Conversational Artificial Intelligence Market Size, Opportunities and Growth

Posted by Ehtesham Peerzade on March 3rd, 2020

Market Highlights

Conversations artificial intelligence is a nascent technology and has already gained traction of the industry. The technology is anticipated to witness innovations and developments which is poised to drive its demand over the next couple of years. According to the observation presented by Market Research Future (MRFR), the global conversational (AI) market is poised to strike 30.32% CAGR over the forecast period 2018 to 2024.  The technology is being widely adopted and is highly likely to gain more traction over the next couple of years.

Conversational AI chatbots are being deployed as a part of customer care services. It limits human intervention and cuts costs. Thus, the market is expected to witness immense growth in the foreseeable future. Also, the efficiency exhibited by the technological advancements is projected to drive growth of the conversation AI market in the years to come. Increasing use in different industry verticals is poised to influence market growth greatly over the assessment period. the study foresees that the product will undergo technological advancements. It ensures that the global conversation AI market is set to remain lucrative over the next few years.

Segmentation:

Based on component, the conversational artificial intelligence (AI) market size has been divided into platform and service.

On the basis of service, the conversational artificial intelligence (AI) market has been segmented into support and maintenance, system integration and deployment, training, and consulting.

The division of the conversational artificial intelligence (AI) market covers intelligent virtual assistants and chatbots.

The technology-based segmentation of the conversational artificial intelligence (AI) market includes natural language processing, machine learning, and deep learning, and automated speech recognition.

Based on deployment, the conversational artificial intelligence (AI) market has been divided into cloud and on-premise.

On the basis of organization size, the conversational artificial intelligence (AI) market has been segmented into large enterprises and SMEs.

The segmental analysis of the conversational artificial intelligence (AI) market, based on application, are personal assistants, branding and marketing, customer engagement and support, and others.

On the basis of vertical, the conversational artificial intelligence (AI) market has been segmented into IT & Telecommunications, BFSI, retail and e-commerce, healthcare, automotive, media and entertainment, and others.

Regional Analysis:

The global conversational artificial intelligence (AI) market has been studied on a regional basis. The regional segments of the market profiled are – North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). These segments are sub-segmented on the basis of country-level basis for further assessment. North America is a profit-making regional segment owing to the presence of key players such as Amazon and Google. The region is well equipped for the early adoption of innovations and technological developments. It is anticipated to drive the expansion of the regional market in the forthcoming years. Europe is also a technologically advanced region and is poised to attain a decent valuation over the assessment period. The region is expected to witness rapid expansion in the coming years. Also, Asia Pacific is expected to exhibit rapid market developments over the next few years.

Competitive Dashboard:

Conversational Artificial Intelligence (AI) as Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Nuance Communications, Amazon Web Services, Baidu Inc., Facebook Inc., SAP SE, Artificial Solutions, Conversica Inc., Avaamo Technologies Pvt Ltd., Haptik, Pypestream, Solvvy, and Creative Virtual Ltd. are few of the key players of the global conversational artificial intelligence (AI) market. These players are likely to invest in technological advancements to maintain their standings in the marketplace. Some of the growth strategies leveraged by market players are – mergers, product development, acquisitions, technological innovations, partnerships, collaborations, strategic alliances, and agreements among others.