Market Overview:
The global conversational AI market is expected to grow from USD 1.5 billion in 2018 to USD 10.9 billion by 2030, at a CAGR of 27.8% during the forecast period. The growth of the global conversational AI market can be attributed to the increasing demand for customer support through chatbots and rising demand for personal assistants across different applications. However, data privacy and security concerns may restrain the growth of this market to some extent during the forecast period.
Product Definition:
Conversational AI is a form of artificial intelligence that allows people and computers to communicate with each other in natural language. Conversational AI is important because it allows people to interact with computers in a way that is more like talking to another person. This makes it easier for people to get information from computers, and makes it easier for computers to understand what people want.
IVA:
Virtual agent is an automated customer service rep that lives on the internet and helps consumers with frequently asked questions. IVA (Interactive Voice Application) is a virtual agent technology developed to address issues related to human interaction. It enables businesses to automate tasks that are performed by humans using voice commands.
The global IVA market size was valued at USD 915 million in 2016.
Chatbots:
Chatbots are interactive programs that simulate human conversation and are usually used for customer support or automated tasks. They can be either standalone applications or can be integrated with other software such as email marketing tools, social media management platforms, and analytics solutions. Chatbots have gained popularity in recent years due to the increased adoption of Artificial Intelligence (AI) powered digital assistants such as Google Home and Amazon Alexa among others.
Application Insights:
The customer support application segment led the global conversational AI market in 2017. The segment is projected to expand further over the coming years due to its capability of handling large volumes of inquiries and providing personalized responses. Moreover, with the help from chatbot assistants, companies are able to reduce their customer support costs by up to 60%.
The personal assistant application segment is expected register a significant CAGR during the forecast period owing to its growing adoption by businesses for various purposes, such as scheduling appointments and reservations or carrying out financial transactions. Furthermore, these digital agents are capable of learning about customers¢â‚¬â„¢ preferences through past conversations and use this information while processing future orders or queries. This capability enables businessesto provide better service while retaining existing customersand win new ones.
Regional Analysis:
North America dominated the global conversational AI market in terms of revenue share in 2017. The growth can be attributed to the presence of a large number of startups that are working on developing innovative chatbots and IVAs. Moreover, North America is home to some of the largest technology companies such as Google, Microsoft Corporation, Facebook Inc., and Apple Inc., which have been investing heavily in research for building intelligent systems. These investments have led to increased adoption across several industries including banking & financial services, retail & e-commerce, telecom & IT services etc.
Asia Pacific is expected to grow at a significant rate over the forecast period owing to increasing investments from governments as well as private players towards deploying advanced technologies such as Conversational Computing (Chatbots) and Artificial Intelligence (AI).
Growth Factors:
- Increasing demand for customer service and support through conversational AI
- The increasing demand for chatbots across various industries
- The advent of new technologies such as natural language processing (NLP) and machine learning (ML) that are helping to improve the accuracy and efficiency of conversational AI systems
- Growing investments in research and development for conversational AI by tech giants such as Google, Amazon, Facebook, IBM, Microsoft, etc
- Rapid increase in the number of people using messaging apps (such as WhatsApp, Facebook Messenger, WeChat etc.), providing a large user base for companies to tap into with their chatbots
Scope Of The Report
Report Attributes
Report Details
Report Title
Conversational AI Market Research Report
By Type
IVA, Chatbots
By Application
Customer Support, Personal Assistant, Customer Engagement, Retention
By Companies
Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, Nuance, Artificial Solutions, Conversica, Haptik
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
235
Number of Tables & Figures
165
Customization Available
Yes, the report can be customized as per your need.
Global Conversational AI Market Report Segments:
The global Conversational AI market is segmented on the basis of:
Types
IVA, Chatbots
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Customer Support, Personal Assistant, Customer Engagement, Retention
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Google
- Microsoft
- IBM
- AWS
- Baidu
- Oracle
- SAP
- Nuance
- Artificial Solutions
- Conversica
- Haptik
Highlights of The Conversational AI Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- IVA
- Chatbots
- By Application:
- Customer Support
- Personal Assistant
- Customer Engagement
- Retention
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Conversational AI Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Conversational AI is a type of artificial intelligence that uses natural language processing to interact with humans. It allows computers to understand and respond to questions in a way that seems human-like.
Some of the major companies in the conversational ai market are Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, Nuance, Artificial Solutions, Conversica, Haptik.
The conversational ai market is expected to register a CAGR of 27.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Conversational AI Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Conversational AI Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Conversational AI Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Conversational AI Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Conversational AI Market Size & Forecast, 2018-2028
4.5.1 Conversational AI Market Size and Y-o-Y Growth
4.5.2 Conversational AI Market Absolute $ Opportunity
Chapter 5 Global Conversational AI Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Conversational AI Market Size Forecast by Type
5.2.1 IVA
5.2.2 Chatbots
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Conversational AI Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Conversational AI Market Size Forecast by Applications
6.2.1 Customer Support
6.2.2 Personal Assistant
6.2.3 Customer Engagement
6.2.4 Retention
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Conversational AI Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Conversational AI Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Conversational AI Analysis and Forecast
9.1 Introduction
9.2 North America Conversational AI Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Conversational AI Market Size Forecast by Type
9.6.1 IVA
9.6.2 Chatbots
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Conversational AI Market Size Forecast by Applications
9.10.1 Customer Support
9.10.2 Personal Assistant
9.10.3 Customer Engagement
9.10.4 Retention
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Conversational AI Analysis and Forecast
10.1 Introduction
10.2 Europe Conversational AI Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Conversational AI Market Size Forecast by Type
10.6.1 IVA
10.6.2 Chatbots
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Conversational AI Market Size Forecast by Applications
10.10.1 Customer Support
10.10.2 Personal Assistant
10.10.3 Customer Engagement
10.10.4 Retention
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Conversational AI Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Conversational AI Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Conversational AI Market Size Forecast by Type
11.6.1 IVA
11.6.2 Chatbots
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Conversational AI Market Size Forecast by Applications
11.10.1 Customer Support
11.10.2 Personal Assistant
11.10.3 Customer Engagement
11.10.4 Retention
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Conversational AI Analysis and Forecast
12.1 Introduction
12.2 Latin America Conversational AI Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Conversational AI Market Size Forecast by Type
12.6.1 IVA
12.6.2 Chatbots
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Conversational AI Market Size Forecast by Applications
12.10.1 Customer Support
12.10.2 Personal Assistant
12.10.3 Customer Engagement
12.10.4 Retention
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Conversational AI Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Conversational AI Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Conversational AI Market Size Forecast by Type
13.6.1 IVA
13.6.2 Chatbots
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Conversational AI Market Size Forecast by Applications
13.10.1 Customer Support
13.10.2 Personal Assistant
13.10.3 Customer Engagement
13.10.4 Retention
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Conversational AI Market: Competitive Dashboard
14.2 Global Conversational AI Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Google
14.3.2 Microsoft
14.3.3 IBM
14.3.4 AWS
14.3.5 Baidu
14.3.6 Oracle
14.3.7 SAP
14.3.8 Nuance
14.3.9 Artificial Solutions
14.3.10 Conversica
14.3.11 Haptik
