Conversational AI Market to Garner USD 37.94 Billion with Growing CAGR of 24.04 % by 2029, Share, Size, Growth, Key Players, and Trends forecast
SEOUL, South Korea, Oct. 12, 2022 /PRNewswire/ — “Conversational AI Market” from Data Bridge Market Research, This research helps businesses thrive by offering in-depth market analyses and insights. This Conversational AI market report provides detailed profiles of the key players to bring out a clear view of the competitive landscape of the Conversational AI industry outlook. It also covers market new product analysis, financial overview, strategies and marketing trends. The industry is entrenched to see a changing development due to change in consumer request, situation of import/export and investigation of developing sectors. This Conversational AI business report presents the segments details figures, graphs, chart and tables which will offer an extensive overview of the market. The examination of advancement openings, regional analysis, and attentive study will prompt revenue estimation.
Global conversational artificial intelligence (AI) market was valued at USD 6.77 billion in 2021 and is expected to reach USD 37.94 billion by 2029, registering a CAGR of 24.04% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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From the name itself, it is clear that conversational artificial intelligence (AI) is a technology in the form of virtual agents/ assistants or catboats that are used by businesses/ organizations to communicate and interact with a complex system in a user-friendly, fast and reliable manner. Conversational artificial intelligence (AI) is based on a mix of technologies such as machine learning, natural language processing and artificial intelligence which help to improve the response quality over time with improvement in learning.
Customer satisfaction is one of the primary objectives of any given business or organization. Maximizing customer satisfaction along with improving the customer retention quotient is what major industries are focusing. The advanced technologies in the market allow customer handling via chatbots and virtual assistants effectively without hampering the business processes. One such technology is conversational artificial intelligence (AI).
Rising adoption of advanced technologies
It is projected that a new form of communication will develop as a result of the rapid uprooting of current mobile and web services by speech-based and AI-powered messaging apps. Chatbots and other digitalized platforms are used in conversational artificial intelligence to provide clients with a platform where they can solve their problems and communicate with virtual assistants.
Increasing trend of digitalization
Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market. The rising number of BPOs, increased penetration rate of smartphones and other consumer electronics and complete digitization of operations will also work in favor of the market.
Some of the major players operating in the Conversational AI market are:
- Google, LLC (U.S.)
- Microsoft (U.S.)
- IBM (U.S.)
- Amazon Web Services, Inc. (U.S.)
- Baidu (China)
- Oracle (U.S.)
- SAP SE (Germany)
- FIS (U.S.)
- Artificial Solutions (Sweden)
- Kore.ai, Inc. (U.S.)
- Conversica, Inc. (U.S.)
- Inbenta Holdings Inc. (U.S.)
- Creative Virtual Ltd. (U.S.)
- SoundHound AI, Inc. (U.S.)
- Avaamo (U.S.)
- Jio Haptik Technologies Limited (U.S.)
- Solvvy (U.S.)
- Cisco Systems, Inc. (U.S.)
- Kasisto (U.S.)
- Gupshup (U.S.)
- Vertex AI, a managed machine learning (ML) platform that enables businesses to expedite the development and maintenance of artificial intelligence (AI) models, will be generally available starting in March 2021, according to Google Cloud.
- Microsoft said in April 2021 that it would buy Nuance Communications, a leader in AI-based technologies, for USD 19.7 billion in an all-cash deal. Microsoft’s voice recognition and transcription technology capabilities will be enhanced with the acquisition of Nuance.
- In September 2021, Astro will be released as a brand-new and distinctive type of robot that can assist users with various duties, including home monitoring and staying in touch with loved ones.
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The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Conversational AI market
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Conversational AI Market
Market Dynamics: Conversational AI Market
- The trend of AI-powered customer support services
Growing awareness about the benefits of virtual robots and AI-powered chatbots to maximize the customer satisfaction and engagement rates, streamline the business processes and gain deeper business insights is positively influencing the market growth rate. Further, the integration of natural language processing and automated speech recognition technologies will spread positive word of mouth in the global territories.
- Growth and expansion
Growth and expansion of various end-user verticals such as banking, financial services, and insurance, retail and e-commerce, healthcare and life sciences, travel and hospitality, telecom, media and entertainment and others is fostering the market growth rate. Increased focus of these industries towards improving the customer care services will carve down greater opportunities.
Furthermore, the factors such as rising urbanization, industrialization and mounting need to extract in-depth insights from growing volumes of data and achieve benchmarking during the forecast period are some other important market drivers. Additionally, rising investment by the enterprises on integrated technologies combined with reduced costs for chatbots development are anticipated to drive the market’s growth rate.
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Key Industry Segmentation: Global Conversational AI Market
The growth amongst below segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications
- Training and Consulting
- Support and Maintenance
- Deployment and Integration
- Intelligent Virtual Assistants
- Machine Learning and Deep Learning
- Natural Language Processing
- Automated Speech Recognition
- Large Enterprises
- Small and Medium-Sized Enterprises
- Customer Support
- Personal Assistant
- Branding and Advertisement
- Customer Engagement and Retention
- Onboarding and Employee Engagement
- Data Privacy and Compliance
- Sales and Marketing
- IT Service Management
Mode of Integration
- Banking, Financial Services, and Insurance
- Retail and Ecommerce
- Healthcare and Life Sciences
- Travel and Hospitality
- Media and Entertainment
Regional Analysis/Insights: Conversational AI Market
The countries covered in the conversational artificial intelligence (AI) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the conversational artificial intelligence (AI) Industry due to the presence of major players in this region and the growing demand for enhancing customer support service to enhance customer satisfaction and improve retention rates. Prevalence of advanced infrastructure in combination with surging adoption rates of augmented and virtual reality technologies are some other important factors determining the dominance of this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rising awareness of innovative customer support technologies and services in the developing economies such as China and India. Moreover, escalating IT infrastructure in the region coupled with rapidly growing healthcare consciousness among the people will yet again bolster the growth of the market in this region.
Table of Content:
Section 01: executive summary
Section 02: scope of the report
Section 03: research methodology
Section 04: Introduction
Section 05: market landscape
Section 06: market sizing
Section 07: five forces analysis
Section 08: market segmentation by Type
Section 09: market segmentation by Application
Section 10: customer landscape
Section 11: market segmentation by end-user
Section 12: regional landscape
Section 13: Decision framework
Section 14: drivers and challenges
Section 15: market trends
Section 16: competitive landscape
Section 17: company profiles
Section 18: Appendix
To Check the Complete Table Of contents, click here @ https://www.databridgemarketresearch.com/toc/?dbmr=global-conversational-ai-market
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