Conversational AI Market

Conversational AI Market by Component (Platform and Services), Type (IVA and Chatbots), Technology, Application (Customer Support, Personal Assistant, and Customer Engagement and Retention), Deployment Mode, Vertical, and Region - Global Forecast to 2024

Report Code: TC 6976 Mar, 2019, by marketsandmarkets.com

[160 Pages Report] 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 Compound Annual Growth Rate (CAGR) of 30.2% during the forecast period (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.

Conversational AI Market

In the conversational AI market by application, the personal assistant application to grow at the highest CAGR during the forecast period

Conversational AI plays a crucial role in personal assistant. Personal assistants can comprehend open conversations while contextualizing them to a 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 an accelerated time to market.

The market by deployment mode,cloud segment hold a larger market size during the forecast period

Most of the vendors in the conversational AI market offer cloud-based solutions to gain conversations insights in real time. The conversational AI vendors are focusing on the development of robust cloud-based solutions for their clients, as many organizations have migrated to either a private or a public cloud. The increasing demand for scalable, easy to use, and cost-effective conversational AI solutions is expected to accelerate the growth of the cloud segment in the market.

Conversational AI Market

North America to hold the largest market size during the forecast period

North America is expected to hold the largest market size in the global conversational AI software market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In APAC, the highest growth rate can be attributed to the heavy investments made by private and public sectors for enhancing their AI and ML technologies, resulting in an increased demand for conversational AI solutions for gaining customer insights. North America is expected to be the leading region in terms of adopting and developing conversational AI. Growing investments in AI and ML technologies, presence of maximum number of conversational AI vendors, and increasing government spending on AI-based technologies are expected to contribute to the market growth during the forecast period.

Key market players for Conversational AI Market

Major vendors in the global conversational AI market include 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), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), Creative Virtual (UK) and Saarthi.ai (India). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to further expand their presence in the global edge AI software market.

Google is one of the key technology players in the conversational AI market. It relies heavily on its organic growth strategies and continuously aims at innovating next-gen products. It invests in Research and Development (R&D) activities significantly to innovate its advertising, cloud, ML, search, and new products and services. It has made significant investments and advancements in AI. It is well-positioned to take advantage of the increasing demand for AI-enabled applications, AI tools for developers, and cloud-based AI services. Moreover, it adopts organic growth strategies to gain a competitive advantage in the market. For instance, Google has launched Dialogflow in 2 versions: standard and enterprise editions. Organizations can leverage the benefits of the Dialogflow platform to build AI-powered engaging voices and text-based conversational interfaces on various platforms, including Facebook Messenger, Google Assistant, Amazon Alexa, Cortana, Slack, and Twilio, to interact with their customers. The company continuously introduces new updates to its offerings on regular intervals to stay ahead of its competitors in this market.

Recent developments

  • In November 2018, Microsoft signed an agreement to acquire XOXCO, a solution provider for conversational AI and bot development. The acquisition would help Microsoft strengthen its initiative to offer accessible software tools to developers for enabling them to create and deploy conversational interfaces across platforms.
  • In April 2018, Google launched an enterprise edition of its Dialogflow platform. The platform would help companies build and run their own bots, without any AI expertise. These bots use AI-based natural language understanding and processing to interact with end users. It enables users to integrate other Google cloud services, such as Speech-to-Text and Text-to-Speech, which are critical to get users on Google’s cloud and enable Google to sell other services as well.
  • In March 2018, AWS collaborated with Haptik, an AI-based chabot platform provider, to offer cutting-edge chatbot solutions to the customers in India. In line with this collaboration, Haptik would leverage AWS’ AI infrastructure to provide conversational bots for the major application areas in the conversational AI market. Haptik is also a part of the global Amazon Partner Network program. The program helps companies build better products and take advantage of the business benefits offered by AWS.

