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Conversational AI Market by Component (Platform and Services), Type (IVA and Chatbots), Technology, Application (Customer Support, Personal Assistant, Customer Engagement, Retention), Deployment Mode, Vertical, Region - Global Forecast to 2024

  • ID: 4758469
  • Report
  • Region: Global
  • 161 pages
  • Markets and Markets
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The Global Conversational Artificial Intelligence (AI) Market Size to Grow at a Compound Annual Growth Rate (CAGR) of 30.2% During the Forecast Period

FEATURED COMPANIES

  • Artificial Solutions
  • Baidu
  • Google
  • Inbenta
  • Nuance
  • Rasa
  • MORE

The global conversational artificial intelligence (AI) market size to grow at a Compound Annual Growth Rate (CAGR) of 30.2% during the forecast period

The author forecasts the global conversational AI market size to grow from USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a CAGR of 30.2% during 2019–2024. The major growth drivers for the market include the increasing demand for AI-powered customer support services, omni-channel deployment, and reduced chatbot development cost. Lack of awareness may restrain market growth.

The personal assistant application to grow at the highest rate during the forecast period

Conversational AI plays a crucial role in personal assistant. Personal assistants are capable of comprehending open conversations while contextualizing them to a particular case or scenario. Enterprises are leveraging AI technology by utilizing a combination of ML and NLU which enables the assistants to be trained with industry-specific knowledge and unique business data for a faster time to market

The ML and deep learning technology segment to grow at the highest rate during the forecast period

Based on technology, the conversational AI market has been segmented into ML and deep learning, natural language processing (NLP), and Automated Speech Recognition (ASR). The ML and deep learning segment is expected to grow at the highest rate during the forecast period, due to the growing demand to automate communication and create personalized customer experiences.

Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

In the conversational AI market by region, APAC is expected to grow at the highest rate during the forecast period. The growth in the number of AI vendors in major APAC countries, such as China, India, and Japan and technological advancements, is expected to be a key growth driver for the market in APAC.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the conversational AI market.

  • By Company: Tier I: 15%, Tier II: 42%, and Tier III: 43%
  • By Designation: C-Level: 62%, Director Level: 20%, and Others: 18%
  • By Region: North America: 40%, APAC: 30%, Europe: 20%, MEA: 5%, and Latin America: 5%

The report includes the study of the key players offering conversational AI solutions. It profiles major vendors in the global conversational AI market including Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), Creative Virtual (UK) and Saarthi.ai (India). It also includes an in-depth competitive analysis of the key players in the conversational AI market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

Research Coverage
The report segments the global conversational AI market by component, type, technology, application, deployment mode, vertical, and region. The component segment comprises platform and services. The services segment has subsegments of training and consulting, system integration and testing, and support and maintenance. The conversational AI market by type has IVA and chatbots categories. The conversational AI market by technology has ML and deep learning, Natural language processing, automated speech recognition technologies. The conversational AI market by application has customer support, personal assistant, branding and advertisement, customer engagement and retention, onboarding and employee engagement, and other services (campaign analysis and data aggregation). The conversational AI market by deployment mode has cloud and on-premises. The conversational AI market by verticals covers Banking, Financial Services, and Insurance [BFSI], retail and e-commerce, healthcare and life sciences, travel and hospitality, telecom, media and entertainment, and others (manufacturing, government, media and entertainment, and education). The report covers the conversational AI market with respect to 5 major regions: North America, Europe, APAC, Latin America, and Middle East and Africa (MEA).

