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Global Conversational AI Market By Component (Platform, Services), By Technology (Automatic Speech Recognition, Natural Language Processing, Others), By Deployment Type (Cloud, On-Premises), By Region–Forecast & Opportunities to 2026

  • The global conversational AI market accounted for a value of USD 3.2 billion in 2019. The conversational AI market is projected to grow at a CAGR of 18.9% during forecast period.COVID-19 has impacted conversational AI market significantly. The spending in global ICT is expected to decline by 5% by the end of 2020. The IT infrastructure growth has slowed down due to reduced manufacturing capacity and slowdown of hardware supply. The solution and service providing businesses are estimated to showcase decline for a short time whereas the adoption of analytics, AI, security and collaboration is expected to foresee growth in this pandemic.

    Definition:

    Conversational AI can be defined as set of technologies which enable computers to understand, process and respond to voice or text inputs in natural ways. The speech-enabled and automated messaging applications have these set technologies behind them. It interacts like human being. It is used in chatbots and aggregation with intelligent virtual assistants. It provides a direct and straightforward pipeline sorting the customer’s problem, addressing the concerns and reaches the goals.

    Market Dynamics (Drivers/Opportunities):

    Customer services implies for customer looking for help from emails, applications, websites call centers and so on. The advancement in use of AI technology, enterprises are utilizing conversational AI solution to offer efficient services to customer. More number of organizations is adopting conversational AI. Thus drives growth in conversational AI market.

    The customer services are now being provided through AI-powered chatbots instead of emails or messages. The chatbots helps all the enterprises enhancing customer and engagement experience. It uses NLP technology for human-like conversations and real-time customer assistance to fetch the customer opinions, preference and behavior for business. This is major growth driving factor for conversational AI market during forecast period.

    The demand for AI-chatbots is increasing worldwide as it helps organization to provide its customer more personalized experience on the basis of their account activity. Enterprises can also leverage virtual agents and AI-enabled chatbots to automate repetitive manual and repetitive processes such as order placement, technical assistance, general inquiries, balance inquires and other consumer services. This helps businesses achieve higher productivity profit with lower manpower. This is likely to drive growth in conversational AI market.

    Market Insights, by Component

    On the basis of component, the conversational AI market is segmented into platform and services. The services segment is estimated to hold highest market share during the forecast period. The adoption of conversational AI is increasing worldwide to enhanced customer support due to which the demand is increasing for managed and professional services worldwide. The conversational AI helps in build application that resolver customer’s queries and provides recommendation and suggestions using NLP technology. The service providers for conversational AI help in implementing technology for effective customer engagement and intelligent automation.

    Market Insights, by Technology

    On the basis of technology, the conversational AI market is segmented into ASR, NLP and ML & deep learning. The ML & deep learning technology is projected to register growth at highest CAGR during the forecast period. The AI enables machine to perform activities same as human beings. Many market opportunities have been opened up in multiple areas. The major technological advancement has been taken place in deep learning. It includes use of crude-simulated neurons to process data. The AI technology development requirements are increasing in different verticals such as healthcare, BFSI, retail, ecommerce, telecom and life science etc. The increasing demand of ML & deep learning has attributed growth in this segment.

    Market Insights, by Deployment Type

    On the basis of deployment type, conversational AI market is segmented into cloud and on-premises. The cloud deployment is projected to witness growth at highest CAGR during the forecast period. Conversational AI can be deployed on one deployment mode on the basis of scalability, availability and security. Clouds deployment in conversational AI is higher than others due to its advantages such as low installation cost, low maintenance cost and pay-per-use. This is likely to drive growth in cloud deployment in conversational AI market during the forecast period.

    Regional Insights

    North America region is expected to hold largest market size during the forecast period. The increasing demand for improving the customer services to strengthen the initiatives for customer retention. The number of market players is increasing in this region. These factors are expected drive growth in North America region in conversational AI market during the forecast period.

    The Asia-pacific region is expected to register fastest growth during the forecast period. The adoption and solutions of conversational AI is increasing across the Asia-Pacific region. The development in conversational AI market is fastest in this region and this is likely to drive growth in Asia-Pacific region in near future.

    Key Companies & Market Share Insights

    The key market players in conversational AI market are Google, Microsoft, SAP, IBM, Oracle, Haptik, Nuance, Artificial Solution, Conversica, Solvvy, Inbenta, Rulai, Avaamo, Rasa, Kore.ai, Amplify Reach, and Creative Virtual.

    Segments Covered in the Report

    This report forecasts The Global Conversational AI Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global conversational AI market report on the basis of component, solution and technology.

    Scope of conversational AI

    The customer services are now being provided through AI-powered chatbots instead of emails or messages. The chatbots helps all the enterprises enhancing customer and engagement experience. The advancement in use of AI technology, enterprises are utilizing conversational AI solution to offer efficient services to customer. The demand for AI-chatbots is increasing worldwide as it helps organization to provide its customer more personalized experience on the basis of their account activity. All these factors are expected to create huge scoop in this sector in near future.

Conversational AI Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  3. Executive Summary
    • Market Snapshot
  4. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Conversational AI Market, By Component, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Platform
  • Services
  1. Conversational AI Market, By Technology, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • ASR
  • NLP
  • ML & Deep Learning.
  1. Conversational AI Market, By Deployment Type, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Cloud
  • On-premises
  1. Conversational AI Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Component
    • By Technology
    • By Deployment Type
    • By Country
      • USA
        • By Component
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Component
      • By Technology
      • By Deployment Type
      • By Country
        • Brazil
          • By Component
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Component
        • By Technology
        • By Deployment Type
        • By Country
          • UK
            • By Component
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Component
          • By Technology
          • By Deployment Type
          • By Country
            • China
              • By Component
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Component
            • By Technology
            • By Deployment Type
            • By Country
              • Saudi Arabia
                • By Component
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Creative Virtual
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Google
    • Microsoft
    • SAP
    • IBM
    • Oracle
    • Haptik
    • Nuance
    • Artificial Solution
    • Conversica
    • Solvvy
    • Inbenta
    • Rulai
    • Avaamo
    • Rasa
    • ai
    • Amplify Reach
  2. Appendix
    • Interrelated Market

 

 

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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