Conversational AI Market
Global Conversational AI Market Size, Share & Trends Analysis Report by Type (Intelligent Virtual assistant (IVA) and Chatbot), by Mode of Integration (Web-based, App-based, and Telephonic), by Technology (Machine & Deep learning, Natural Learning Process (NLP), and Automatic Speech Recognition (ASR)), by Application (Customer Service, Personal Assistance, and Branding & Advertising), and by End-User (BFSI, Retail & E-Commerce, Healthcare, IT & Telecom, Media & Entertainment, and Others), Forecast 2021-2027
The global conversational AI market is anticipated to grow at a significant CAGR of 20.5% during the forecast period (2021-2027). One of the major drivers of the conversational AI market is the significantly increasing demand of conversational-AI for consumer support services across the globe. Prior to the advancements in AI technology customer service used to take place via e-mail, call centres, websites, and applications. However, after the advancement in technology organizations have started using conversational AI to offer a much more efficient process to deal with customer service. To enhance the customer experience and engagement, companies have shifted from customer support through messages and e-mails to AI-powered chatbots and virtual assistants. To assist the customer in real-time AI-powered chatbots uses NLP that carry out more natural and human-like conversations. To provide the company with proactive recommendations and a more personalized experience AI chatbots collect the business intelligence about the customer's behaviour, preferences, opinions based on their activity. Virtual assistants and chatbots can be used for repetitive and non-dynamic tasks such as balance inquiry, order placement, manual processes, technical assistance, general inquiry, and other customer service-related issues.
The implementation of AI-based technology can reduce the use of manpower and increase the efficiency of the process. For instance, a conversational AI provider, Live person reported that over 57 billion conversational happen every year in contact centres with over $1.2 trillion spent on global voice call customer centres, but more than 80% of the customers would prefer a quick time message service.
Impact of COVID-19 Pandemic on Global Conversational AI Market
During the COVID-19 pandemic, the conversational AI market has seen significant growth. This is due to the fact that, in the COVID-19 pandemic many companies have experienced increased stress on their contact centres and customer service agents. Almost all the contact centres were closed due to the sudden lockdown and restrictions, which piled up the delayed customer calls that required assistance. Companies realized this problem and started to adapt their strategies to counter the effect of the restrictions. A major shift to conversational AI was the answer to their problems as the technology didn't require any human assistance. For instance, in May 2021, the Government of India introduced MyGov Corona Helpdesk which integrated conversational AI applications Thus, the COVID-19 pandemic has significantly contributed to the growth of the conversational AI market.
Segmental Outlook
The global conversational AI market is segmented based on type, mode of integration, technology, application, and end-user. Based on the type, the market is divided into intelligent virtual assistant (IVA) and chatbot. Based on the mode of integration, the market is segmented into web-based, app-based, and telephonic. Based on the technology segment, the classification is machine & deep-learning, natural learning process (NLP), and automatic speech recognition (ASR). Based on the application, the market is segmented into customer service, personal assistance, and branding & advertising. Based on the end-user, the market is segmented into BFSI, retail & e-commerce, healthcare, IT & telecom, and others. The other end-users comprise of travel & hospitality and government institutions. Among these, the conversational AI has widely been used among the BFSI industry which provides considerable market growth. BFSI industries utilizes chatbot and IVA catering to improve customer experience.
Global Conversational AI Market Share by Type, 2020 (%)
The Chatbot Segment is Anticipated to Hold the Prominent Share of the Global Conversational AI Market
Among these segments, chatbot is expected to hold significant market shares of the global conversational AI market over the forecast period. This primary factor contributed to the market growth is substantially increasing demand for AI-powered chatbots. Various government institutions are collaborating with key market players are also focusing on developing AI-based new chatbot in the market to fulfil the demand. For instance, in May 2020, the National Payment Corporation of India (NPCI) launched AI-based chatbot named PAi. PAi supports the organization to create the awareness among the population of the country for its products such as RuPay, FASTag, AePS, and UPI, among others. The chatbot has been developed catering to improve the digital financial inclusions in India, which is available 24*7 for its customers.