The report would help the market leaders and new entrants in the global conversational AI market in the following ways:

  • The report segments the market into various subsegments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across applications and regions.
  • It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
  • It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Artificial Solutions
  • Baidu
  • Google
  • Inbenta
  • Nuance
  • Rasa
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primary Profiles
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Assumptions for the Study
2.6 Limitations of the Study

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Conversational AI Market
4.2 Market: Top 3 Applications
4.3 Market, By Region
4.4 Market in North America, By Services and Technology

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for AI-Powered Customer Support Services
5.2.1.2 Omnichannel Deployment and Reduced Chatbot Development Cost
5.2.2 Restraints
5.2.2.1 Lack of Awareness
5.2.3 Opportunities
5.2.3.1 Rise in Customer Engagement Through Social Media Platforms
5.2.3.2 Integration of Advanced AI Capabilities Adding Value to the Conversational AI Offering
5.2.4 Challenges
5.2.4.1 Lack of Accuracy in Chatbots and Virtual Assistants
5.3 Use Cases
5.3.1 Introduction
5.3.1.1 Use Case: Scenario 1
5.3.1.2 Use Case: Scenario 2
5.3.1.3 Use Case: Scenario 3
5.3.1.4 Use Case: Scenario 4
5.3.1.5 Use Case: Scenario 5
5.4 Regulatory Implications
5.4.1 Introduction
5.4.2 General Data Protection Regulation (GDPR)
5.4.3 Health Insurance Portability and Accountability Act (HIPAA)
5.4.4 Payment Card Industry Data Security Standard (PCI DSS)
5.4.5 Financial Industry Regulatory Authority (FINRA)
5.4.6 Service Organizational Control (SOC) 2
5.4.7 Markets in Financial Instruments Directive (MIFID) II

6 Market, By Component
6.1 Introduction
6.2 Platform
6.2.1 Platforms Provide A Complete Foundation to Create Various Conversational AI Applications
6.3 Services
6.3.1 Training and Consulting
6.3.1.1 Technicalities Involved in Implementing Conversational AI Solutions to Boost the Growth of Training and Consulting Services
6.3.2 System Integration and Deployment
6.3.2.1 Conversational AI Vendors to Offer System Integration and Testing Services to Effectively Overcome System-Related Issues
6.3.3 Support and Maintenance
6.3.3.1 Growing Deployment of Conversational AI Platform to Increase Demand for Support and Maintenance Services

7 Market, By Type
7.1 Introduction
7.2 Intelligent Virtual Assistants
7.2.1 Increasing Demand for Personal Assistant Application to Pave the Way for the Conversational AI Market in Different Verticals
7.3 Chatbots
7.3.1 AI-Based Chatbots to Automate Conversation Across Channels to Grow at A Rapid Pace in the Coming Years

8 Market, By Technology
8.1 Introduction
8.2 Machine Learning and Deep Learning
8.2.1 Growing Demand to Automate Communication and Create Personalized Customer Experiences to Increase Adoption of Conversational AI Among Enterprises
8.3 Natural Language Processing
8.3.1 Natural Language Processing Technology to Grow at A Rapid Pace in the Coming Years
8.4 Automated Speech Recognition
8.4.1 Growing Need to Recognize Human Voice By Machines to Handle Queries Or Response Effectively

9 Market, By Deployment Mode
9.1 Introduction
9.2 Cloud
9.2.1 Benefits Such as Scalability and Ease of Implementation to Boost Growth of Cloud Deployment Model
9.3 On-Premises
9.3.1 Data-Sensitive Organizations to Adopt On-Premises Deployment Model to Deploy Conversational AI Solutions

10 Market, By Application
10.1 Introduction
10.2 Customer Support
10.2.1 Increasing Demand for Handling Customer Queries to Pave the Way for the Conversational AI Market in Various Verticals
10.3 Personal Assistant
10.3.1 Personal Assistant Application to Grow at A Rapid Pace in the Coming Years
10.4 Branding and Advertisement
10.4.1 Need to Create Awareness and Perform Effective Branding Activities to Boost Growth of Conversational AI Market
10.5 Customer Engagement and Retention
10.5.1 Need to Provide Omnichannel Customer Experience to Fuel the Growth of Customer Engagement and Retention Application
10.6 Onboarding and Employee Engagement
10.6.1 Growing Demand for Employee Retention and Engagement for Organizational Growth and Development
10.7 Data Privacy and Compliance
10.7.1 Need to Secure Customers’ Data and Stringent Regulatory Compliance to Pave Way for Adoption of Conversational AI
10.8 Others