Critical questions the report answers

  • What are the current trends that are driving the conversational AI market?
  • In which applications areas are most of the verticals are deploying conversational AI?
  • Where will all these developments take the industry in the mid- to long-term?
  • Who are the top vendors in the market and what is their competitive analysis?
  • What are the drivers and challenges of the market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Market Segmentation
           1.3.2 Regions Covered
    1.4 Years Considered for the Study
    1.5 Currency Considered
    1.6 Stakeholders

2 Research Methodology (Page No. - 21)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakup of Primary Profiles
                    2.1.2.2 Key Industry Insights
    2.2 Market Breakup and Data Triangulation
    2.3 Market Size Estimation
           2.3.1 Top-Down Approach
           2.3.2 Bottom-Up Approach
    2.4 Market Forecast
    2.5 Assumptions for the Study
    2.6 Limitations of the Study

3 Executive Summary (Page No. - 29)

4 Premium Insights (Page No. - 35)
    4.1 Attractive Market Opportunities in the Conversational AI Market
    4.2 Market: Top 3 Applications
    4.3 Market, By Region
    4.4 Market in North America, By Services and Technology

5 Market Overview and Industry Trends (Page No. - 38)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increasing Demand for AI-Powered Customer Support Services
                    5.2.1.2 Omnichannel Deployment and Reduced Chatbot Development Cost
           5.2.2 Restraints
                    5.2.2.1 Lack of Awareness
           5.2.3 Opportunities
                    5.2.3.1 Rise in Customer Engagement Through Social Media Platforms
                    5.2.3.2 Integration of Advanced AI Capabilities Adding Value to the Conversational AI Offering
           5.2.4 Challenges
                    5.2.4.1 Lack of Accuracy in Chatbots and Virtual Assistants
    5.3 Use Cases
           5.3.1 Introduction
                    5.3.1.1 Use Case: Scenario 1
                    5.3.1.2 Use Case: Scenario 2
                    5.3.1.3 Use Case: Scenario 3
                    5.3.1.4 Use Case: Scenario 4
                    5.3.1.5 Use Case: Scenario 5
    5.4 Regulatory Implications
           5.4.1 Introduction
           5.4.2 General Data Protection Regulation (GDPR)
           5.4.3 Health Insurance Portability and Accountability Act (HIPAA)
           5.4.4 Payment Card Industry Data Security Standard (PCI DSS)
           5.4.5 Financial Industry Regulatory Authority (FINRA)
           5.4.6 Service Organizational Control (SOC) 2
           5.4.7 Markets in Financial Instruments Directive (MIFID) II

6 Market, By Component (Page No. - 45)
    6.1 Introduction
    6.2 Platform
           6.2.1 Platforms Provide A Complete Foundation to Create Various Conversational AI Applications
    6.3 Services
           6.3.1 Training and Consulting
                    6.3.1.1 Technicalities Involved in Implementing Conversational AI Solutions to Boost the Growth of Training and Consulting Services
           6.3.2 System Integration and Deployment
                    6.3.2.1 Conversational AI Vendors to Offer System Integration and Testing Services to Effectively Overcome System-Related Issues
           6.3.3 Support and Maintenance
                    6.3.3.1 Growing Deployment of Conversational AI Platform to Increase Demand for Support and Maintenance Services

7 Market, By Type (Page No. - 50)
    7.1 Introduction
    7.2 Intelligent Virtual Assistants
           7.2.1 Increasing Demand for Personal Assistant Application to Pave the Way for the Conversational AI Market in Different Verticals
    7.3 Chatbots
           7.3.1 AI-Based Chatbots to Automate Conversation Across Channels to Grow at A Rapid Pace in the Coming Years

8 Market, By Technology (Page No. - 53)
    8.1 Introduction
    8.2 Machine Learning and Deep Learning
           8.2.1 Growing Demand to Automate Communication and Create Personalized Customer Experiences to Increase Adoption of Conversational AI Among Enterprises
    8.3 Natural Language Processing
           8.3.1 Natural Language Processing Technology to Grow at A Rapid Pace in the Coming Years
    8.4 Automated Speech Recognition
           8.4.1 Growing Need to Recognize Human Voice By Machines to Handle Queries Or Response Effectively

9 Market, By Deployment Mode (Page No. - 57)
    9.1 Introduction
    9.2 Cloud
           9.2.1 Benefits Such as Scalability and Ease of Implementation to Boost Growth of Cloud Deployment Model
    9.3 On-Premises
           9.3.1 Data-Sensitive Organizations to Adopt On-Premises Deployment Model to Deploy Conversational AI Solutions

