The global Conversational AI market is a very fast-growing market with an average CAGR of 31.3% during the forecast period. As of 2020, the global market size is valued at 7.32 billion USD, and it is estimated to reach 19.1 billion USD by the year 2026. North America has the largest market share, and it is projected to remain so in the forecast period.
Drivers and Restraints
Conversational AI method is an excellent way of cutting manual labor, say in areas like customer support, and get only the tickets that require human intervention be given human help. Most companies have realized this and choose to pay for the service of conversational AI.
An increase in the number of internet users, especially in countries like India and the penetration of smartphones has helped the growth of the Conversational AI Market. The budget constraint for small and medium enterprises is restraining the market from actualizing its full potential.
This research report on the global conversational ai market has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2025.
Based on the application type, the Personal Assistant is the leading segment. Enterprises are leveraging AI technology which enables the assistants to be trained with industry-specific knowledge and individual business data to cater to the market.
Based on the deployment type, the Cloud segment has the highest market share, and it will continue to increase during the forecast period. Most of the vendors in the market offer cloud-based solutions to gain conversations insights in real-time which helps them improve the product. As many organizations have migrated to either a private or a public cloud, there has been increasing in the vendors providing cloud conversational AI market.
Geographical Analysis
North America Conversational AI Market has the largest market share as of 2019, and it is projected to remain on the top spot throughout the forecast period. Development & adoption of innovative technologies apart from being the hub of Conversational AI vendors are driving the growth of the market in North America.
Asia-Pacific Conversational AI Market is the fastest-growing market. This can be attributed to the substantial investments made by private and public sectors for enhancing their AI and ML technologies, resulting in an increased demand for conversational AI solutions for gaining customer insights. Several international organizations have also invested in the APAC region to make their mark in the global domain.
Key Players
Major vendors in the global conversational AI market include - Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, Nuance, Artificial Solutions, Conversica, Haptik, Rasa, Rulai, Avaamo, Kore.ai, Solvvy, Pypestream, Inbenta, Creative Virtual, Saarthi.ai among Others.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Market Share Analysis
5.2 Product Benchmarking
5.3 Regional Presence
5.4 Mergers & Acquistion Landscape
5.5 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Conversational AI Market, by Component
6.1.1 Platform
6.1.2 Services
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Conversational AI Market, by Type
6.2.1 IVA
6.2.2 Chatbots
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Conversational AI Market, by Application
6.3.1 Customer Support
6.3.2 Personal Assistant
6.3.3 Customer Engagement and Retention
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.4 Conversational AI Market, by Deployment Mode
6.4.1 Cloud
6.4.2 On-Premises
6.4.3 Market Size Estimations & Forecasts (2021-2026)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Conversational AI Market, by Region
7.2 North America - Market Analysis (2021-2026)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Type
7.2.3 By Hardware
7.2.4 Y-o-Y Growth Rate Analysis
7.2.5 Market Attractiveness Index
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Type
7.3.3 By Hardware
7.3.4 Y-o-Y Growth Rate Analysis
7.3.5 Market Attractiveness Index
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Hardware
7.4.4 Y-o-Y Growth Rate Analysis
7.4.5 Market Attractiveness Index
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Type
7.5.3 By Hardware
7.5.4 Y-o-Y Growth Rate Analysis
7.5.5 Market Attractiveness Index
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Type
7.6.3 By Hardware
7.6.4 Y-o-Y Growth Rate Analysis
7.6.5 Market Attractiveness Index
8. Key Player Analysis
8.1 Google (US)
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Microsoft (US)
8.3 IBM (US)
8.4 AWS (US)
8.5 Baidu (China)
8.6 Oracle (US)
8.7 SAP (Germany)
8.8 Nuance (US)
8.9 Artificial Solutions (Spain)
8.10 Conversica (US)
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of by component, by deployment, by region, along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
