The report offers an accurate forecast estimation of the Conversational Artificial Intelligence market based on the recent technological and research advancements. It also offers valuable data to assist the investors in formulating strategic business investment plans and capitalize on the emerging growth prospects in the Conversational Artificial Intelligence market.
The global conversational Artificial Intelligence (AI) market size reached USD 4.91 Billion in 2020 and is expected to register a CAGR of 22.6%, during the forecast period, according to latest analysis by Emergen Research. Rising demand for Artificial Intelligence-driven customer support services is expected to drive global conversational AI market revenue growth over the forecast period. Increasing implementation of conversational AI chatbots in the automotive industry is expected to augment global conversational AI market growth going ahead. One of the most prominent trends in the market is increasing application of chatbots to retain employees. AI-powered chatbots assist businesses in delivering useful details about an employee's level of engagement that can result in a lower churn rate, which is expected to boost the market growth going ahead.
However, lack of awareness of conversational AI platforms among end-users is expected to hamper growth of the global conversational AI market over the forecast period.
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The complete regional analysis covers:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Competitive Landscape:
The latest report encases an in-depth summary of the intensely competitive landscape of the global Conversational Artificial Intelligence market, with systematic profiling of the companies operating across this industry. In this section of the report, experts have listed down the strategic initiatives undertaken by these market rivals for proposed business expansion. Additionally, it highlights the key developments and financial positions of these companies to explain the overall market scenario. The company profiles of the established and new players have also been assessed in the report through effective analytical tools like SWOT analysis.
Key players in the market include Google LLC, Microsoft Corporation, Oracle Corporation, International Business Machines Corporation, Baidu Inc., Nuance Communications Inc., SAP SE, Conversica Inc., Inbenta Technologies Inc., and Avaamo Inc.
Emergen Research has segmented the global conversational AI market on the basis of deployment, component, type, technology, end-use, and region:
Deployment Outlook (Revenue, USD Billion; 2018–2028)
- On-Premises
- Cloud
Component Outlook (Revenue, USD Billion; 2018–2028)
- Service
- Platform
Type Outlook (Revenue, USD Billion; 2018–2028)
- Intelligent Virtual Assistants
- Chatbots
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Natural Language Processing
- Automated Speech Recognition
- Machine Learning
- Deep Learning
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Healthcare
- Media Entertainment
- Automotive
- E-Commerce
- Retail
- BFSI
- Telecom
- Others
Key Highlights from the Report
- The on-premises segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing deployment of on-premises conversational AI platforms among end-users to ensure data privacy is expected to boost revenue growth of this segment going ahead.
- The service segment is expected to lead in terms of revenue over the forecast period due to rising adoption rate of conversational AI platform across various sectors for providing improved customer service is increasing demand for services.
- Increasing implementation of chatbots with social media networks is expected to drive revenue growth of the chatbots segment, which is expected to lead in terms of revenue contribution to the global conversational AI market during the forecast period.
- The machine learning segment is expected to lead in terms of revenue over the forecast period due to rising integration of machine learning with conversational AI platforms.
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