New Delhi, April 13, 2022 (GLOBE NEWSWIRE) -- Global conversational AI market is growing at a high CAGR because of the rising demand for customer support services by businesses to improve customer experience along with the increasing adoption of conversational AI among various verticals…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the conversational AI market was worth USD 6.9 billion in the year 2021. It is estimated to grow at a CAGR of 23.4%, earning revenue of around USD 29.9 billion by the end of 2028. The conversational AI market is flourishing at a high rate owing to the rising demand for customer support services by businesses to improve customer experience. Furthermore, the increasing adoption of conversational AI among various verticals including BFSI, media and entertainment, healthcare and life sciences, travel and hospitality, etc., is anticipated to present lucrative growth opportunities to the market in the forecast period.
Rising Demand for Cloud Deployment is Driving the Conversational AI Market
Based on deployment, the conversational AI market is segmented into on-premise and cloud. The cloud deployment segment holds the largest market share as it proves to be flexible as well as cost-effective compared to the on-premise deployment. Therefore, this type of deployment mode is popular among SMEs. However, most large enterprises opt for on-premise deployment owing to their higher financial capability and advanced security. The on-premise deployment restricts external access to data, which acts in favor of hitting market growth.
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Increasing Popularity of App-Based Integration is Propelling the Conversational AI Market Growth
Based on mode of integration, the conversational AI market is segmented into web-based, app-based, and telephonic. The app-based segment accounts for the largest market share in 2021. Technologies such as Google Assistant, Alexa, Siri, etc., are some of the most popular conversational AIs in the world and they work on app-based integration. However, the web-based mode of integration also covers a substantial market share. The increasing number of websites from the SMEs and rising demand for chat services for customer support are driving its overall market growth.
Conversational AI Market - By Technology
Based on technology, the conversational AI market is segmented into machine learning and deep learning, natural language processing, and automatic speech recognition. Natural language processing (NLP) accounts for the largest market share in 2021. Conversational AI combines natural language processing with traditional software such as chatbots or voice assistants to create a chat or voice communication interface. The NLP helps the system understand the meaning of the human language and decrypts it to provide an answer or assistance.
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Conversational AI Market - Regional Insights
Geographically, the conversational AI market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominated the conversational AI market in 2021. However, the Asia-Pacific region is projected to witness the highest CAGR during the period owing to the increasing number of SMEs and startups and the rising adoption of conversational AI to cater to customer query requests and boost efficiency. Europe is also growing at a substantial rate owing to the presence of multinational conglomerates.
Impact of COVID-19 on Conversational AI Market
The conversational AI market witnessed tremendous growth after the COVID-19 pandemic outbreak. the number of customer service requests over websites and applications significantly spiked during this period. However, the lack of sufficient working employees and restrictions on the customer care centers due to social distancing norms imposed a huge burden on the human customer care executives, which negatively impacted the customer experience. Due to this, the organizations quickly shifted towards conversational AI to cater to the increasing number of service queries and deliver solutions timely.
Competitive Landscape
The leading market players of the conversational AI market are Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, FIS, Artificial Solutions, Kore.ai, Conversica, Inbenta, Creative Virtual, SoundHound, Avaamo, Haptik, Solvvy, MindMeld, and other prominent players. The conversational AI market is highly concentrated with the presence of leading industry players such as Google, IBM, Oracle, Microsoft, etc. However, several startups are also emerging and attracting significant investment to expand their presence. The companies constantly launch new upgrades and innovations to gain a competitive edge. Furthermore, the adoption of market strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the conversational AI market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the conversational AI market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Recent Development
- In January 2022, NLX, a self-service automation provider, announced it had raised USD 5 million in seed funding to further develop its automated, personalized customer self-service solution for managing customer interactions.
- In December 2021, Bavard AI, a US-based conversational AI platform, announced enhancements on its platform including being powered by Amazon Web Services (AWS), which is expected to make partner integrations and scalability convenient.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical data – 2018-2021 |
| Base Year – 2021 | |
| Forecast – 2022 – 2028 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | U.S., Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
| Product Service/Segmentation | By Component, By Type, By Deployment Mode, By Technology, By Organization Size, By Vertical, By Mode of Integration, By Region |
| Key Players | Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, FIS, Artificial Solutions, Kore.ai, Conversica, Inbenta, Creative Virtual, SoundHound, Avaamo, Haptik, Solvvy, MindMeld, and other prominent players |
By Component
- Solutions
- Services
By Type
- Intelligent Virtual Assistants
- Chatbots
By Deployment Mode
- On-Premise
- Cloud
By Technology
- Machine Learning and Deep Learning
- Natural Language Processing
- Automatic Speech Recognition
By Organization Size
- Large enterprises
- Small and medium-sized enterprises (SMEs)
By Vertical
- Banking Finance Services and Insurance (BFSI)
- Healthcare and Life Sciences
- IT and Telecom
- Retail and eCommerce
- Others
By Mode of Integration
- Web-based
- App-based
- Telephonic
By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Latin America (LATAM)
- Middle East & Africa (MEA)
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