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2021
Conversational Ai Market

Conversational AI Market

By Component (Platform and Services [Support and Maintenance, Training and Consulting, and System Integration]), Deployment (Cloud and On-Premises), Type (IVA and Chatbots), and Technology (Machine Learning, Deep Learning, NLP, and Automated Speech Recognition), and End User (BFSI, Retail & E-commerce, Healthcare & Life Science, Telecom, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A13682
Pages: 288
Sep 2021 | 7807 Views
Author(s) : Rachita R, Himanshu J , Vineet K
Tables: 169
Charts: 88
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COVID-19

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Conversational AI Market Outlook – 2030 

The global conversational AI market size was valued at $5.78 billion in 2020, and is projected to reach $32.62 billion by 2030, registering a CAGR of 20.0% from 2021 to 2030. Conversational artificial intelligence is a set of techniques designed to empower computer applications to process, understand, and respond to user voice and text commands in a natural way. Moreover, conversation AI is an enhanced form of artificial intelligence that allows users to interact with devices, websites, and applications through touch, text, and gesture information.

The on-premises segment has been adversely impacted by the emergence of COVID-19 pandemic.

Conversational AI is intended to be used in a combination with intelligent virtual agents or chatbots to interact with a complex system in a faster and reliable way. Further, applied conversational artificial intelligence requires the combination of art and science to create a digital application that incorporates relevance, context, and personalization within an interaction between human and computer. 
Conversational artificial intelligence unites machine learning technology with natural language processing (NLP). NLP is designed to flow into a constant loop with machine learning processes to continuously enhance AI algorithms. Subsequently, machine algorithms advance their response quality over time with improvement in learning. 

Conversational-AI-Market,-2021-2030

The conversational AI market share is expected to witness notable growth during the forecast period, owing to rise in demand for AI-powered customer support services. Furthermore, rise in demand for AI-based Gartner chatbots solutions has driven the growth of the market. Moreover, surge in deployment of omnichannel methods is expected to propel the conversational AI market growth during the forecast period. However, lack of awareness about conversational artificial intelligence solutions restrains the market growth. On the contrary, rise in customer engagement through social media platforms is expected to provide lucrative opportunities for the growth of the conversational AI market during the forecast period.

Conversational AI Market
By Component

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Platform segment influence the market in 2020, and expected to follow the same in future

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The outbreak of COVID-19 has significantly boosted the growth of the conversational artificial intelligence-based technology, such as conversational bot, in 2020 and is expected to witness relatively high growth by the end of 2021. However, the market was principally hit by several obstacles created amid the COVID-19 pandemic such as lack of skilled workforce availability paired with partial or complete lockdown globally. In contrast, surge in adoption of chatbot solutions across healthcare, retail & e-commerce, and telecommunication sectors is driving the growth of the conversational AI market during the forecast period.

Conversational AI Market
By Deployment

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Cloud segment will dominate the market throughout the forecast period

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Segment Overview

The global conversational AI market is segmented into component, deployment, type, technology, and end user. On the basis of component, the market is bifurcated into platform and services (support & maintenance, training & consulting, and system integration). The platform segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period.

Conversational AI Market
By Type

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Intelligent Virtual Assistant segment will lead the market by the end of 2030 with a highest CAGR of 22.4%

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By deployment, it is divided cloud and on-premises. The cloud segment was the highest revenue contributor in 2020, and is anticipated to garner significant market share during the forecast period. By type, the market is categorized into IVA and chatbots. The chatbots segment acquired the largest share in 2020, and is expected to grow at a high CAGR from 2021 to 2030. 

Conversational AI Market
By Technology

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Natural Language Processing segment will maintain the lead during the forecast period

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Based on technology, the market is classified into machine learning, deep learning, NLP, and automated speech recognition. The NLP segment dominated the market, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period. By end user, the market is fragmented into BFSI, retail & e-commerce, healthcare & life science, travel & hospitality, telecom, media & entertainment, and others. Retail & E-commerce segment was the dominant segment, in terms of revenue, in 2020, and is anticipated to witness significant growth during the forecast period. 

Conversational AI Market
By End User

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Retail and Ecommerce segment will dominate the market during 2021 - 2030

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Region-wise, the conversational AI market trends are analyzed across North America (the U.S. and Canada), Europe (the UK, Germany, France, Italy, and the rest of the Europe), Asia-Pacific (China, India, Japan, South Korea, Taiwan, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global conversational AI industry. Major organizations and government institutions in the country are intensely putting resources into the technology. 

