The Global Conversational Artificial Intelligence Market is estimated to be worth USD 5.1 Billion in 2020 and is expected to reach USD 12.12 Billion by 2025, growing at a CAGR of 18.9%.
Rising digitalization and e-commerce have encouraged the need for customer support services. Conversational artificial intelligence offers effective customer care 24/7, real-time personalized service, and omnichannel Deployment. In addition, low-cost chatbox development and reduced cost to serve customer factors propel market growth globally. Technological advancements such as natural language processing and the rising ‘Chat first’ strategy by the service industry are expected to boost market growth.
However, a lack of awareness of conversation AI and the requirement of skilled professionals to access conversational AI is expected to hamper market development.
The Global Conversational Artificial Intelligence Market is segmented based on Type, Distribution Channel, Application, and Geography.
Some of the companies covered in this report International Business Machines Corporation, Microsoft Corporation, Intel Corporation, Google LLC, Cisco Systems, Inc., Nuance Communications, Inc., Evolv Technology Solutions, Inc, Infosys Limited, Salesforce.com, Inc., etc
The report includes the Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
The report offers a comprehensive evaluation of the Global Conversational Artificial Intelligence Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel within the industry.
The report includes an in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of COVID-19 on the market is also featured in the report.
The report also includes the regulatory scenario of the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules & regulations imposed on this sector across various geographies.
The report also contains the competitive analysis using Positioning Quadrants, the analyst's proprietary competitive positioning tool.
Market Dynamics
Rising digitalization and e-commerce have encouraged the need for customer support services. Conversational artificial intelligence offers effective customer care 24/7, real-time personalized service, and omnichannel Deployment. In addition, low-cost chatbox development and reduced cost to serve customer factors propel market growth globally. Technological advancements such as natural language processing and the rising ‘Chat first’ strategy by the service industry are expected to boost market growth.
However, a lack of awareness of conversation AI and the requirement of skilled professionals to access conversational AI is expected to hamper market development.
Market Segmentation
The Global Conversational Artificial Intelligence Market is segmented based on Type, Distribution Channel, Application, and Geography.
- By Product, the market is classified as platform and services. Amongst the two, the services segment is estimated to hold the highest market share.
- By Technology, the market is classified as Machine Learning & Deep Learning, Natural Language Processing, Automated Speech Recognition. Amongst all, the Machine Learning & Deep Learning segment is estimated to hold the highest market share.
- By Deployment, the market is classified as Intelligent Virtual Assistants and Chatboxes. Amongst the two, the Intelligent Virtual Assistants segment is estimated to hold the highest market share.
- By Type, the market is classified as On-Cloud and On-Premises. Amongst the two, the commercial use segment is estimated to hold the highest market share.
- By End-user, the market is classified as banking financial services and insurance, retail and eCommerce, healthcare and life sciences, travel and hospitality, telecom, media and entertainment, and others. Amongst all, the BFSI segment is estimated to hold the highest market share.
- By Geography, Europe is projected to lead the market.
Recent Developments
- Microsoft acquired Nuance, a pioneer company with natural language processing and speech recognition technology. - 12th April 2021
- Axis Bank Launches AI-powered Conversational Voice BOT for IVR, in India. -30th July 2020
Company Profiles
Some of the companies covered in this report International Business Machines Corporation, Microsoft Corporation, Intel Corporation, Google LLC, Cisco Systems, Inc., Nuance Communications, Inc., Evolv Technology Solutions, Inc, Infosys Limited, Salesforce.com, Inc., etc
Competitive Quadrant
The report includes the Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Why buy this report?
The report offers a comprehensive evaluation of the Global Conversational Artificial Intelligence Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel within the industry.
The report includes an in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of COVID-19 on the market is also featured in the report.
The report also includes the regulatory scenario of the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules & regulations imposed on this sector across various geographies.
The report also contains the competitive analysis using Positioning Quadrants, the analyst's proprietary competitive positioning tool.
Report Highlights
- A complete analysis of the market, including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Table of Contents
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Influencers
5 Market Analysis
6 Global Conversational Artificial Intelligence Market, By Type
7 Global Conversational Artificial Intelligence Market, By Technology
8 Global Conversational Artificial Intelligence Market, By Deployment
9 Global Conversational Artificial Intelligence Market, By Type
10 Global Conversational Artificial Intelligence Market, By End User
11 Global Conversational Artificial Intelligence Market, By Geography
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Salesforce.co. Inc.
- Amazon.co. Inc.
- Artificial Solutions
- Baid. Inc.
- BotXO AI
- Cisco System. Inc.
- Conversica
- Creative Virtual
- Deloitte Touche Tohmatsu Limited
- Evolv Technology Solution. Inc
- Google LLC
- Haptik
- Infosys Limited
- Intel Corporation
- International Business Machines Corporation
- Microsoft Corporation
- Apple Inc.
- NVIDIA Corporation
- Oracle Corporation
- SAP ERP
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 192 |
Published | March 2021 |
Forecast Period | 2021 - 2026 |
Estimated Market Value ( USD | $ 5100 Million |
Forecasted Market Value ( USD | $ 12120 Million |
Compound Annual Growth Rate | 18.9% |
Regions Covered | Global |
No. of Companies Mentioned | 20 |