11 Conversational AI Market, By Vertical
11.1 Introduction
11.1.1 Major Use Cases: By Industry
11.2 Banking, Financial Services, and Insurance
11.2.1 Conversational AI Solutions Help Financial Institutions Effortlessly Connect With Customers to Provide Enhanced Customer Experience
11.3 Retail and E-commerce
11.3.1 Increasing Deployment of Conversational AI Solutions By Retail and E-commerce Vertical on Various Channels for Greater Customer Engagement
11.4 Healthcare and Life Sciences
11.4.1 Conversational AI Solutions to Improve Patient Management, Monitoring, and Experience and Engagement
11.5 Travel and Hospitality
11.5.1 Automation of Booking Process Through Various Platforms to Increase Adoption of Chatbots and Intelligent Virtual Assistants
11.6 Telecom
11.6.1 Growing Demand for Effective Contact Centre and Operational Cost Reduction Will Give A Boost to the Growth of Conversational AI in the Telecom Vertical
11.7 Media and Entertainment
11.7.1 Demand for Personalized and Enhanced Customer Experience to Increase Adoption of Conversational AI Solutions
11.8 Others

12 Market, By Region
12.1 Introduction
12.2 North America
12.2.1 United States
12.2.1.1 Growing Implementation of AI- and Ml-Based Solutions to Fuel the Demand for Conversational AI in the Market
12.2.2 Canada
12.2.2.1 Increase in AI-Based Investments and Research Activities to Drive the Growth of  Market in Canada
12.3 Europe
12.3.1 United Kingdom
12.3.1.1 Growing Investments to Fuel the Adoption of Conversational AI Solutions in the UK
12.3.2 Germany
12.3.2.1 Increasing Adoption of Conversational AI Solutions Across Major Verticals to Drive the Market in Germany
12.3.3 France
12.3.3.1 Heavy Inflow of Capital From Various Investors to Drive the Market in France
12.3.4 Rest of Europe
12.4 Asia Pacific
12.4.1 China
12.4.1.1 Increasing Investments in AI Landscape to Drive the Adoption of Conversational AI Solutions in China
12.4.2 Japan
12.4.2.1 Rising Use of Chatbots and Intelligent Virtual Agents in the Telecom Vertical to Fuel Adoption of Conversational AI Solutions in Japan
12.4.3 India
12.4.3.1 Increase in Investments Among Startups and Growth of AI Technology Among Verticals to Trigger Conversational AI Adoption in India
12.4.4 Rest of Asia Pacific
12.5 Middle East and Africa
12.5.1 Israel
12.5.1.1 Upcoming AI Startups in the Country to Drive the Growth of Conversational AI Market in Israel
12.5.2 United Arab Emirates
12.5.2.1 Government Initiatives to Drive the Adoption of AI-Based Solutions in United Arab Emirates
12.5.3 Rest of Middle East and Africa
12.6 Latin America
12.6.1 Brazil
12.6.1.1 Emerging Startups in Brazil to Drive the Growth of Conversational AI Market in the Coming Years
12.6.2 Mexico
12.6.2.1 Growing Demand for AI-Based Technologies to Fuel Adoption of Conversational AI Solutions in Mexico
12.6.3 Rest of Latin America

13 Competitive Landscape
13.1 Competitive Leadership Mapping
13.1.1 Visionary Leaders
13.1.2 Innovators
13.1.3 Dynamic Differentiators
13.1.4 Emerging Companies
13.2 Strength of Product Portfolio
13.3 Business Strategy Excellence

