAndMarkets.com.
It was valued at Rs.38.10 billion in 2024, said the “Conversational AI Market in India (2025 – 2030)” report released on 3 Sept https://sbi.com.in/.
The Conversational AI Market in India involves the development and deployment of AI-driven tools that enable automated, real-time interactions between machines and humans. India’s rapidly expanding digital infrastructure, combined with an increasing number of internet users and smartphone penetration, is facilitating the widespread use of Conversational AI http://meity.gov.in.
The rapid evolution of voice assistants, supported by the rise of smart devices like smartphones, speakers, and wearables, is positioning India as a competitive player in the global conversational AI space http://commerce.gov.in.
Market drivers are banks and fintech firms that use AI chatbots, like HDFC Bank’s Eva, ICICI Bank‘s iPal, and Axis Bank‘s Axis Aha to resolve queries quickly, improving customer satisfaction and support efficiency.
Conversational AI helps detect suspicious transactions, enhancing security through real-time alerts and predictive analytics http://indiaai.gov.in.
AI integrates text, voice, and visual inputs to enhance user experiences, enabling smoother interactions across chatbots, voice assistants, and smart devices.
Conversational AI is increasingly supporting regional languages, enabling deeper engagement with non-English speakers across banking, e-commerce, and government services, said the report. Fiinews.com