Conversational AI Market
By Region

2030
North America 
Europe
Asia-Pacific
LAMEA

LAMEA region would exhibit the highest CAGR of 22.9% during the forcast period

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Top Impacting Factors

Significant factors that impact the growth of the global conversational AI industry include surge in demand for AI-based chatbots solutions and increase in demand for artificial intelligence-powered customer support services. However, absence of knowledge about conversational artificial intelligence-powered solutions acts as a prime barrier for early adoption, which hampers the growth of the market. On the contrary, rise in deployment of omnichannel methods coupled growth in client engagement through social media platforms is expected to offer potential growth opportunity for the conversational AI market during the forecast period.

Competitive Analysis

Competitive analysis and profiles of the major conversational AI market players, such as Amazon Web Services Inc., Artificial Solutions Holding ASH AB, Baidu Inc., Haptik, IBM Corporation, Microsoft Corporation, Oracle Corporation, Google LLC, SAP ERP, and Conversica, Inc. are provided in this report. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

Key Benefits For Stakeholders

  • This study comprises analytical depiction of the conversational AI market size along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall conversational AI market analysis is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The current conversational AI market forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
  • The report includes the market share of key vendors and conversational AI market trends.

Conversational AI Market Key Segments

By Component

  • Platform 
  • Services
  • Support and Maintenance
  • Training and Consulting
  • System Integration

By Deployment

  • Cloud 
  • On-Premises

By Type

  • IVA
  • Chatbots

By Technology

  • Machine Learning
  • Deep Learning
  • NLP
  • Automated Speech Recognition

By End User

  • BFSI
  • Retail & E-commerce
  • Healthcare & Life Science
  • Travel & Hospitality
  • Telecom
  • Media & Entertainment
  • Others

Key Market Players

  • Amazon Web Services, Inc. 
  • Artificial Solutions Holding ASH AB
  • Baidu, Inc. 
  • Conversica Inc.
  • Haptik
  • IBM Corporation 
  • Microsoft Corporation 
  • Oracle Corporation
  • Google LLC
  • SAP ERP
 

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Conversational AI technology is a set of software specifically used to design automated messaging and speech-enabled applications that enable users or humans to interact with computer applications. Further, conversational AI technology can communicate like humans by recognizing text & speech and responding by mimicking human conversation. In addition, rise in demand for self-service applications is expected to offer profitable opportunities for the conversational AI market Moreover, the deployment of AI-powered conversational solutions in automobiles, marketing, e-learning, retail & the e-commerce sector is one of the prime factors driving the growth of the conversational AI market in the coming years.

The global conversational AI market is highly competitive, owing to the strong presence of existing vendors. Conversational AI vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.

Surge in demand for e-commerce platform globally is driving the need to enhance conversational AI solutions such as chatbots and voice assistants. Moreover, prime economics, such as the U.S., China, Germany and Japan, plan to develop and deploy next-generation conversational AI solutions across various sectors. For instance, in March 2021, U.S. President Joe Biden has announced a massive plan to modernize the U.S. infrastructure with an estimated budget of over $2.25 trillion, which is anticipated to provide lucrative opportunities for the market growth.

Among the analyzed regions, North America exhibits the highest adoption rate of conversational AI and has been experiencing massive expansion of the market. On the other hand, Asia-Pacific is expected to grow at a faster pace, predicting lucrative growth due to emerging countries, such as China, Japan, and India, investing in these technologies. Regions, such as the Middle East and Africa, are also expected to offer new opportunities in the conversational AI market in future.

Globally, various key players and government agencies are investing in conversational AI to make them compatible with various industrial platforms. For instance, in April 2020, the French government launched AlloCovid, an artificial intelligence voice assistant service, across the country to help COVID-19 patients suffering from potential coronavirus symptoms. In addition, in August 2019, the BBC released the first beta of the next-generation Beeb voice assistant, an English language Alexa to interact and control display radio and TV services. All these developments across conversational AI showcase lucrative growth opportunities for the market growth. 

The key players profiled in the report include Amazon Web Services, Inc., Artificial Solutions Holding ASH AB, Baidu, Inc., Haptik, IBM Corporation, Microsoft Corporation, Oracle Corporation, Google LLC, SAP ERP, and Nuance Communications, Inc.

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FREQUENTLY ASKED QUESTIONS?

A. The Conversational AI Market is estimated to grow at a CAGR of 20.0% from 2021 to 2030.

A. The Conversational AI Market is projected to reach $32.62 billion by 2030.

A. To get the latest version of sample report

A. Surge in demand for AI-based chatbot solutions, and increase in demand for AI-powered customer support services etc. boost the Conversational AI market growth.

A. The key players profiled in the report include Amazon Web Services Inc., Artificial Solutions Holding ASH AB, Baidu Inc., and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Conversational AI Market is segmented on the basis of component, deployment, type, technology, and end user.

A. The key growth strategies of Conversational AI market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Machine Learning segment would grow at a highest CAGR of 25.6% during the forecast period.

A. North America region will dominate the market by the end of 2030.

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