Global Conversational AI Market By Component (Platform, Services), Type (Intelligent Virtual Assistants, Chatbots), Technology (Machine Learning and Deep Learning, Natural Language Processing, Automated Speech Recognition), Deployment Mode (Cloud, On- Premises), Application (Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Onboarding and Employee Engagement, Data Privacy and Compliance, Others), Vertical (Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare and Life Sciences, Travel and Hospitality, Telecom, Media and Entertainment, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Conversational AI Market
Global Conversational AI Market is expected to rise from its initial estimated value of USD 3.27 billion in 2018 to an estimated value of USD 27.08 billion by 2026, registering a CAGR of 30.25% in the forecast period of 2019-2026. Rising demand for AI- powered customer support services is the major factor for the growth of this market.
Market Definition: Global Conversational AI Market
Conversational AI is the usage of messaging app, chatbots and other digital platform so that they can provide platform to the customers where they can interact with virtual assistant and can solve their problem. This also helps the organization to improve by finding new techniques to communicate with the customers. Increasing demand for AI- powered customer support services is the factor which is fuelling the conversational AI market.
- Less development cost of the chatbot is driving the growth of this market
- Technological advancement and development in the conversional AI is another factor driving the market.
- Less information about the conversational AI is restraining the market
- Lack of efficiency in chatbot is another factor restraining the growth of this market.
Segmentation: Global Conversational AI Market
- By Component
- Training and Consulting
- System Integration and Deployment
- Support and Maintenance
- By Type
- Intelligent Virtual Assistants
- By Technology
- Machine Learning and Deep Learning
- Natural Language Processing
- Automated Speech Recognition
- By Deployment Mode
- On- Premises
- By Application
- Customer Support
- Personal Assistant
- Branding and Advertisement
- Customer Engagement and Retention
- Onboarding and Employee Engagement
- Data Privacy and Compliance
- By Vertical
- Financial Services, and Insurance
- Retail and Ecommerce,
- Healthcare and Life Sciences
- Travel and Hospitality
- Media and Entertainment
- By Geography
- North America
- South America
- Rest of South America
- North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In March 2019, Boost.ai announced the launch of their new software which is specially designed to build, implement and operate the virtual agents to the U.S. The main aim is to create software that can improve the relationship between customer and business and help the customer to get high level of accuracy. This new technology will be available on both on premise deployments.
- In October 2017, TD Bank Group (TD) announced their agreement with Kasisto so that they can combine the KAI Banking platform into the TD’s mobile app which can help the customer to get instant help and support whenever they want. This will also help the customer to get information related to their account, their transaction history and their spending level.
Global conversational AI market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of conversational AI market for global, Europe, North America, Asia-Pacific and South America.
Major Market Competitors/Players
Few of the major competitors currently working in the global conversational AI market are Google LLC, Microsoft, Amazon Web Services, Inc., IBM Corporation, Oracle, Nuance Communications, Inc., Baidu, SAP SE, Artificial Solutions, Kore.ai, Inc., Avaamo, Conversica, Inc., Haptik, Inc., Rasa Technologies Inc., Solvvy, Pypestream Inc., Inbenta Technologies Inc., Rulai, Creative Virtual Ltd.
Research Methodology: Global Conversational AI Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved