MarketsandMarkets forecasts the global conversational AI market size to grow from USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a CAGR of 30.2% during 2019-2024

NEW YORK, March 21, 2019 /PRNewswire/ — The global conversational artificial intelligence (AI) market size to grow at a Compound Annual Growth Rate (CAGR) of 30.2% during the forecast period

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MarketsandMarkets forecasts the global conversational AI market size to grow from USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a CAGR of 30.2% during 2019–2024. The major growth drivers for the market include the increasing demand for AI powered customer support services, omni-channel deployment, and reduced chatbot development cost. Lack of awareness may restrain the market growth.

The personal assistant application to grow at the highest rate during the forecast period

Conversational AI plays a crucial role in personal assistant. Personal assistants are capable of comprehending open conversations while contextualizing them to a particular case or scenario. Enterprises are leveraging AI technology by utilizing a combination of ML and NLU which enables the assistants to be trained with industry-specific knowledge and unique business data for a faster time to market

The ML and deep learning technology segment to grow at the highest rate during the forecast period

Based on technology, the conversational AI market has been segmented into ML and deep learning, natural language processing (NLP), and Autometed Speech Recognition (ASR). The ML and deep learning segement is expected to grow at the highest rate during the forecast period, due to the growing demand to automate communication and create personalized customer experiences.

Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

In the conversational AI market by region, APAC is expected to grow at the highest rate during the forecast period. The growth in the number of AI vendors in major APAC countries, such as China, India, and Japan and technological advancements, is expected to be a key growth driver for the market in APAC.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the conversational AI market.

• By Company: Tier I: 15%, Tier II: 42%, and Tier III: 43%

• By Designation: C-Level: 62%, Director Level: 20%, and Others: 18%

• By Region: North America: 40%, APAC: 30%, Europe: 20%, MEA: 5%, and Latin America: 5%

The report includes the study of the key players offering conversational AI solutions. It profiles major vendors in the global conversational AI market including Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), (US), Solvvy (US), Pypestream (US), Inbenta (US), Creative Virtual (UK) and (India). It also includes an in-depth competitive analysis of the key players in the conversational AI market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

Research coverage

The report segments the global conversational AI market by component, type, technology, application, deployement mode, vertical, and region.The component segment comprises platform and services.

The services segment has subsegments of training and consulting, system integration and testing, and support and maintenance.The conversational AI market by type has IVA and chatbots categories.

The conversational AI market by technology has ML and deep learning, Natural language processing, automated speech recognition technologies.The conversational AI market by application has customer support, personal assistant, branding and advertisement, customer engagement and retention, onboarding and employee engagement, and other services (campaign analysis and data aggregation).

The conversational AI market by deployement mode has cloud and on-premises. The conversational AI market by verticals covers Banking, Financial Services, and Insurance [BFSI], retail and ecommerce, healthcare and life sciences, travel and hospitality, telecom, media and entertainment, and others (manufacturing, government, media and entertainment, and education). The report covers the conversational AI market with respect to 5 major regions: North America, Europe, APAC, Latin America, and Middle East and Africa (MEA).

The report would help the market leaders and new entrants in the global conversational AI market in the following ways:

1. The report segments the market into various subsegments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across applications and regions.

2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.

3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.

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