Conversational AI Market Research Report


Conversational AI Market

Conversational AI Market is predicted to touch USD 20,418 Million by 2027, registering a CAGR of 21% over the forecast period, owing to the reduced chatbot development expenses.

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One of the major factors strengthening the conversational AI market includes the growing awareness about its remarkable features such as round the clock customer service, improved efficiency, better experience to customers with lower operational costs. Increasing adoption of AI-driven customer support services across BFSI, travel and hospitality, and retail & e-commerce has bolstered the market size. Other factors including ongoing technological innovation, accelerating internet penetration, and increasing investment in incorporating AI solutions are other drivers propelling the market growth. However, inadequate awareness regarding the benefits of technology might curb the Conversational AI Market share

By type, the Chatbots segment is predicted to expand at a higher CAGR over the forecast period. The growing emphasis towards developing self-learning chatbots to provide continuous customer support at a lower cost has driven the segment’s growth. Moreover, as per the Conversational AI Market forecast, with the growing focus on improving customer involvement across different channels, the adoption of chatbots has increased.

By technology, the Machine Learning & Deep Learning segment is expected to hold a larger share over the forecast period, owing to the continuous technological advancement. Further, the technology can manage multi-dimensional data without any human intervention and better reliability.

By region, the North America region is forecast to surge at a higher CAGR over the coming years, owing to the ongoing advancements and the existence of leading manufacturers. Furthermore, the Conversational AI Market research projects that government across the nation has enforced various initiatives to encourage the adoption of AI, thereby fueling the market growth.

Leading players in the market include Google, IBM Corporation, Microsoft, Amazon Web Services, Inc., Nuance Communications, Inc., SAP SE, Baidu, Kore.ai, Inc., Oracle, and Artificial Solutions, among others.

Key Developments:

In 2019, Microsoft developed a dialogue generative pre-trained transformer (DialoGPT); a pre-trained deep learning NLP model with the potency of automatic conversation response generation.

In 2020, Nuance Communications, Inc. innovated NuanceMix, an open enterprise-grade, software-as-a-service tooling suite used to generate advanced conversational experiences that power the IVR & VA with the cloud-agnostic conversational AI of the company.

Conversational AI Market Segmentation:

Conversational AI Market by Component

·         Services

o   Systems Integration & Deployment

o   Training & Consulting

o   Support & Maintenance

·         Platform

Conversational AI Market by Type

·         Chatbots

·         Intelligent Virtual Assistants

·         Global Conversational AI Market by Technology

·         Natural Language Processing

·         Machine Learning & Deep Learning

·         Automated Speech Recognition

Conversational AI Market by Deployment Mode

·         On-Premises

·         Cloud

Conversational AI Market by Application

·         Personal Assistant

·         Customer Support

·         Customer Engagement & Retention

·         Branding & Advertisement

·         Data Privacy & Compliance

·         Onboarding & Employee Engagement

·         Others

Conversational AI Market by Vertical

·         Retail & Ecommerce

·         BFSI

·         Travel & Hospitality

·         Healthcare & Life Sciences

·         Media & Entertainment

·         Telecom

·         Others

Conversational AI Market by Region:

·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         North America

o   United States of America

o   Canada

·         Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·         RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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