10 Market, By Application (Page No. - 60)
     10.1 Introduction
     10.2 Customer Support
             10.2.1 Increasing Demand for Handling Customer Queries to Pave the Way for the Conversational AI Market in Various Verticals
     10.3 Personal Assistant
             10.3.1 Personal Assistant Application to Grow at A Rapid Pace in the Coming Years
     10.4 Branding and Advertisement
             10.4.1 Need to Create Awareness and Perform Effective Branding Activities to Boost Growth of Conversational AI Market
     10.5 Customer Engagement and Retention
             10.5.1 Need to Provide Omnichannel Customer Experience to Fuel the Growth of Customer Engagement and Retention Application
     10.6 Onboarding and Employee Engagement
             10.6.1 Growing Demand for Employee Retention and Engagement for Organizational Growth and Development
     10.7 Data Privacy and Compliance
             10.7.1 Need to Secure Customers’ Data and Stringent Regulatory Compliance to Pave Way for Adoption of Conversational AI
     10.8 Others

11 Conversational AI Market, By Vertical (Page No. - 65)
     11.1 Introduction
             11.1.1 Major Use Cases: By Industry
     11.2 Banking, Financial Services, and Insurance
             11.2.1 Conversational AI Solutions Help Financial Institutions Effortlessly Connect With Customers to Provide Enhanced Customer Experience
     11.3 Retail and Ecommerce
             11.3.1 Increasing Deployment of Conversational AI Solutions By Retail and Ecommerce Vertical on Various Channels for Greater Customer Engagement
     11.4 Healthcare and Life Sciences
             11.4.1 Conversational AI Solutions to Improve Patient Management, Monitoring, and Experience and Engagement
     11.5 Travel and Hospitality
             11.5.1 Automation of Booking Process Through Various Platforms to Increase Adoption of Chatbots and Intelligent Virtual Assistants
     11.6 Telecom
             11.6.1 Growing Demand for Effective Contact Centre and Operational Cost Reduction Will Giva A Boost to the Growth of Conversational AI in the Telecom Vertical
     11.7 Media and Entertainment
             11.7.1 Demand for Personalized and Enhanced Customer Experience to Increase Adoption of Conversational AI Solutions
     11.8 Others

12 Market, By Region (Page No. - 72)
     12.1 Introduction
     12.2 North America
             12.2.1 United States
                        12.2.1.1 Growing Implementation of AI- and Ml-Based Solutions to Fuel the Demand for Conversational AI in the Market
             12.2.2 Canada
                        12.2.2.1 Increase in AI-Based Investments and Research Activities to Drive the Growth of  Market in Canada
     12.3 Europe
             12.3.1 United Kingdom
                        12.3.1.1 Growing Investments to Fuel the Adoption of Conversational AI Solutions in the UK
             12.3.2 Germany
                        12.3.2.1 Increasing Adoption of Conversational AI Solutions Across Major Verticals to Drive the Market in Germany
             12.3.3 France
                        12.3.3.1 Heavy Inflow of Capital From Various Investors to Drive the Market in France
             12.3.4 Rest of Europe
     12.4 Asia Pacific
             12.4.1 China
                        12.4.1.1 Increasing Investments in AI Landscape to Drive the Adoption of Conversational AI Solutions in China
             12.4.2 Japan
                        12.4.2.1 Rising Use of Chatbots and Intelligent Virtual Agentsin the Telecom Vertical to Fuel Adoption of Conversational AI Solutions in Japan
             12.4.3 India
                        12.4.3.1 Increase in Investments Among Startups and Growth of AI Technology Among Verticals to Trigger Conversational AI Adoption in India
             12.4.4 Rest of Asia Pacific
     12.5 Middle East and Africa
             12.5.1 Israel
                        12.5.1.1 Upcoming AI Starups in the Country to Drive the Growth of Conversational AI Market in Israel
             12.5.2 United Arab Emirates
                        12.5.2.1 Government Initiatives to Drive the Adoption of AI-Based Solutions in United Arab Emirates
             12.5.3 Rest of Middle East and Africa
     12.6 Latin America
             12.6.1 Brazil
                        12.6.1.1 Emerging Startups in Brazil to Drive the Growth of Conversational AI Market in the Coming Years
             12.6.2 Mexico
                        12.6.2.1 Growing Demand for AI-Based Technologies to Fuel Adoption of Conversational AI Solutions in Mexico
             12.6.3 Rest of Latin America