Regional Outlooks
The global conversational AI market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the North America region is anticipated hold prominent market size among other regions, followed by Europe. Further, the Asia-Pacific region is anticipated to grow at a significant CAGR among the market over the forecast period, due to the rise in enormous government initiatives which aims to strengthen emerging economies by offering technology advanced products. The market can be analyzed for a particular region or country level as per the requirement.
Global Conversational AI Market Growth, by Region, 2021-2027
The North America Region is Anticipated to Hold Prominent Market Share in the Global Conversational AI Market
The North America region is expected to hold the considerable market share of the global conversational AI market. The key contributing factor in the dominance of the North American region is the rising demand for sophisticated and advanced conversational AI solutions by companies to enhance their customer service and lower their operational cost. In addition, the strong presence of market technology giants such as Microsoft and Google among others will further provide regional growth to the market. Due to the suitable conditions for technology and advanced AI industry to grow in countries such as the US.
Market Players Outlook
The major companies serving the global conversational AI market include Amazon Web Services Inc., Artificial Solutions International AB, Jio Haptik Technologies Ltd., IBM Corp., Microsoft., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2021, Kore.ai launched SmartAssist, which is world’s first AI-Native end-to-end Contact Center as-a-Service Solution.
The Report Covers
• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global conversational AI market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Conversational AI Market
• Recovery Scenario of Global Conversational AI Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Amazon Web Services Inc.
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. Artificial Solutions International AB
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. IBM Corp.
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. Jio Haptik Technologies Ltd.
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.5. Microsoft Corp.
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of Covid-19 on Key Players
4. Market Segmentation
4.1. Global ConversationalAI Market by Type
4.1.1. Intelligent Virtual Assatants (IVA)
4.1.2. Chatbot
4.2. Global Conversational AI Market by Mode of Integration
4.2.1. Web-based
4.2.2. App-based
4.2.3. Telephonic
4.3. Global Conversational AI Market by Technology
4.3.1. Machine& Deep learning
4.3.2. Natural Learning Process (NLP)
4.3.3. Automatic Speech Recognition (ASR)
4.4. Global Conversational AI Market by Application
4.4.1. Customer Support
4.4.2. Personal Assistance
4.4.3. Branding &Advertising
4.5. Global Conversational AI Market by End-user
4.5.1. BFSI
4.5.2. Retail & E-commerce
4.5.3. Healthcare
4.5.4. IT &Telecom
4.5.5. Media & Entertainment
4.5.6. Others (Travel & Hospitality, Government Institutions)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Avaamo Inc.
