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 US$ 1.06 Bn in 2022 and is expected to reach US$ 3.84 Bn by 2029, at a CAGR of 20.2% during the forecast period.
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
the Solutions segment held the highest market share of about 50% in 2022 and is expected to dominate the global Conversational AI Market at the end of the forecast period. Followed by Managed services segment and professional services segment are expected to grow rapidly during the forecast period. The dominant proportion for the Solutions segment is ascribed to organizations' large-scale use of in-house conversational AI technology. AI-enhanced support solutions may provide users with system availability and 24/7 consultation, allowing organizations to provide dependable customer care. Due to this, the population is impressed and the demand is increasing eventually. The services are essential to the effectiveness of conversational AI systems.
by Type
Chatbots
Intelligent Virtual Assistants (IVA)
the Chatbots segment held the biggest share in terms of revenue of around half of the market in 2022 and is expected to maintain its dominance throughout the forecast period. This is due to its capacity to make a significant contribution to customer service. These are mostly used for data collection. Customers may also interact with chatbots to get information, clarification on any service or product, or to schedule appointments. In the industry, various conversational AI service providers are generating digital assistants and chatbots with constrained user-personalized qualities.
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)
the retail and e-commerce segment is expected to grow rapidly during the forecast period owing to the Retail and e-commerce sectors would better serve customers by using convincing, descriptive, and intelligent conversational AI tools and strategies. The BFSI segment is estimated to increase substantially during the forecast period based on a variety of factors such as the use of AI chatbots in the financial and banking services industry, which are utilized to aid consumers in making secure payments and participating in the communication.
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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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