Conversational AI Market

Conversational AI Market by Offering, Conversational Interface, Business Function (Sales & Marketing, HR, ITSM), Channel, Technology, Vertical (BFSI, Retail & eCommerce, Healthcare & Life Sciences) and Region - Global Forecast to 2028

Report Code: TC 6976 Mar, 2023, by marketsandmarkets.com

Updated on : Jan 03, 2024

Conversational AI Market Size

The conversational AI market size is expected to increase from USD 10.7 billion in 2023 to USD 29.8 billion by 2028 with a predicted CAGR of 22.6% during the forecast period. There are several commercial utilizes for artificial intelligence (AI) and machine learning. Moreover, the expansion of business across Asian countries would help to strengthen the dominance in the Conversational AI market and garner healthy financials. Integrating ChatGPT into a conversational AI platform can significantly improve its accuracy, fluency, versatility, and user experience in coming years.

Conversational AI Market

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Market Dynamics

Driver: Rising demand to embrace AI-powered digital experience across government sector

With governments across the world working to enable broad-scaled digital transformation, public sector organizations are increasingly inclining towards the adoption of conversational AI solutions to redefine the citizen experience. One key reason for this trend is that, globally, citizens are increasingly expecting to be able to engage with their governments online without much delay, with the growth of digital-native populations and the proliferation of mobile devices driving the trend. To meet this demand, more government entities and public sector undertakings will get on the conversational AI trend to improve efficiency and human productivity, streamlining the overall process of delivering citizen services digitally. Conversational AI can step in to improve efficiency and human productivity, streamlining the process of delivering citizen services digitally while keeping humans in the loop. According to data released by Yellow.ai, a leading enterprise-grade conversational AI platform provider, the company has served over 2.7 million unique users across the government sector worldwide and this number will continue to grow in 2023 as well.

Restraint: Privacy and security breaches

With ever-changing times, all businesses are inclined towards using conversational chatbots to effectively engage with customers. Conversational AI is dependent on accumulating data to answer user queries, it is also vulnerable to privacy and security breaches. Developing conversational AI apps with high privacy and security standards and monitoring systems will help to build trust among end users, eventually increasing chatbot usage over time. A few of the threats such as employee impersonation, ransomware and malware, phishing, whaling, and bot repurposing which can lead to data theft and modifications, can cause substantial harm to the organization and customers. Moreover, the mechanisms for detecting and resolving such security flaws continually evolve to ensure early identification and resolution. The security vulnerabilities posed by deploying conversational AI solutions are far more varied and unpredictable, hence falling into the threat and vulnerability categories.

Opportunity: Increasing usage of generative models in Conversational AI

Currently, the usage of generative AI coupled with the rising trend of ChatGPT will offer a huge opportunity in the conversational AI market. Generative models can provide developers with capabilities that help address manual, time-consuming tasks. There would be more focus on how it can be used efficiently by enterprises to solve real business problems. For instance, more focused research on how generative models could be used to generate personalized responses or recommendations based on an individual user’s preferences or history. Or how ChatGPT could be used to create a chatbot that can assist customers with questions or issues related to a product or service. There is also likely to be a trend toward the development of hybrid models that combine generative and discriminative techniques. These models could be more efficient and effective at tasks such as image classification, language translation, and natural language processing. There is still much ground to cover for such tools to be used efficiently and accurately for enterprise use cases to solve real business problems. Furthermore, Generative AI for Conversational AI is one of the most exciting and rapidly developing areas of artificial intelligence. As AI continues to evolve, many generative AI companies have come ahead to harness the ability to generate human-like responses in a conversational setting. It has the potential to revolutionize the way we interact with machines, creating more natural and human-like conversations that are tailored to our individual needs and preferences.

Challenge: Apprehensiveness over disclosing personal or sensitive information

Customers can be anxious about revealing personal or sensitive information, particularly when they realize that they are conversing with a machine instead of a human. Since all the customers will not be early adopters, hence it is vital to educate and socialize the target audiences around the benefits and safety of conversational AI and related technologies to create better customer experiences. This can lead to a bad user experience and reduced performance of the AI and negate the positive effects.  Furthermore, at times chatbots are not designed to answer a broad range of user inquiries. Hence it is crucial to provide an alternative channel of communication to tackle these more complex queries, as it’ll be frustrating for the end user if a wrong or incomplete answer is provided. In such scenarios, customers should be given the chance to connect with a human representative of the company.  Lastly, conversational AI can also optimize the workflow in a company, leading to a reduction in the workforce for a particular job function. This can generate socioeconomic activism, which can result in a harmful counterattack to a company.

