USD 6.32 billion
Report ID: SQMIG45F2072 | Region: Global | Published Date: February, 2023 | Pages: 157 | Tables: 260 | Figures: 82
Global Conversational AI Market size was valued at USD 6.32 billion in 2021 and is poised to grow from USD 7.58 billion in 2022 to USD 32.62 billion by 2030, growing at a CAGR of 20% in the forecast period (2023-2030).
The market is growing as a consequence of technological development and advances in the area of artificial intelligence. In the market, there are a number of conversational AI solution providers that focus on developing chatbots and virtual assistants using open platforms with minimal user-specific characteristics. The market is also driven by the increasing adoption of omnichannel deployment methods and the low cost of chatbot applications.
Additionally, the rising use of AI-based customer services is driving market growth. Over the past few years, social media platforms like Facebook, Telegram, Twitter, Tumblr, and Skype have adopted conversational AI solutions. Many users, especially the younger generation, spend the majority of their time on social media platforms. Business and customer collaboration in branding and advertising go hand in hand. They help to spread product awareness via product reviews and the business' social network. The increasing use of bots by social media platforms has made it possible to employ conversational AI platforms that will facilitate the deployment of chatbots and virtual agents across various social media platforms.
However, some of the major restraints that are expected to stop the expansion of the conversation AI market have included a shortage of skilled professionals and a lack of awareness of the technology. The demand for conversational AI has increased as a result of COVID-19. In the conclusion, fewer people are working, particularly in BPOs, due to the widespread lockdowns and the growing popularity of working from home. The conversational AI has a number of advantages, including enhanced customer service, simple scalability, better data collection, and smaller average operational costs. The market is growing as a result of the increasing demand for assistance with customer service from banks, hospitals, and government organizations.
Global Market Size
USD 6.32 billion
Intelligent Virtual Assistants
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Global Conversational AI market is segmented on the basis of Component, Type, Deployment, Technology, Organization Size, Application, Business Function, Mode of Integration, End User, and region. By Component, the market is segmented into Platform, Services, Training and Consulting, Support and Maintenance, and Deployment and Integration. By Type, the market is segmented into Intelligent Virtual Assistants, and Chatbots. By Technology, the market is segmented into Machine Learning and Deep Learning, Natural Language Processing, and Automated Speech Recognition. By Deployment Model, the market is segmented into On-Premises, and Cloud. By Organization Size, the market is segmented into Large Enterprises, and Small and Medium-Sized Enterprises. By Application, the market is segmented into Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Onboarding and Employee Engagement, Data Privacy and Compliance. By Business Function, the market is segmented into Sales and Marketing, Finance, HR, Operations, IT Service Management. By Mode of Integration, the market is segmented into Web-based, App-based, Telephonic. By End User, the market is segmented into Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare and Life Science, Travel and Hospitality, Telecom, Media and Entertainment. The market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America as according region.
Analysis by Type
In terms of revenue in 2021, the chatbots segment accounted for the largest a dominant 65.0% share. The segment's capacity to be a key component of customer support services is expected to help it maintain its top spot throughout the course of the forecast period. They are generally employed for data gathering. Customers can also communicate with chatbots to get clarity on any product or service or to make appointment reservations. There are many conversational AI service providers on the market, that are developing chatbots and virtual assistants with a limited set of user-personalized characteristics.
Analysis by Deployment
In terms of revenue, the cloud segment held a dominant share of more than 60.0% in 2021. This can be attributed to the flexibility offered to the customer, which results in a single transaction. Compared to the amount a consumer would spend on the cloud, the costs are significantly lower. Because cloud-based technologies and services are becoming more common in organizations around the world, the cloud segment is expected to develop significantly during the forecast period. Consumer services at first meant the users were looking for help through websites, emails, call centers, and applications. Although organizations are utilising conversational AI solutions and technologies to deliver customer service successfully as a result of advancements in the utilization of AI technology.
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In 2021, North America had the largest revenue share of over 30%. Market expansion in the region is being driven by the wide acceptance of new technology innovations and the rapidly rising need for customer support services powered by artificial intelligence. Additionally, the majority of businesses in North America are making investments in technological developments to meet and support the needs of their clients. The desire for conversational AI is also fueled by the population's constantly expanding health consciousness. In North America, the healthcare sector is developing to incorporate robotics, AI, and augmented and virtual reality. This would support the provision of knowledgeable services and technologies for evidence-based health care with a focus on preventive and collaborative care.
Due to the growing awareness among businesses of cutting-edge customer support services and technologies, the Asia Pacific region is anticipated to have the largest growth throughout the projection period. Additionally, growing e-commerce activity, increased retail technology use, technical advancements in consulting and healthcare, and rising internet penetration in this region are all driving demand and application for conversational AI.
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The rise of AI-powered customer support services
Growth and expansion
Concerns and issues with accuracy
Lack of knowledge and technical ability
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The competitive environment for conversational artificial intelligence (AI) provides competitor-specific information. Financial information, revenue generated, market potential, R&D investment, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are some of the specifics that are provided. The data points listed above are only relevant to the companies' market focus on conversational artificial intelligence (AI).
Top Player’s Company Profiles
Amazon Web Services, Inc.
Nuance Communications, Inc.
Artificial Solutions International AB
Rasa Technologies GmbH
KAI Technologies, Inc.
Inbenta Technologies Inc.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global conversational AI market analysis, one of the main goals of any business or organization is to satisfy its customers’ needs. The big industries are concentrating on maximizing customer happiness while also enhancing the client retention rate. Modern technologies enable efficient customer service with chatbots and virtual assistants while not interfering with business operations.
|Market size value in 2021||USD 6.32 billion|
|Market size value in 2030||USD 7.58 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Conversational AI Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Conversational AI Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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