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Conversational AI - Global Market Outlook (2019 -2027)

Conversational AI - Global Market Outlook (2019 -2027)

4.3 (88 reviews)
Published: December 2020 ID: SMRC20226
4.3 (88 reviews)
Published: December 2020 ID: SMRC20226

This report covers the impact of COVID-19 on this global market

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.

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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

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