14 Company Profiles
14.1 Google
14.2 Microsoft
14.3 AWS
14.4 IBM
14.5 Oracle
14.6 Nuance
14.7 Baidu
14.8 SAP
14.9 Artificial Solutions
14.10 Kore.AI
14.11 Avaamo
14.12 Conversica
14.13 Haptik
14.14 Rasa
14.15 Solvvy
14.16 Pypestream
14.17 Inbenta
14.18 Rulai
14.19 Creative Virtual
14.20 Saarthi.AI

15 Appendix
15.1 Industry Experts
15.2 Discussion Guide
15.3 Knowledge Store: Subscription Portal
15.4 Available Customizations
15.5 Related Reports
15.6 Author Details

List of Tables
Table 1 United States Dollar Exchange Rate, 2015–2017
Table 2 Factor Analysis
Table 3 Global Conversational AI Market Size and Growth Rate, 2017–2024 (USD Million, Y-O-Y %)
Table 4 Market Size, By Component, 2017–2024 (USD Million)
Table 5 Market Size, By Service, 2017–2024 (USD Million)
Table 6 Market Size, By Type, 2017–2024 (USD Million)
Table 7 Market Size, By Technology, 2017–2024 (USD Million)
Table 8 Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 9 Market Size, By Application, 2017–2024 (USD Million)
Table 10 Market Size, By Vertical, 2017–2024 (USD Million)
Table 11 Market Size, By Region, 2017–2024(USD Million)
Table 12 North America: Conversational AI Market Size, By Component, 2017–2024 (USD Million)
Table 13 North America: Market Size, By Type, 2017–2024 (USD Million)
Table 14 North America: Market Size, By Service, 2017–2024 (USD Million)
Table 15 North America: Market Size, By Technology, 2017–2024 (USD Million)
Table 16 North America: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 17 North America: Market Size, By Application, 2017–2024 (USD Million)
Table 18 North America: Market Size, By Vertical, 2017–2024 (USD Million)
Table 19 North America: Market Size, By Country, 2017–2024 (USD Million)
Table 20 Europe: Conversational AI Market Size, By Component, 2017–2024 (USD Million)
Table 21 Europe: Market Size, By Type, 2017–2024 (USD Million)
Table 22 Europe: Market Size, By Service, 2017–2024 (USD Million)
Table 23 Europe: Market Size, By Technology, 2017–2024 (USD Million)
Table 24 Europe: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 25 Europe: Market Size, By Application, 2017–2024 (USD Million)
Table 26 Europe: Market Size, By Vertical, 2017–2024 (USD Million)
Table 27 Europe: Market Size, By Country, 2017–2024 (USD Million)
Table 28 Asia Pacific: Conversational AI Market Size, By Component, 2017–2024 (USD Million)
Table 29 Asia Pacific: Market Size, By Type, 2017–2024 (USD Million)
Table 30 Asia Pacific: Market Size, By Service, 2017–2024 (USD Million)
Table 31 Asia Pacific: Market Size, By Technology, 2017–2024 (USD Million)
Table 32 Asia Pacific: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 33 Asia Pacific: Market Size, By Application, 2017–2024 (USD Million)
Table 34 Asia Pacific: Market Size, By Vertical, 2017–2024 (USD Million)
Table 35 Asia Pacific: Market Size, By Country, 2017–2024 (USD Million)
Table 36 Middle East and Africa: Conversational AI Market Size, By Component, 2017–2024 (USD Million)
Table 37 Middle East and Africa: Market Size, By Type, 2017–2024 (USD Million)
Table 38 Middle East and Africa: Market Size, By Service, 2017–2024 (USD Million)
Table 39 Middle East and Africa: Market Size, By Technology, 2017–2024 (USD Million)
Table 40 Middle East and Africa: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 41 Middle East and Africa: Market Size, By Application, 2017–2024 (USD Million)
Table 42 Middle East and Africa: Market Size, By Vertical, 2017–2024 (USD Million)
Table 43 Middle East and Africa: Market Size, By Country, 2017–2024 (USD Million)
Table 44 Latin America: Conversational AI Market Size, By Component, 2017–2024 (USD Million)
Table 45 Latin America: Market Size, By Type, 2017–2024 (USD Million)
Table 46 Latin America: Market Size, By Service, 2017–2024 (USD Million)
Table 47 Latin America: Market Size, By Technology, 2017–2024 (USD Million)
Table 48 Latin America: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 49 Latin America: Market Size, By Application, 2017–2024 (USD Million)
Table 50 Latin America: Market Size, By Vertical, 2017–2024 (USD Million)
Table 51 Latin America: Market Size, By Country, 2017–2024 (USD Million)
Table 52 Key Players of the Conversational AI Market, 2018

