cft

Conversational AI Market Size, Outlook, Prominent Players, Growth, Leading Players and Forecast 2030

Conversational AI Market to Witness a CAGR of 23.4% through 2028


user

Kiritika Jadhav

a year ago | 5 min read

A recent study conducted by the strategic consulting and market research firm, Report Ocean, revealed that the conversational AI market was worth USD 6.9 billion in the year 2021. It is estimated to grow at a CAGR of 23.4%, earning revenue of around USD 29.9 billion by the end of 2028. The conversational AI market is flourishing at a high rate owing to the rising demand for customer support services by businesses to improve customer experience. Furthermore, the increasing adoption of conversational AI among various verticals including BFSI, media and entertainment, healthcare and life sciences, travel and hospitality, etc., is anticipated to present lucrative growth opportunities to the market in the forecast period.

Download Free Sample of This Strategic Report: https://reportocean.com/industry-verticals/sample-request?report_id=MR472

Rising Demand for Cloud Deployment is Driving the Conversational AI Market

Based on deployment, the conversational AI market is segmented into on-premise and cloud. The cloud deployment segment holds the largest market share as it proves to be flexible as well as cost-effective compared to the on-premise deployment. Therefore, this type of deployment mode is popular among SMEs. However, most large enterprises opt for on-premise deployment owing to their higher financial capability and advanced security. The on-premise deployment restricts external access to data, which acts in favor of hitting market growth.

Increasing Popularity of App-Based Integration is Propelling the Conversational AI Market Growth

Based on mode of integration, the conversational AI market is segmented into web-based, app-based, and telephonic. The app-based segment accounts for the largest market share in 2021. Technologies such as Google Assistant, Alexa, Siri, etc., are some of the most popular conversational AIs in the world and they work on app-based integration. However, the web-based mode of integration also covers a substantial market share. The increasing number of websites from the SMEs and rising demand for chat services for customer support are driving its overall market growth.

Conversational AI Market – By Technology

Based on technology, the conversational AI market is segmented into machine learning and deep learning, natural language processing, and automatic speech recognition. Natural language processing (NLP) accounts for the largest market share in 2021. Conversational AI combines natural language processing with traditional software such as chatbots or voice assistants to create a chat or voice communication interface. The NLP helps the system understand the meaning of the human language and decrypts it to provide an answer or assistance.

Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR472
?
Conversational AI Market – Regional Insights

Geographically, the conversational AI market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominated the conversational AI market in 2021. However, the Asia-Pacific region is projected to witness the highest CAGR during the period owing to the increasing number of SMEs and startups and the rising adoption of conversational AI to cater to customer query requests and boost efficiency. Europe is also growing at a substantial rate owing to the presence of multinational conglomerates.

Impact of COVID-19 on Conversational AI Market

The conversational AI market witnessed tremendous growth after the COVID-19 pandemic outbreak. the number of customer service requests over websites and applications significantly spiked during this period. However, the lack of sufficient working employees and restrictions on the customer care centers due to social distancing norms imposed a huge burden on the human customer care executives, which negatively impacted the customer experience. Due to this, the organizations quickly shifted towards conversational AI to cater to the increasing number of service queries and deliver solutions timely.

Competitive Landscape

The leading market players of the conversational AI market are Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, FIS, Artificial Solutions, Kore.ai, Conversica, Inbenta, Creative Virtual, SoundHound, Avaamo, Haptik, Solvvy, MindMeld, and other prominent players. The conversational AI market is highly concentrated with the presence of leading industry players such as Google, IBM, Oracle, Microsoft, etc. However, several startups are also emerging and attracting significant investment to expand their presence. The companies constantly launch new upgrades and innovations to gain a competitive edge. Furthermore, the adoption of market strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR472

Market Segment:

By Component (Solutions, Services)

By Type (Intelligent Virtual Assistants, Chatbots)

By Deployment Mode (On-Premise, Cloud)

By Technology (Machine Learning And Deep Learning, Natural Language Processing, Automatic Speech Recognition)

By Organization Size (Large Enterprises, Small And Medium-Sized Enterprises)

By Vertical (Banking Finance Services And Insurance, Healthcare And Life Sciences, It And Telecom, Retail And Ecommerce, Others),

By Mode Of Integration (Web-Based, App-Based, Telephonic)

By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)

Dont miss the business opportunity of the conversational AI market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the conversational AI market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the conversational AI market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

Table of Content:

  • Report Overview
  • Global Growth Trends
  • Competition Landscape by Key Players
  • Data Segments
  • North America Market Analysis
  • Europe Market Analysis
  • Asia-Pacific Market Analysis
  • Latin America Market Analysis
  • Middle East & Africa Market Analysis
  • Key Players Profiles Market Analysis
  • Analysts Viewpoints/Conclusions
  • Appendix

Key Reasons to Buy this Report:

  • Access to date data compiled by means of our researchers. These grant you with historic and forecast data, which is analyzed to inform you why your market is set to change
  • This allows you to expect market adjustments to continue to be in advance of your competitors
  • You will be in a position to replica information from the Excel spreadsheet straight into your advertising plans, commercial enterprise presentations, or different strategic documents
  • The concise analysis, clear graph, and desk structure will allow you to pinpoint the records you require quickly
  • Provision of market cost (USD Billion) records for every phase and sub-segment
  • Indicates the area and section that is predicted to witness the quickest increase as nicely as to dominate the market
  • Analysis through geography highlighting the consumption of the product/service in the area as nicely as indicating the elements that are affecting the market inside every region
  • Competitive panorama which contains the market rating of the predominant players, alongside with new service/product launches, partnerships, commercial enterprise expansions, and acquisitions in the previous 5 years of organizations profiled
  • Extensive business enterprise profiles comprising of business enterprise overview, employer insights, product benchmarking, and SWOT evaluation for the primary market players
  • The cutting-edge as nicely as the future market outlook of the enterprise regarding current traits which contain boom possibilities and drivers as properly as challenges and restraints of each rising as nicely as developed regions
  • Includes in-depth evaluation of the market from quite a number views via Porter’s 5 forces analysis
  • Provides perception into the market via Value Chain
  • Market dynamics scenario, alongside with boom possibilities of the market in the years to come, 6-month post-sales analyst help

Request full Report : https://reportocean.com/industry-verticals/sample-request?report_id=MR472

About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is a ‘one-stop solution’ for individuals, organizations, and industries that are looking for innovative market research reports.

Get in Touch with Us:
Report Ocean:
Email: sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 – UNITED STATES
Tel:+1 888 212 3539 (US – TOLL FREE)
Website: https://www.reportocean.com



Upvote


user
Created by

Kiritika Jadhav


people
Post

Upvote

Downvote

Comment

Bookmark

Share


Related Articles