Artificial Intelligence has already proven to be able to change our lives in a better way by making things much easier for us. Businesses have taken notice and are constantly trying to leverage the latest technologies not only to increase their performance but also to stay competitive. A well developed Conversational AI chatbot is able to interact on a near-human level. If we think about it, most companies’ contact and sales centers deal with a core of 6-12 repeating issues. Conversational AI software allows companies to develop an intelligent response channel that can cover the most common customer interactions.
Global Conversational AI Market is expected to rise from its initial estimated value of USD 3.27 billion to an estimated value of USD 27.08 billion by 2026, registering a CAGR of 30.25% in the forecast period of 2019-2026.
Influencing players of Global Conversational AI Market are: Amazon Web Services, IBM Corporation, Oracle, Nuance Communications, Rasa Technologies, Baidu, SAP SE, Artificial Solutions, Kore.ai, Avaamo, Conversica, Haptik, Google LLC, Microsoft, Solvvy, Pypestream, Inbenta Technologies, Rulai, Creative Virtual
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A range of definitions and classification of the industry, applications of the ICT industry and chain structure are provided in the report. This Conversational AI market research report identifies and analyses the up-and-coming trends along with major drivers, restraints, challenges and opportunities in the market for ICT industry. According to this report, new highs will take place in the Conversational AI market in 2019-2026. It helps customers or other market participants to be aware of the problems they may face while operating in the ICT industry over a longer period of time.
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- Less development cost of the chatbot is driving the growth of this market
- Technological advancement and development in the conversational AI is another factor driving the market.
- Less information about the conversational AI is restraining the market
- Lack of efficiency in chatbot is another factor restraining the growth of this market.
Table of Contents
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Product Conversational AI Market, By Type
7 Product Conversational AI Market, By Organization Size
8 Product Conversational AI Market Analysis, By Region
9 Competitive Landscape
10 Company Profiles
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Segmentation: Conversational AI Market
By Component (Platform, Services),
By Type (Intelligent Virtual Assistants, Chatbots),
By Technology (Machine Learning and Deep Learning, Natural Language Processing, Automated Speech Recognition),
By Deployment Mode (Cloud, On- Premises),
By Application (Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Onboarding and Employee Engagement, Data Privacy and Compliance, Others),
By Vertical (Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare and Life Sciences, Travel and Hospitality, Telecom, Media and Entertainment, Others),
By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
The global conversational AI market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of the conversational AI market for global, Europe, North America, Asia-Pacific and South America.
Key Developments in the Market:
- In March 2019, Boost.ai announced the launch of their new software which is specially designed to build, implement and operate the virtual agents to the U.S. The main aim is to create software that can improve the relationship between customer and business and help the customer to get the high level of accuracy. This new technology will be available on both on-premise deployments.
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