By business function, HR segment to register at the highest CAGR during the forecast period

The conversational AI market by business function is segmented into HR, ITSM, sales and marketing, finance and accounting, and operations and supply chain. The HR segment is to grow at rapid pace during the forecast period. Conversational AI for HR enables organizations to deploy digital HR assistants, intelligent bot that handles a wide range of queries in real-time, accurately, and cost-effectively. A conversational AI chatbot benefits the HR department in the screening process by getting prospective employees’ information directly from the website.

By channel, mobile apps segment to have largest market size during the forecast period

Conversational AI helps businesses focus on a continuous and context-driven messaging experience with features such as triggered messages, contextual information, in-app campaigns, sales bot, and intelligent message routing. Conversational AI assists as a personal assistant in mobile apps is going to come with improved natural language understanding (NLU) technology with advanced seamless integration with business and consumer data, and the ability to run a network of interconnected algorithms rapidly to deliver hyper-personalized content in a human-centric conversational interface.

North America to account for the largest market size during the forecast period

North America is expected to have the largest market share in the conversational AI market. Furthermore, conversational AI is widely utilized in integration with intelligent virtual agents or chatbots in order to communicate with a complicated system in a rapid and reliable manner. The growing popularity of voice-based search has propelled the growth of the conversational AI market in North America. The presence of various key market players coupled with highest smartphone penetration rate in the region to spur the growth of the regional market over the forecast period.

Conversational AI Market  Size, and Share

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Key Market Players

The Conversational AIvendors have implemented various types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions to strengthen their offerings in the market. The major vendors in the global Conversational AI market include IBM (US), Microsoft (US), Google (US), AWS (US), Artificial Solutions (Sweden), Baidu (China), SAP (Germany), Oracle (US), OpenAI (US), Kore.ai (US), LivePerson (US), Avaamo (US), SoundHound (US), Kasisto (US), MindMeld (US), Solvvy (US), Creative Virtual (UK), Pypestream (US), Saarthi.ai (India), Inbenta (US), Conversica (US), Haptik (India), Gupshup (US), Cognigy (Germany), Yellow.ai (US), AssemblyAI (US), Senseforth.ai (US), Rasa (Germany), Rulai (US), Exceed.ai (US), Clinc (US), and Laiye (China).

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Scope of the Report

Report Metrics

Details

Market value in 2028

USD 29.8 Billion

Market value in 2023

USD 10.7 Billion

Market Growth Rate

22.6% CAGR

Largest Market

North America

Market size available for years

2018–2028

Base year considered

2023

Forecast period

2023–2028

Segments covered

Offering, Conversational Interface, Business Function, Channel, Technology, Vertical, and Region

Geographies covered

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Companies covered

IBM (US), Microsoft (US), Google (US), AWS (US), Artificial Solutions (Sweden), Baidu (China), SAP (Germany), Oracle (US), OpenAI (US), Kore.ai (US), LivePerson (US), Avaamo (US), SoundHound (US), Kasisto (US), MindMeld (US), Solvvy (US), Creative Virtual (UK), Pypestream (US) Saarthi.ai (India), Inbenta (US), Conversica (US), Haptik (India), Gupshup (US), Cognigy (Germany), Yellow.ai (US), AssemblyAI (US), Senseforth.ai (US), Rasa (Germany), Rulai (US), Exceed.ai (US), Clinc (US), and Laiye (China).

This research report categorizes the conversational AI market based on offerings, conversational interface, technology, channel, business function, vertical, and regions.

By Offering:
  • Solutions
  • Services
    • Training & Consulting
    • System Integration & Implementation
    • Support & Maintenance
By Conversational Interface:
  • Chatbots 
  • Interactive Voice Routing (IVR)
  • Intelligent Virtual Assistants (IVA)
By Business Function:
  • Information Technology Service Management (ITSM)
  • Human Resource (HR)
  • Sales and Marketing
  • Operations and Supply Chain
  • Finance and Accounting
By Technology:
  • ML and Deep Learning
  • NLP
  • ASR
  • Other Technologies
By Channel:
  • Emails and Websites
  • Mobile Apps
  • Telephones
  • Messaging Apps
By Vertical:
  • Banking, Financial Services and Insurance (BFSI)
  • Retail & eCommerce
  • Healthcare & Life Sciences
  • Travel & Hospitality
  • IT & ITES
  • Media & Entertainment
  • Telecom
  • Automobile & Transportation
  • Other Verticals
By Region:
  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe                         
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • ANZ
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • Egypt
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America