List of Figures
Figure 1 Global Conversational AI Market: Research Design
Figure 2 Market: Top-Down and Bottom-Up Approaches
Figure 3 Market Snapshot, By Component
Figure 4 Market Snapshot, By Type
Figure 5 Market Snapshot, By Service
Figure 6 Market Snapshot, By Deployment Mode
Figure 7 Market Snapshot, By Application
Figure 8 Market Snapshot, By Technology
Figure 9 Market Snapshot, By Vertical
Figure 10 Market Snapshot, By Region
Figure 11 Increasing Demand for AI-Powered Customer Support Services is One of the Major Factors Driving the Overall Growth of the Market During the Forecast Period
Figure 12 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period
Figure 13 North America to Hold the Highest Market Share in 2019
Figure 14 Training and Consulting Services, and Natural Language Processing Technology in North America Accounted for the Highest Market Shares in the Conversational AI Market in 2019
Figure 15 Drivers, Restraints, Opportunities, and Challenges: Conversational AI Market
Figure 16 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 17 System Integration and Testing Segment to Grow at the Highest CAGR During the Forecast Period
Figure 18 Intelligent Virtual Assistants Segment to Register A Higher CAGR During the Forecast Period
Figure 19 Machine Learning and Deep Learning Segment to Register the Highest CAGR During the Forecast Period
Figure 20 Cloud Deployment Mode to Register A Higher CAGR During the Forecast Period
Figure 21 Personal Assistant Segment to Register the Highest CAGR During the Forecast Period
Figure 22 Retail and E-commerce Segment to Register the Highest CAGR During the Forecast Period
Figure 23 North America to Hold the Largest Market Size During the Forecast Period
Figure 24 India to Register the Highest CAGR During the Forecast Period
Figure 25 Asia Pacific to Account for the Highest CAGR in 2019
Figure 26 North America: Market Snapshot
Figure 27 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period
Figure 28 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period
Figure 29 Asia Pacific: Market Snapshot
Figure 30 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period
Figure 31 Personal Assistant Segment to Grow at the Highest CAGR During Forecast Period
Figure 32 Personal Assistant Segment to Grow at the Highest CAGR During Forecast Period
Figure 33 Global Conversational AI Market (Global), Competitive Leadership Mapping, 2018
Figure 34 Google: Company Snapshot
Figure 35 SWOT Analysis: Google
Figure 36 Microsoft: Company Snapshot
Figure 37 SWOT Analysis: Microsoft
Figure 38 AWS: Company Snapshot
Figure 39 SWOT Analysis: AWS
Figure 40 IBM: Company Snapshot
Figure 41 SWOT Analysis: IBM
Figure 42 Oracle: Company Snapshot
Figure 43 SWOT Analysis: Oracle
Figure 44 Nuance: Company Snapshot
Figure 45 Baidu: Company Snapshot
Figure 46 SAP: Company Snapshot

Note: Product cover images may vary from those shown
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  • Artificial Solutions
  • Avaamo
  • AWS
  • Baidu
  • Conversica
  • Creative Virtual
  • Google
  • Haptik
  • IBM
  • Inbenta
  • Kore.AI
  • Microsoft
  • Nuance
  • Oracle
  • Pypestream
  • Rasa
  • Rulai
  • Saarthi.AI
  • SAP
  • Solvvy
Note: Product cover images may vary from those shown
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