Infobip, Twilio, and Vonage Leaders in Conversational Commerce

Global retail spending via conversational commerce channels will increase to $43 billion by 2028, from $11.4 billion in 2023, according to Juniper Research. This growth of over 280% will be driven by the emergence of new personalized services, made possible by incorporating AI and LLMs (Large Language Models).

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 analyzed 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 is on top, ahead of Twilio, Vonage, Meta, and Sinch.

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 maximize future revenue. To capitalize on the $43 billion conversational commerce opportunity within retail, vendors must leverage LLMs to immediately support multiple languages.