Conversational AI Market Report Overview
The report provides an analysis of both the current and future conditions in the Conversational AI market, delivering valuable insights and the latest information across essential segments. Within the context of the Conversational AI market, the study covers crucial research areas like revenue generation, sales, and overall income. In order to offer a thorough evaluation, the report presents two distinct scenarios that encompass the entire range of the Conversational AI market, including the projected Conversational AI sales during the forecast period.
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 primary goal of the Conversational AI market report is to offer a comprehensive analysis using clear and straightforward language. The study encompasses all the prominent companies and key aspects within the Conversational AI market, evaluating various measures like volume, share, growth, and strategies. This research not only assists established businesses in refining their operational plans but also provides future entrants with strategic recommendations. MMR’s research undertakes a thorough exploration of the Conversational AI market, highlighting the foremost global companies based on metrics such as volume, share, strategies, and growth. The report further supplies strategies applicable to both existing industry participants and prospective Conversational AI market entrants. Moreover, the global report for the Conversational AI market presents a meticulous breakdown of regional share distribution, accompanied by an examination of growth drivers in those specific regions.
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Conversational AI Market Regional Insights
North America had the highest revenue share of more than 35% in 2022 and is expected to grow significantly. The country’s significant adoption of impending technological developments, as well as the constantly expanding need for customer support services powered by artificial intelligence, are driving the market growth. Most large corporations in North America are investing in technology developments to meet and assist their consumers’ needs. The increased awareness of health issues amongst the population drives demand for conversational AI. North America’s healthcare industry is growing in the use of augmented and virtual reality, robots, and AI (artificial intelligence). This would aid in the delivery of intelligent services and technology for evidence-based health care, with an emphasis on preventative and collaborative treatment.
The Asia Pacific region is expected to grow rapidly throughout the forecast period because enterprises become more aware of new customer support services and technology innovations. Likewise, growing e-commerce activity, rising technology adoption in the retail business, technical innovation in consulting and healthcare, and rising internet penetration in this region are driving the use and demand for conversational AI systems.
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.
by Type
Chatbots
Intelligent Virtual Assistants (IVA)
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. Several additional elements, such as providing warnings and signals in the case of any suspected occurrence of fraud, are likely to take place by sending notifications directly to clients and banks, as well as assisting staff who undertake complicated activities repetitively. Tasks such as handling internal documents are expected to have an impact on market growth during the forecast period.
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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 Offerings:
- Past Market Size and Competitive Landscape (2017 to 2021)
- Past Pricing and price curve by region (2017 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segments and their sub-segments
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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