Conversational AI - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global Conversational AI Market is accounted for $3.81 billion in 2019 and is expected to reach $18.37 billion by 2027 growing at a CAGR of 21.7% during the forecast period. Rise in customer engagement through social media platforms, and increasing adoption of AI solutions in customer service applications are the major factors propelling the market growth. However, the lack of awareness about conversational AI solutions is hampering the market growth.
Conversational AI is the utilization of speech-based assistance, messaging apps, chatbots to make the content to be automated. It also personalizes the user experience at a level. Conversational AI accounts for an important place in the personal assistance activities. It can analyze the open interactions when relating it with the scenario or case. Companies are utilizing AI innovation by using a blend of NLU and ML, which empowers the assistants to be trained with industry-explicit information and extraordinary business information for an increased time to market.
Based on the component, the services segment is going to have a lucrative growth during the forecast period due to the wide adoption of conversational AI solutions across major verticals for offering enhanced customer support, thereby generating demand for professional and managed services across the globe. By geography, Europe is going to have a lucrative growth during the forecast period due to the growing demand to reduce enterprise workloads regarding customer engagement and retention is the key factor in adopting conversational AI solutions in Europe.
Some of the key players profiled in the Conversational AI Market include Google, Kore.AI, Avaamo, Conversica, Haptik, Rasa, Solvvy, Pypestream, Inbenta, Microsoft, AWS, IBM, Oracle, Nuance, Baidu, SAP and Artificial Solutions.
Technologies Covered:
• Automated Speech Recognition (ASR)
• Machine Learning and Deep Learning
• Natural Language Processing (NLP)
Deployment Modes Covered:
• Cloud
• On-Premises
Types Covered:
• Intelligent IVR system
• Intelligent Virtual Assistants (IVA)
• Chatbots
Components Covered:
• Services
• Platform
Organization Sizes Covered:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
Applications Covered:
• Onboarding and Employee Engagement
• Customer Support
• Customer Engagement and Retention
• Branding and Advertisement
• Personal Assistant
• Data Privacy and Compliance
• Other Applications
End Users Covered:
• Media and Entertainment
• IT & Telecommunications
• Retail and E-commerce
• Healthcare and Life Sciences
• Travel and Hospitality
• Banking, Financial Services and Insurance (BFSI)
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019 2020, 2024, and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Conversational AI Market, By Technology
5.1 Introduction
5.2 Automated Speech Recognition (ASR)
5.3 Machine Learning and Deep Learning
5.4 Natural Language Processing (NLP)
6 Global Conversational AI Market, By Deployment Mode
6.1 Introduction
6.2 Cloud
6.3 On-Premises
7 Global Conversational AI Market, By Type
7.1 Introduction
7.2 Intelligent IVR system
7.3 Intelligent Virtual Assistants (IVA)
7.4 Chatbots
8 Global Conversational AI Market, By Component
8.1 Introduction
8.2 Services
8.2.1 Support and Maintenance
8.2.2 Training and Consulting
8.2.3 System Integration and Testing
8.3 Platform
9 Global Conversational AI Market, By Organization Size
9.1 Introduction
9.2 Small and Medium-sized Enterprises (SMEs)
9.3 Large Enterprises
10 Global Conversational AI Market, By Application
10.1 Introduction
10.2 Onboarding and Employee Engagement
10.3 Customer Support
10.4 Customer Engagement and Retention
10.5 Branding and Advertisement
10.6 Personal Assistant
10.7 Data Privacy and Compliance
10.8 Other Applications
10.8.1 Campaign Analysis and Data Aggregation
11 Global Conversational AI Market, By End User
11.1 Introduction
11.2 Media and Entertainment
11.3 IT & Telecommunications
11.4 Retail and E-commerce
11.5 Healthcare and Life Sciences
11.6 Travel and Hospitality
11.7 Banking, Financial Services and Insurance (BFSI)
11.8 Other End Users
11.8.1 Energy and Utilities
