Conversational AI Market Report Overview
Maximize Market Research published reports that help clients understand the Conversational AI market structure in-depth. The report which is a combination of primary and secondary research gives thorough details about the Conversational AI market, trade statistics, leading players, and various market metrics.
Conversational AI Market size was valued at USD 8.74 Bn. in 2022 and the total Conversational AI revenue is expected to grow by 21.5% from 2023 to 2029, reaching nearly USD 34.19 Bn.
Conversational AI Market Report Scope and Research Methodology
The report provides business statistics and analytical insights to help you understand the Conversational AI market size, market share, growth, trends, demand, top players, industry profile, opportunities, value chain, end-users, types, and applications in plain language. The bottom-up approach was used to estimate the global and regional Conversational AI market size. Both primary and secondary research methodologies were used to clearly present the Conversational AI market structure.
In the secondary research method, data was collected from a selected set of sources. This method was used to gather information on Conversational AI key players and current and past trends in the industry. The information gathered through secondary research was validated using the primary research method, in which Conversational AI industry experts were interviewed.
The report also includes growth opportunities in micro and macro markets for stakeholders to invest in, with a detailed analysis of the competitive landscape and significant Conversational AI competitors' product offerings. SWOT analysis was used to identify the strengths and weaknesses of the Conversational AI market.
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Conversational AI Market Regional Analysis
The report has been segmented into many key countries. This section provides a detailed analysis of the Conversational AI market in all the regions with their key countries including market size, CAGR, and import and export. The regions and their countries studied are:
North America- U.S., Canada, Mexico
Europe- UK, Germany, France, Spain, Rest of Europe
Asia Pacific- China, India, Japan, Australia, South Korea, Asian Countries, Rest of APAC
South America- Brazil
Middle East and Africa.
Conversational AI Market Segmentation
by Component
Solutions
Services
Professional Services
At the end of the projected period, the worldwide conversational AI market is anticipated to be dominated by the Solutions segment, which held the largest market share of over 50% in 2022. The professional services and managed services segments are anticipated to develop at the fastest rates over the projected period. The Solutions segment's dominating percentage is attributed to the widespread adoption of conversational AI technology within enterprises. AI-enhanced support solutions may offer users round-the-clock assistance and system availability, enabling businesses to deliver consistent customer service. As a result, the populace is impressed, and demand gradually rises. The services are necessary for conversational AI systems to function well.
by Type
Chatbots
Intelligent Virtual Assistants (IVA)
In terms of revenue, the Chatbots category accounted for about half of the market in 2022 and is predicted to continue to lead the market for the duration of the forecast period.
This is because it has the potential to significantly improve customer service. The primary purpose of these is data collection. Additionally, users can communicate with chatbots to make appointments, request clarification on any service or product, and obtain information. In the market, a number of conversational AI service providers are producing chatbots and digital assistants with limited user-personalization capabilities. For instance, in September 2022, Astro—a special and distinct kind of robot—was unveiled. It is intended to help clients with responsibilities like family monitoring and staying in touch with their homes. Along with the
by Deployment Mode
Cloud
On-premises
by Technology
ML and Deep Learning
Natural Language Processing (NLP)
Automatic Speech Recognition (ASR)
by Vertical
Banking Finance Services and Insurance (BFSI)
Healthcare and Life Sciences
IT and Telecom
Retail and eCommerce
Travel and Hospitality
Media and Entertainment
Automotive
Others (government, education, energy and utilities, and manufacturing)
Because the retail and e-commerce industries would better serve customers by employing persuasive, evocative, and intelligent conversational AI tools and methods, Vertical predicts that the retail and e-commerce industry will rise fast throughout the projection period. Based on a number of factors, including the usage of AI chatbots in the banking and financial services sector to assist customers in participating in communication and completing secure payments, the BFSI category is projected to grow significantly throughout the projection period. Sending alerts directly to clients and banks is likely to involve a number of extra components, such as warnings and signals in the event of any suspected fraud, as well as supporting employees who engage in complex tasks.
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Conversational AI Market Key Players
1. Google
2. Microsoft
3. Amazon Web Services, Inc.
4. IBM
5. Oracle
6. Nuance Communications, Inc.
7. FIS
8. SAP SE
9. Artificial Solutions
10. Kore.ai, Inc.
11. Avaamo
12. Conversica, Inc.
13. Jio Haptik Technologies Limited
14. Rasa Technologies Inc.
15. Solvvy
16. Pypestream Inc.
17. Kasisto
18. Cognigy
19. Baidu, Inc.
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Key Questions answered in the Conversational AI Market Report are:
What is Conversational AI?
What will be the CAGR of the Conversational AI market during the forecast period?
Which segment of the Conversational AI market held the largest share of the global market in 2022?
What trends are expected to generate additional revenue for the Conversational AI market?
What are the opportunities for the Conversational AI Market?
What factors are driving the Conversational AI market growth?
Which company held the largest share in the Conversational AI market?
Key Offerings:
A detailed Market Overview
Market Share, Size, and Forecast by Revenue|2023-2029
Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
Market Segmentation- A detailed analysis of each segment and their segments
Competitive Landscape - Leading key players and other prominent key players.
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