NEW YORK, Nov. 22, 2019 (GLOBE NEWSWIRE) -- The global conversational AI market is expected to grow at a CAGR of 29.2% during the forecast period with its market size predicted to reach USD 16.2 billion by 2024. Globally, conversational AI industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in November 2018, Microsoft Corporation signed an agreement to acquire Xoxco Inc.
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Machine learning category is expected to witness fastest growth in the conversational AI market during the forecast period
On the basis of technology, the conversational AI market is segmented into natural language processing, machine learning, automatic speech recognition, computer vision, video recognition, and others. Of all, machine learning category is expected to witness fastest growth in the conversational AI market during the forecast period. The growth of this segment is attributed to the fact that with the help of machine learning, conversational AI solutions are able to learn from previous responses based on different queries, which in turn is growing the capability of the machine in answering questions.
Based on application, the conversational AI market is categorized into customer support, personal assistant, branding & advertisement, customer engagement and retention, onboarding & employee engagement. Of all, personal assistant category is expected to witness fastest growth in the conversational AI market during the forecast period.
Explore key industry insights in 99 tables and 55 figures from the 179 pages of report, “Global Conversational AI Market Analysis and Forecast to 2024 - Insights by Component (Platform, Service [Support & Maintenance, Training & Consulting, System Integration]), by Deployment (Cloud-Based, On-Premises), by Type (Chatbot, Intelligent Virtual Assistant {IVA}, Intelligent Interactive Voice Response {IVR} System), by Industry (BFSI, Retail & E-Commerce, Healthcare, Hospitality, Telecom, Media & Entertainment, Energy & Utilities, Oil & Gas, Government, Others), Technology (Natural Language Processing, Machine Learning, Automated Speech Recognition, Computer Vision, Video Recognition, Others), by Application (Customer Support , Personal Assistant, Branding & Advertisement, Customer Engagement & Retention, Onboarding & Employee Engagement)”
Geography Insight
Geographically, North America has accounted for the largest share in conversational AI market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of established players such as Google LLC, International Business Machines Corporation, Oracle Corporation, and Microsoft Corporation, increasing number of investments related to integration of machine learning and NLP, rapid technological advancements, and continuous focus of government on spending in AI-based technologies in the region.
Competitive Insight
Some of the key players operating in the global conversational AI market are Nuance Communications Inc., Haptik Inc., Oracle Corporation, Google LLC, Microsoft Corporation, International Business Machines Corporation, SAP SE, Baidu Inc., Conversica Inc., Amazon.com Inc., Solvvy Inc., Creative Virtual Ltd., Avaamo Inc., Inbenta Technologies Inc., Artificial Solutions International AB, and Kore.ai Inc.
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Key Takeaway from the Report:
- Among all the components, platform category held larger share in the market in 2018.
- Of all service category, support and maintenance service category is expected to witness faster growth during the forecast period.
- Of all the deployment, cloud-based category held larger share in the market in 2018, and is also expected to exhibit faster growth during the forecast period.
- Of all the types, chatbot category held largest share in the market in 2018.
- Among all the technologies, the machine learning category is expected to witness fastest growth in the conversational AI market during the forecast period.
- Of all the application, personal assistant category is expected to witness fastest growth in the conversational AI market during the forecast period.
- Geographically, North America has accounted for the largest share in conversational AI market, globally and is predicted to grow significantly during the forecast period.
The Report Offers:
- Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
- Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
- Market insights by in-depth segmentation with industry dynamics.
- Competitive analysis and benchmarking of the industry leaders and their product offerings
- Profiles of leading players and innovators, their financial overview and product portfolio
- Analysis of key industry trends and recent developments
- Value chain analysis and distribution channel analysis with opportunity assessment
- Market share analysis of major players
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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Billion). The report segments the global conversational AI market on the basis of component, deployment, type, industry, technology, application, and region.
Global Conversational AI Market Coverage
Component Insight and Forecast 2014-2024
- Platform
- Service
- Support & Maintenance
- Training & Consulting
- System Integration
Type Insight and Forecast 2014-2024
- Chatbot
- Intelligent Virtual Assistant (IVA)
- Intelligent Interactive Voice Response (IVR) System
Deployment Insight and Forecast 2014-2024
- On-Premises
- Cloud-Based
Industry Insight and Forecast 2014-2024
- Banking, Financial Services, and Insurance (BFSI)
- Retail and E-commerce
- Healthcare
- Hospitality
- Telecom
- Media and Entertainment
- Energy & Utilities
- Oil & Gas
- Government
- Others
Technology Insight and Forecast 2014-2024
- Natural Language Processing
- Machine Learning
- Automatic Speech Recognition
- Computer Vision
- Video Recognition
- Others
Application Insight and Forecast 2014-2024
- Customer Support
- Personal Assistant
- Branding & Advertisement
- Customer Engagement & Retention
- Onboarding & Employee Engagement
Geographical Segmentation
Conversational AI Market by Region
North America
- By Component
- By Deployment
- By Type
- By Industry
- By Technology
- By Application
- By Country – U.S., Canada, and Mexico
Europe
- By Component
- By Deployment
- By Type
- By Industry
- By Technology
- By Application
- By Country – Germany, U.K., France, Italy, Russia, and Rest of Europe
Asia-Pacific (APAC)
- By Component
- By Deployment
- By Type
- By Industry
- By Technology
- By Application
- By Country – China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific
Rest of the World (RoW)
- By Component
- By Deployment
- By Type
- By Industry
- By Technology
- By Application
- By Country – Brazil, Saudi Arabia, South Africa, U.A.E., Turkey, and Other Countries
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