13 Competitive Landscape (Page No. - 105)
     13.1 Competitive Leadership Mapping
             13.1.1 Visionary Leaders
             13.1.2 Innovators
             13.1.3 Dynamic Differentiators
             13.1.4 Emerging Companies
     13.2 Strength of Product Portfolio
     13.3 Business Strategy Excellence

14 Company Profiles (Page No. - 109)
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
     14.1 Google
     14.2 Microsoft
     14.3 AWS
     14.4 IBM
     14.5 Oracle
     14.6 Nuance
     14.7 Baidu
     14.8 SAP
     14.9 Artificial Solutions
     14.10 Kore.AI
     14.11 Avaamo
     14.12 Conversica
     14.13 Haptik
     14.14 Rasa
     14.15 Solvvy
     14.16 Pypestream
     14.17 Inbenta
     14.18 Rulai
     14.19 Creative Virtual
     14.20 Saarthi.AI

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

15 Appendix (Page No. - 149)
     15.1 Industry Experts
     15.2 Discussion Guide
     15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.4 Available Customizations
     15.5 Related Reports
     15.6 Author Details


List of Tables (52 Tables)

Table 1 United States Dollar Exchange Rate, 2015–2017
Table 2 Factor Analysis
Table 3 Global Conversational AI Market Size and Growth Rate, 2017–2024 (USD Million, Y-O-Y %)
Table 4 Market Size, By Component, 2017–2024 (USD Million)
Table 5 Market Size, By Service, 2017–2024 (USD Million)
Table 6 Market Size, By Type, 2017–2024 (USD Million)
Table 7 Market Size, By Technology, 2017–2024 (USD Million)
Table 8 Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 9 Market Size, By Application, 2017–2024 (USD Million)
Table 10 Market Size, By Vertical, 2017–2024 (USD Million)
Table 11 Market Size, By Region, 2017–2024(USD Million)
Table 12 North America: Conversational AI Market Size, By Component, 2017–2024 (USD Million)
Table 13 North America: Market Size, By Type, 2017–2024 (USD Million)
Table 14 North America: Market Size, By Service, 2017–2024 (USD Million)
Table 15 North America: Market Size, By Technology, 2017–2024 (USD Million)
Table 16 North America: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 17 North America: Market Size, By Application, 2017–2024 (USD Million)
Table 18 North America: Market Size, By Vertical, 2017–2024 (USD Million)
Table 19 North America: Market Size, By Country, 2017–2024 (USD Million)
Table 20 Europe: Conversational AI Market Size, By Component, 2017–2024 (USD Million)
Table 21 Europe: Market Size, By Type, 2017–2024 (USD Million)
Table 22 Europe: Market Size, By Service, 2017–2024 (USD Million)
Table 23 Europe: Market Size, By Technology, 2017–2024 (USD Million)
Table 24 Europe: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 25 Europe: Market Size, By Application, 2017–2024 (USD Million)
Table 26 Europe: Market Size, By Vertical, 2017–2024 (USD Million)
Table 27 Europe: Market Size, By Country, 2017–2024 (USD Million)
Table 28 Asia Pacific: Conversational AI Market Size, By Component, 2017–2024 (USD Million)
Table 29 Asia Pacific: Market Size, By Type, 2017–2024 (USD Million)
Table 30 Asia Pacific: Market Size, By Service, 2017–2024 (USD Million)
Table 31 Asia Pacific: Market Size, By Technology, 2017–2024 (USD Million)
Table 32 Asia Pacific: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 33 Asia Pacific: Market Size, By Application, 2017–2024 (USD Million)
Table 34 Asia Pacific: Market Size, By Vertical, 2017–2024 (USD Million)
Table 35 Asia Pacific: Market Size, By Country, 2017–2024 (USD Million)
Table 36 Middle East and Africa: Conversational AI Market Size, By Component, 2017–2024 (USD Million)
Table 37 Middle East and Africa: Market Size, By Type, 2017–2024 (USD Million)
Table 38 Middle East and Africa: Market Size, By Service, 2017–2024 (USD Million)
Table 39 Middle East and Africa: Market Size, By Technology, 2017–2024 (USD Million)
Table 40 Middle East and Africa: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 41 Middle East and Africa: Market Size, By Application, 2017–2024 (USD Million)
Table 42 Middle East and Africa: Market Size, By Vertical, 2017–2024 (USD Million)
Table 43 Middle East and Africa: Market Size, By Country, 2017–2024 (USD Million)
Table 44 Latin America: Conversational AI Market Size, By Component, 2017–2024 (USD Million)
Table 45 Latin America: Market Size, By Type, 2017–2024 (USD Million)
Table 46 Latin America: Market Size, By Service, 2017–2024 (USD Million)
Table 47 Latin America: Market Size, By Technology, 2017–2024 (USD Million)
Table 48 Latin America: Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 49 Latin America: Market Size, By Application, 2017–2024 (USD Million)
Table 50 Latin America: Market Size, By Vertical, 2017–2024 (USD Million)
Table 51 Latin America: Market Size, By Country, 2017–2024 (USD Million)
Table 52 Key Players of the Conversational AI Market, 2018