11.8.2 Government
11.8.3 Manufacturing
11.8.4 Education
11.8.5 Automotive
12 Global Conversational AI Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Google
14.2 Kore.AI
14.3 Avaamo
14.4 Conversica
14.5 Haptik
14.6 Rasa
14.7 Solvvy
14.8 Pypestream
14.9 Inbenta
14.10 Microsoft
14.11 AWS
14.12 IBM
14.13 Oracle
14.14 Nuance
14.15 Baidu
14.16 SAP
14.17 Artificial Solutions
List of Tables
1 Global Conversational AI Market Outlook, By Region (2018-2027) ($MN)
2 Global Conversational AI Market Outlook, By Technology (2018-2027) ($MN)
3 Global Conversational AI Market Outlook, By Automated Speech Recognition (ASR) (2018-2027) ($MN)
4 Global Conversational AI Market Outlook, By Machine Learning and Deep Learning (2018-2027) ($MN)
5 Global Conversational AI Market Outlook, By Natural Language Processing (NLP) (2018-2027) ($MN)
6 Global Conversational AI Market Outlook, By Deployment Mode (2018-2027) ($MN)
7 Global Conversational AI Market Outlook, By Cloud (2018-2027) ($MN)
8 Global Conversational AI Market Outlook, By On-Premises (2018-2027) ($MN)
9 Global Conversational AI Market Outlook, By Type (2018-2027) ($MN)
10 Global Conversational AI Market Outlook, By Intelligent IVR system (2018-2027) ($MN)
11 Global Conversational AI Market Outlook, By Intelligent Virtual Assistants (IVA) (2018-2027) ($MN)
12 Global Conversational AI Market Outlook, By Chatbots (2018-2027) ($MN)
13 Global Conversational AI Market Outlook, By Component (2018-2027) ($MN)
14 Global Conversational AI Market Outlook, By Services (2018-2027) ($MN)
15 Global Conversational AI Market Outlook, By Support and Maintenance (2018-2027) ($MN)
16 Global Conversational AI Market Outlook, By Training and Consulting (2018-2027) ($MN)
17 Global Conversational AI Market Outlook, By System Integration and Testing (2018-2027) ($MN)
18 Global Conversational AI Market Outlook, By Platform (2018-2027) ($MN)
19 Global Conversational AI Market Outlook, By Organization Size (2018-2027) ($MN)
20 Global Conversational AI Market Outlook, By Small and Medium-sized Enterprises (SMEs) (2018-2027) ($MN)
21 Global Conversational AI Market Outlook, By Large Enterprises (2018-2027) ($MN)
22 Global Conversational AI Market Outlook, By Application (2018-2027) ($MN)
23 Global Conversational AI Market Outlook, By Onboarding and Employee Engagement (2018-2027) ($MN)
24 Global Conversational AI Market Outlook, By Customer Support (2018-2027) ($MN)
25 Global Conversational AI Market Outlook, By Customer Engagement and Retention (2018-2027) ($MN)
26 Global Conversational AI Market Outlook, By Branding and Advertisement (2018-2027) ($MN)
27 Global Conversational AI Market Outlook, By Personal Assistant (2018-2027) ($MN)
28 Global Conversational AI Market Outlook, By Data Privacy and Compliance (2018-2027) ($MN)
29 Global Conversational AI Market Outlook, By Other Applications (2018-2027) ($MN)
30 Global Conversational AI Market Outlook, By Campaign Analysis and Data Aggregation (2018-2027) ($MN)
31 Global Conversational AI Market Outlook, By End User (2018-2027) ($MN)
32 Global Conversational AI Market Outlook, By Media and Entertainment (2018-2027) ($MN)
33 Global Conversational AI Market Outlook, By IT & Telecommunications (2018-2027) ($MN)
34 Global Conversational AI Market Outlook, By Retail and E-commerce (2018-2027) ($MN)
35 Global Conversational AI Market Outlook, By Healthcare and Life Sciences (2018-2027) ($MN)
36 Global Conversational AI Market Outlook, By Travel and Hospitality (2018-2027) ($MN)
37 Global Conversational AI Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2018-2027) ($MN)
38 Global Conversational AI Market Outlook, By Other End Users (2018-2027) ($MN)
39 Global Conversational AI Market Outlook, By Energy and Utilities (2018-2027) ($MN)
40 Global Conversational AI Market Outlook, By Government (2018-2027) ($MN)
41 Global Conversational AI Market Outlook, By Manufacturing (2018-2027) ($MN)
42 Global Conversational AI Market Outlook, By Education (2018-2027) ($MN)
43 Global Conversational AI Market Outlook, By Automotive (2018-2027) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Countrys are also represented in the same manner as above.
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