Conversational Artificial Intelligence Market Size Scenario:
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Conversational Artificiail Intelligence Market Size. The growth sectors of the Conversational Artificiail Intelligence Market Size are identified with precision for a better growth perspective.
The global market for Conversational Artificial Intelligence Market Size is estimated to reach a market value of USD 15.82 billion by 2027 growing at a CAGR of 30.32% during the forecast period 2020–2027. Conversational artificial intelligence (AI) is revolutionizing the way enterprises interact with customers. Intelligent virtual assistants and chatbots help organizations to resolve repetitive customer queries and proactively offer suggestions to make real-time decisions.
With advances in artificial intelligence, machine learning, deep learning, natural language processing, and speech and image recognition technologies, machines are capable of addressing customer queries and providing online solutions. Chatbots are rapidly being implemented for business-to-business and internal applications in enterprises. For instance, in India, HDFC bank has partnered with Niki, an artificial intelligence company based in Bengaluru, to introduce conversational banking with the help of chatbots to facilitate banking transactions from the chat window. In April, 2019, Nuance Communications Inc., and Morris Garages (MG) Car Company Ltd announced a partnership to implement Naunce’s conversational AI-powered mobility assistant in their cars, with MG Hector being India’s first internet-enabled car with voice-enabled features.
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MRFR recognizes the key market players in conversational artificial intelligence (AI) as Oracle Corporation, Amazon Web Services, Google LLC, IBM Corporation, Baidu Inc., SAP SE, Creative Virtual Ltd, Facebook Inc., Microsoft Corporation, Nuance Communications, Artificial Solutions, Avaamo Technologies Pvt Ltd, Conversica Inc., Haptik, Solvvy, and Pypestream.
• By Component (Platform, Services (System Integration and Deployment, Support and Maintenance, Training and Consulting),
• by Type (Intelligent Virtual Assistants, Chatbots),
• by Technology (Machine Learning and Deep Learning, Natural Language Processing, Automated Speech Recognition)
• by Deployment (Cloud, On-Premise),
• By Organization Size (Large enterprises, SMEs),
• by Application (Personal Assistants, Customer Engagement and Support, Branding and Marketing, Others),
• by Vertical (BFSI, IT & Telecommunications, Retail and e-Commerce, Media and Entertainment, Healthcare, Automotive, Others),
North America holds the largest market share owing to the increasing adoption of conversational artificial intelligence (AI) solutions by enterprises in verticals such as banking, financial services and insurance, retail & e-commerce, IT & telecom, automotive, healthcare, and media & entertainment. The region has a presence of key market players such as Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation, Amazon Web Services, Facebook Inc. and others that constantly invest and develop conversational AI platforms and solutions promoting the market growth in the region.
Europe region accounted for the second largest market share owing to the increasing demand for conversational artificial intelligence (AI) solutions among the automotive industry in the UK and Germany. Various banks in the UK, Germany, France, Spain, Italy, Portugal, Sweden, and Norway are also implementing virtual assistants and chatbots to offer enhanced customer service. The market is also expected to attain growth due to rising adoption of conversational AI solutions for branding and marketing purpose among various enterprises driving the market growth in Europe. Applications of conversational AI in the European healthcare vertical is also expected to promote the market growth in the region.
Asia-Pacific region accounted for the third-largest market share due to rising adoption of conversational artificial intelligence (AI) solutions in China, Japan, India, Australia, Singapore, South Korea, and the Philippines. Various banks, financial services, and insurance companies in the Asian countries are partnering with artificial intelligence solution providers to implement chatbots offering enhanced customer service and employee engagement. Growing investments by key market players in emerging economies in the Asia-Pacific region also promotes the market growth.
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Table of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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