List of Figures (46 Figures)

Figure 1 Global Conversational AI Market: Research Design
Figure 2 Market: Top-Down and Bottom-Up Approaches
Figure 3 Market Snapshot, By Component
Figure 4 Market Snapshot, By Type
Figure 5 Market Snapshot, By Service
Figure 6 Market Snapshot, By Deployment Mode
Figure 7 Market Snapshot, By Application
Figure 8 Market Snapshot, By Technology
Figure 9 Market Snapshot, By Vertical
Figure 10 Market Snapshot, By Region
Figure 11 Increasing Demand for AI-Powered Customer Support Services is One of the Major Factors Driving the Overall Growth of the Market During the Forecast Period
Figure 12 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period
Figure 13 North America to Hold the Highest Market Share in 2019
Figure 14 Training and Consulting Services, and Natural Language Processing Technology in North America Accounted for the Highest Market Shares in the Conversational AI Market in 2019
Figure 15 Drivers, Restraints, Opportunities, and Challenges: Conversational AI Market
Figure 16 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 17 System Integration and Testing Segment to Grow at the Highest CAGR During the Forecast Period
Figure 18 Intelligent Virtual Assistants Segment to Register A Higher CAGR During the Forecast Period
Figure 19 Machine Learning and Deep Learning Segment to Register the Highest CAGR During the Forecast Period
Figure 20 Cloud Deployment Mode to Register A Higher CAGR During the Forecast Period
Figure 21 Personal Assistant Segment to Register the Highest CAGR During the Forecast Period
Figure 22 Retail and Ecommerce Segment to Register the Highest CAGR During the Forecast Period
Figure 23 North America to Hold the Largest Market Size During the Forecast Period
Figure 24 India to Register the Highest CAGR During the Forecast Period
Figure 25 Asia Pacific to Account for the Highest CAGR in 2019
Figure 26 North America: Market Snapshot
Figure 27 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period
Figure 28 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period
Figure 29 Asia Pacific: Market Snapshot
Figure 30 Personal Assistant Segment to Grow at the Highest CAGR During the Forecast Period
Figure 31 Personal Assistant Segment to Grow at the Highest CAGR During Forecast Period
Figure 32 Personal Assistant Segment to Grow at the Highest CAGR During Forecast Period
Figure 33 Global Conversational AI Market (Global), Competitive Leadership Mapping, 2018
Figure 34 Google: Company Snapshot
Figure 35 SWOT Analysis: Google
Figure 36 Microsoft: Company Snapshot
Figure 37 SWOT Analysis: Microsoft
Figure 38 AWS: Company Snapshot
Figure 39 SWOT Analysis: AWS
Figure 40 IBM: Company Snapshot
Figure 41 SWOT Analysis: IBM
Figure 42 Oracle: Company Snapshot
Figure 43 SWOT Analysis: Oracle
Figure 44 Nuance: Company Snapshot
Figure 45 Baidu: Company Snapshot
Figure 46 SAP: Company Snapshot

The study consists of 4 major activities to estimate the current market size of the conversational AI market. An exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the conversational AI market.

Secondary Research

In the secondary research process, various secondary sources, such as D&B Hoovers and Bloomberg BusinessWeek have been referred to for identifying and collecting information for this study. Secondary sources included annual reports; press releases and investor presentations of companies; whitepapers, certified publications, and articles by recognized authors; gold standard and silver standard websites; Research and Development (R&D) organizations; regulatory bodies; and databases.

