Global Conversational AI Market size to grow from US$ XX Mn in 2019 to US$ XX Mn by 2026, at a CAGR of XX % during the forecast period.
Conversational AI (Artificial Intelligence) assists brands to use chatbots, messaging apps, and digital assistants to deliver personalized communication at scale. The major strength of these interfaces lies in their ability to carry out human-like conversations, round the clock. The key factors driving the market growth include the growing demand for AI-powered customer support services and omni-channel deployment, & reduced chatbot development costs. The increase in customer engagement through social media platforms and the integration of advanced AI capabilities will add value to the conversational AI offering would provide opportunities in the Global Conversational AI Market.
The chatbots segment is projected to hold a larger market size, owing to the growing demand for AI-powered chatbots to analyze customer insights in real time. The AI-based chatbots can be used by the initiatives to understand user behavior, purchasing habits, and preference over time and accordingly can answer queries.
The Machine Learning and Deep Learning segment are expected to grow at the highest rate during the forecast period, owing to the growing demand to automate communication and create personalized customer experiences.
Retail and eCommerce vertical to grow at the highest CAGR throughout the forecast period. For the retail and eCommerce vertical, better consumer service leads to customer loyalty, customer retention, increased conversion rate, and reduced shopping cart abandonment. The vertical has to strategize customer engagement channels to achieve the demand for tech-savvy consumers. Owing to a rapid rise in the number of mobile subscribers, mCommerce has played a vital role in the retail and eCommerce industry. It helps in increasing the customer experience, employee efficiency, and the overall functioning of the business.
North America is dominating the global conversational AI market. The region is observing major developments in the conversational AI platform space. Various AI solution providers in North America are experimenting in the conversational AI market by integrating AI and ML functionalities with their present conversational platforms. They are also adopting many growth strategies to strengthen their position in the conversational AI market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Conversational AI Market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Conversational AI Market.
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Scope of Global Conversational AI Market
Global Conversational AI Market, By Component
- Platform
- Services
o Training and Consulting
o System Integration and Deployment
o Support and Maintenance
Global Conversational AI Market, By Type
- Intelligent Virtual Assistants
- Chatbots
Global Conversational AI Market, By Technology
- Machine Learning and Deep Learning
- Natural Language Processing
- Automated Speech Recognition
Global Conversational AI Market, By Deployment Mode
- Cloud
- On-Premises
Global Conversational AI Market, By Application
- Customer Support
- Personal Assistant
- Branding and Advertisement
- Customer Engagement and Retention
- Onboarding and Employee Engagement
- Data Privacy and Compliance
- Others
Global Conversational AI Market, By Vertical
- Banking, Financial Services, and Insurance
- Retail and Ecommerce
- Healthcare and Life Sciences
- Travel and Hospitality
- Telecom
- Media and Entertainment
Global Conversational AI Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Key players operating in Global Conversational AI Market
- Microsoft
- AWS
- IBM
- Oracle
- Nuance
- Baidu, Inc
- SAP
- Artificial Solutions
- Kore.AI
- Avaamo
- Conversica
- Haptik
- Rasa Technologies GmbH
- Solvvy
- Pypestream Inc
- Inbenta
- Rulai, Inc.
- Creative Virtual
- Saarthi.AI
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