6.2. AmplifyReach
6.3. Baidu, Inc.
6.4. Conversica, Inc.
6.5. Cognigy GmbH
6.6. Creative Virtual
6.7. Google LLC
6.8. Gupshup
6.9. Inbenta
6.10. Kasisto, Inc.
6.11. Kore.ai
6.12. MindMeld, Inc.
6.13. Oracle Corp.
6.14. Pypestream Inc.
6.15. Rasa Technologies Inc.
6.16. Rulai
6.17. SAP SE
6.18. Senseforth AI Research Pvt. Ltd.
6.19. SoundHound, Inc.
6.20. Solvvy
1. GLOBAL CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
2. GLOBAL INTELLIGENT VIRTUAL ASSISTANT (IVA)MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL CHATBOT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY MODE OF INTEGRATION, 2020-2027 ($ MILLION)
5. GLOBAL WEB-BASED CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL APP-BASED CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
7. GLOBAL TELEPHONIC CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2020-2027 ($ MILLION)
9. GLOBAL MACHINE& DEEP LEARNING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL AUTOMATIC SPEECH RECOGNITION (ASR) MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
13. GLOBAL CONVERSATIONAL AI FOR CUSTOMER SUPPORT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
14. GLOBAL CONVERSATIONAL AI FOR PERSONAL ASSISTANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
15. GLOBAL CONVERSATIONAL AI FOR BRANDING & ADVERTISING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
16. GLOBAL CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
17. GLOBAL CONVERSATIONAL AI IN BFSI MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
18. GLOBAL CONVERSATIONAL AI IN RETAIL & E-COMMERCE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
19. GLOBAL CONVERSATIONAL AI IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
20. GLOBAL CONVERSATIONAL AI IN IT &TELECOM MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
21. GLOBAL CONVERSATIONAL AIIN MEDIA & ENTERTAINMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
22. GLOBAL CONVERSATIONAL AI IN OTHERS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
23. GLOBAL CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
24. NORTH AMERICAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
25. NORTH AMERICAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
26. NORTH AMERICAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY MODE OF INTEGRATION, 2020-2027 ($ MILLION)
27. NORTH AMERICAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2020-2027 ($ MILLION)
28. NORTH AMERICAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
29. NORTH AMERICAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
30. EUROPEAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
31. EUROPEAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
32. EUROPEAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY MODE OF INTEGRATION, 2020-2027 ($ MILLION)
33. EUROPEAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2020-2027 ($ MILLION)
34. EUROPEAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
35. EUROPEAN CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
36. ASIA-PACIFIC CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
37. ASIA-PACIFIC CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
38. ASIA-PACIFIC CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY MODE OF INTEGRATION, 2020-2027 ($ MILLION)
39. ASIA-PACIFIC CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2020-2027 ($ MILLION)
40. ASIA-PACIFIC CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
41. ASIA-PACIFIC CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
42. REST OF THE WORLD CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
43. REST OF THE WORLD CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
44. REST OF THE WORLD CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY MODE OF INTEGRATION, 2020-2027 ($ MILLION)
45. REST OF THE WORLD CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2020-2027 ($ MILLION)
46. REST OF THE WORLD CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
47. REST OF THE WORLD CONVERSATIONAL AI MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL CONVERSATIONAL AI MARKET, 2020-2027 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL CONVERSATIONAL AI MARKET BY SEGMENT, 2020-2027 ($ MILLION)
3. RECOVERY OF GLOBAL CONVERSATIONAL AI MARKET, 2021-2027 (%)
4. GLOBAL CONVERSATIONAL AI MARKET SHARE BY TYPE, 2020 VS 2027 (%)
5. GLOBAL INTELLIGENT VIRTUAL ASSISTANT (IVA)MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
6. GLOBAL CHATBOTS MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
7. GLOBAL CONVERSATIONAL AI MARKET SHARE BY MODE OF INTEGRATION, 2020 VS 2027 (%)
8. GLOBAL WEB-BASED CONVERSATIONAL AI MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
9. GLOBAL APP-BASED CONVERSATIONAL AI MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
10. GLOBAL TELEPHONIC CONVERSATIONAL AI MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
11. GLOBAL CONVERSATIONAL AI MARKET SHARE BY TECHNOLOGY, 2020 VS 2027 (%)
12. GLOBAL MACHINE& DEEP LEARNING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
13. GLOBAL NATURAL LANGUAGE PROCESSING (NLP) MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
14. GLOBAL AUTOMATED SPEECH RECOGNITION (ASR) MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
15. GLOBAL CONVERSATIONAL AI MARKET SHARE BY APPLICATION, 2020 VS 2027 (%)
16. GLOBAL CONVERSATIONAL AI FOR CUSTOMER SUPPORT MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
17. GLOBAL CONVERSATIONAL AI FOR PERSONAL ASSISTANCE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
18. GLOBAL CONVERSATIONAL AI FOR BRANDING & ADVERTISING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
19. GLOBAL CONVERSATIONAL AI MARKET SHARE BY END-USER, 2020 VS 2027 (%)
20. GLOBAL CONVERSATIONAL AI IN BFSI MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
21. GLOBAL CONVERSATIONAL AI IN RETAIL & E-COMMERCE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
22. GLOBAL CONVERSATIONAL AI IN HEALTHCARE MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
23. GLOBAL CONVERSATIONAL AI IN IT &TELECOM MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
24. GLOBAL CONVERSATIONAL AI IN MEDIA & ENTERTAINMENT MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
25. GLOBAL CONVERSATIONAL AI IN OTHERS MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
26. GLOBAL CONVERSATIONAL AI MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
27. US CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
28. CANADA CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
29. UK CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
30. FRANCE CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
31. GERMANY CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
32. ITALY CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
33. SPAIN CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
34. REST OF EUROPE CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
35. INDIA CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
36. CHINA CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
37. JAPAN CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
38. SOUTH KOREA CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
39. REST OF ASIA-PACIFIC CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
40. REST OF THE WORLD CONVERSATIONAL AI MARKET SIZE, 2020-2027 ($ MILLION)