Primary Research

Various primary sources from both supply and demand sides of the conversational AI market were interviewed to obtain qualitative and quantitative information for this study. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various vendors of conversational AI solutions, associated service providers, and system integrators operating in the targeted regions. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

The following is the breakup of the primary respondents’ profiles:

Conversational AI Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

For making market estimates and forecasting the conversational AI market and the other dependent submarkets, the top-down and bottom-up approaches were used. The bottom-up procedure was used to arrive at the overall market size of the global conversational AI market using key companies’ revenue and their offerings in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the market were identified through extensive secondary research.
  • The market size, in terms of value, was determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Data Triangulation

With data triangulation and validation through primary interviews, the exact value of the overall parent market size was determined and confirmed using this study. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.

Report Objectives

  • To define, describe, and forecast the size of the conversational AI market by component (platform and services), type (Intelligent Virtual Assistant [IVA] and chatbots), services (training and consulting, system integration and testing, and support and maintenance), technology (Machine Learning [ML] and Deep Learning, Natural Language Processing [NLP], and Automated Speech Recognition [ASR]), deployment mode (on-premises and cloud), application (customer support, personal assistant, branding and advertisement, customer engagement and retention, employee engagement and onboarding, data privacy and compliance, and others), vertical (Banking, Financial Services, and Insurance [BFSI], media and entertainment, retail and eCommerce, travel and hospitality, telecom, healthcare and life sciences, and others), and region (North America, Europe, Asia Pacific [APAC], Latin America, and Middle East and Africa [MEA])
  • To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the conversational AI market
  • To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
  • To study the complete value chain of the market
  • To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the conversational AI ecosystem
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders
  • To analyze strategic approaches, such as product launches, acquisitions, contracts, agreements, and partnerships in the market

Scope of the Report

Report Metrics

Details

Market size available for years

2017–2024

Base year considered

2018

Forecast period

2019–2024

Forecast units

Billion (USD)

Segments covered

Components, Type, Services, Technology, Deployment Mode, Applications, Verticals, and Regions

Geographies covered

North America, Europe, APAC, Latin America, and MEA

Companies covered

IBM (US), Google (US), Microsoft (US), AWS (US), SAP (US), Oracle (US), Baidu (China), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Avaamo (US), Kore.aiI (India), Inbenta (US), Rulai (US), Solvvy (US), Pypestream (US), Creative Virtual (UK) and Saarthi.ai (India)

This research report categorizes the Conversational AI market based on components, type, services, technology, deployment mode, applications, verticals, and regions.

Based on Components, the market has the following segments:

  • Platform
  • Services
    • Training and Consulting
    • System Integration and Testing
    • Support and Maintenance

Based on Type, the market has the following segments:

  • IVA
  • Chatbots

Based on Technology, the market has the following segments:

  • ML and Deep Learning
  • NLP
  • ASR

Based on Deployment Mode, the market has the following segments:

  • On-premise
  • Cloud

Based on Applications, the market has the following segments:

  • Customer Support
  • Personal Assistant
  • Branding and Advertisement
  • Customer Engagement and Retention
  • Employee Engagement and Onboarding
  • Data Privacy and Compliance
  • Others (Campaign Analysis and Data Aggregation)

Based on Verticals, the market has the following segments:

  • BFSI
  • Media and Entertainment
  • Retail and eCommerce
  • Travel and Hospitality
  • Telecom
  • Healthcare and Life Sciences
  • Others (Government, Manufacturing, Education, and Energy and Utilities)

Based on Regions, the Conversational AI market has the following segments:

  • North America
  • Europe
  • APAC
  • Latin America
  • MEA

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix gives a detailed comparison of the product portfolio of each company

Geographic Analysis

  • Further breakup of the North American market
  • Further breakup of the European market
  • Further breakup of the APAC market
  • Further breakup of the Latin American market
  • Further breakup of the MEA market

Company Information

  • Detailed analysis and profiling of additional market players up to 5
Report Code
TC 6976
Published ON
Mar, 2019
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Marie Steelle

Senior Research analyst- MarketsandMarkets

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