Dubai, UAE, July 12, 2023 (GLOBE NEWSWIRE) -- As per the recent report published by Extrapolate, the Global Conversational AI Market size is projected to grow from USD 6.8 billion in 2021 to USD 22.8 billion by 2030, exhibiting a remarkable CAGR of 21.8% during the forecast period. The market share is projected to grow significantly over the projection period as a result of a rise in demand for AI-powered customer support services. The market continues to grow due to rising demand for chatbot solutions powered by artificial intelligence. Additionally, an upsurge in the use of omni-channel strategies is anticipated to fuel the market expansion for conversational AI.
A technology known as conversational AI uses speech-based assistants to enhance user engagement and interactions on a broad range of platforms and users. It creates a platform that blends speech-based methods, natural language processing, and machine learning and can be used to build applications for a wide range of industries and use cases.
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Competitive Landscape
The global conversational AI market is highly competitive due to the presence of several key participants leading the market. Prominent players are actively focusing on several key business strategies to strengthen their position in the industry. A few of the strategies implemented by these players include partnerships, product innovations, R&D activities, mergers & acquisitions, collaborations, and events.
Some of the major players dominating the conversational AI market share include:
- Microsoft
- Amazon Web Services, Inc.
- IBM Corporation
- Oracle
- Nuance Communications, Inc.
- FIS.
- SAP SE
- Artificial Solutions
- Kore.ai, Inc.
- Avaamo
- Conversica, Inc.
- Jio Haptik Technologies Limited
- Rasa Technologies Inc.
- Solvvy
- Pypestream Inc.
- Kasisto
- Cognigy
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Market Segmentation
By Component
- Platform
- Services
Increasing Demand for Conversational AI Solutions by Service Deployers to Fuel Market Growth
The service segment that is handled by service and solution providers is a crucial component in implementing technology solutions, which is anticipated to fuel the demand for the component. Furthermore, demand for conversational AI solutions is rising across key sectors, including media and entertainment, BFSI, and travel, as consumers seek better customer service, supporting the growth of the segment.
By Deployment
- Cloud
- On-Premises
Surging Prevalence of Cloud-Based Technologies to Propel Market Growth
The cloud segment is anticipated to grow significantly over the forecast period as cloud-based technologies and services become increasingly prevalent in businesses across the world. Scalability, affordability, user-friendliness, and security are all key characteristics of cloud-based conversational AI technologies. Since these systems are scalable, businesses can rapidly fine-tune them to suit their needs, which is likely to fuel the demand for cloud-based technologies.
Demand for AI-Powered Customer Support Services is Growing, Driving Market Expansion
The development of the conversational artificial intelligence (AI) market has been directly impacted by the increased need for AI-based chatbots to remain connected and informed, particularly during the COVID-19 pandemic. On account of the widespread significance of omnichannel deployment and the cost-effectiveness of creating chatbots, the conversational AI market is experiencing notable growth.
The growth of the market is further aided by the rising need for customer support services that use AI. Additionally, the market for conversational artificial intelligence (AI) is expanding owing to major technological developments and innovations in the area of AI.
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Recent Industry Developments:
- At COMPUTEX Taipei in 2023, Jensen Huang, the CEO of Nvidia, introduced ground-breaking advances in generative AI for several industries. Additionally, the company inked a partnership agreement with Microsoft to advance innovation for Windows PCs in the era of generative AI. As part of the deal, the firms agreed to develop improved tools, frameworks, and drivers that speed up the PC AI development and deployment process.
- Vertex AI, a managed machine learning (ML) platform that aids businesses in hastening the creation and upkeep of artificial intelligence (AI) models, was generally accessible in March 2021.
- Microsoft announced the purchase of AI-based technology company Nuance Communications for USD 19.7 billion in an all-cash deal in April 2021. With this acquisition, Microsoft intended to enhance its voice recognition and transcription capabilities.
Technological Breakthroughs in North America to Fuel Conversational AI Market Growth
North America is anticipated to dominate the global conventional AI market through the projection period due to the broad acceptance of upcoming technological developments and a rapidly growing demand for customer support services powered by artificial intelligence. Additionally, the majority of companies in North America are investing heavily in technological advancements to better meet the needs of their customers.
As a result of the growing awareness of health issues, conversational AI is highly sought after in the region. The healthcare industry in North America is progressing with the implementation of AR and VR, robotics, and AI. Conversational AI solutions can help deliver cognitive services and technology for evidence-based health with a focus on collaborative and preventive treatment, which is set to further drive adoption in the coming years.
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Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
2.3.1. Secondary Sources
2.3.1.1. Preliminary data mining
2.3.2. Primary Sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key Trends
3.2.1. Integration of Advanced AI Capabilities to Improve Value of Existing Conversational AI
3.3. Market Drivers
3.3.1. Increased Demand for Ai-Powered Customer Support Services Propel Market Growth
3.4. Market Restraints
3.4.1. Lack of Awareness Among Population Hamper Market Growth
3.5. Market Opportunities
3.5.1. Rise in Customer Engagement Through Social Media Platforms
3.6. Market Challenges
3.6.1. Maintaining Business Continuity During The COVID-19 Pandemic
3.7. Porter’s Five Forces analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Conversational AI Market
Chapter 5. Global Conversational AI Market Overview, By Component, 2017 - 2030(USD Million)
Chapter 6. Global Conversational AI Market Overview, By Deployment, 2017 - 2030(USD Million)
Chapter 7. Global Conversational AI Market Overview, By Type, 2017 - 2030(USD Million)
Chapter 8. Global Conversational AI Market Overview, By Technology, 2017 - 2030(USD Million)
Chapter 9. Global Conversational AI Market Overview, By End User, 2017 - 2030(USD Million)
Chapter 10. Global Conversational AI Market Overview, By Geography, 2017 - 2030(USD Million)
...
Chapter 16. Competitive Landscape
16.1. Competitive environment, 2021
16.2. Strategic framework
16.2.1. Partnership/agreement
16.2.2. Expansion
16.2.3. Mergers & Acquisitions
16.2.4. New Application development
Chapter 17. Key Vendor Analysis
Chapter 18. Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 19. Marketing Strategy Analysis, Distributors/Traders
Chapter 20. Market Effect Factors Analysis
...TOC Continued
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