Recent Developments:

  • In March 2023, Baidu announced that it would finish internal testing of a ChatGPT-style project called "Ernie Bot" in March. Ernie, short for "Enhanced Representation through Knowledge Integration," is a sizable language model powered by AI that was unveiled in 2019. With Ernie, Baidu intends to improve its in-car voice assistant. The Apollo Smart Cabin product line is also getting ERNIE Bot installed, which will advance smart cars in terms of how people interact with them.
  • In February 2023, OpenAI introduced a conversational AI called ChatGPT that can converse with anyone, respond to the follow-up inquiries, and correct unfounded assumptions. It is available as a pilot subscription service. On February 10th, 2023, the company opened up ChatGPT Plus to consumers outside of the US.
  • In February 2023, Google launched a new Conversational AI service for testers named Bard. Bard aims to bring together the depth of human knowledge with the strength, wit, and inventiveness of Google’s massive language models. It uses data from the internet to deliver original, excellent answers. The company is initially making it available using LaMDA's lightweight variant. It can be scaled to more people and get more input because this much simpler model uses a lot less computer power.
  • In January 2023, Microsoft announced the launch of Azure OpenAI Service. More companies can apply for access to the most cutting-edge AI models available, including GPT-3.5, Codex, and DALLE 2, and build cutting-edge applications owing to the infrastructure and enterprise-grade capabilities of Microsoft Azure. Customers will also soon be able to use ChatGPT through Azure OpenAI Service, a refined version of GPT-3.5 that has been trained and performs inference on Azure AI infrastructure.
  • In December 2022, AWS announced its partnership with Stable AI to build and grow its AI models for the creation of picture, language, audio, video, and 3D content. Stable AI accelerates its work on open-source generative AI models by utilizing Amazon SageMaker (AWS's end-to-end machine learning service), as well as AWS's established compute and storage infrastructure. Moreover, Stability AI will work with Amazon to make its open-source tools and models accessible to worldwide startups, academics, and businesses.
  • In June 2022, Artificial Solutions announced new additions to Teneo, the most adaptable Conversational AI platform. Teneo has a number of new features that enable enterprise-level businesses to create no-code, low-code, and pro-code capabilities for next-generation conversational customer experiences on a single platform.
  • In February 2022, IBM has developed an AI-based virtual assistant called IBM Watson Assistant in collaboration with TD Securities that can answer common questions about the TD Precious Metals online store. Customers can purchase actual gold, silver, and platinum bullion and coins online from the convenience of their home through the TD Precious Metals digital store.

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 40)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE 
           1.3.1 MARKET SEGMENTATION
           1.3.2 REGIONS COVERED
    1.4 YEARS CONSIDERED 
    1.5 CURRENCY CONSIDERED 
    1.6 STAKEHOLDERS 
    1.7 SUMMARY OF CHANGES 
           1.7.1 IMPACT OF RECESSION
 
2 RESEARCH METHODOLOGY (Page No. - 45)
    2.1 RESEARCH DATA 
           FIGURE 1 CONVERSATIONAL AI MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
           2.1.2 PRIMARY DATA
                    TABLE 1 PRIMARY INTERVIEWS
                    2.1.2.1 Breakup of primary profiles
                    2.1.2.2 Key industry insights
    2.2 MARKET BREAKUP AND DATA TRIANGULATION 
           FIGURE 2 DATA TRIANGULATION
    2.3 MARKET SIZE ESTIMATION 
           FIGURE 3 CONVERSATIONAL AI MARKET: TOP-DOWN AND BOTTOM-UP APPROACHES
           2.3.1 TOP-DOWN APPROACH
           2.3.2 BOTTOM-UP APPROACH
                    FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY - APPROACH 1 (SUPPLY SIDE): REVENUE FROM SOLUTIONS/SERVICES
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY - APPROACH 2, BOTTOM UP (SUPPLY SIDE): COLLECTIVE REVENUE FROM ALL SOLUTIONS/SERVICES
                    FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY - APPROACH 3, BOTTOM UP (SUPPLY SIDE): COLLECTIVE REVENUE FROM ALL SOLUTIONS/SERVICES
                    FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY - APPROACH 4, BOTTOM UP (DEMAND SIDE): SHARE OF CONVERSATIONAL AI THROUGH OVERALL CONVERSATIONAL AI SPENDING
    2.4 MARKET FORECAST 
           TABLE 2 FACTOR ANALYSIS
    2.5 COMPANY EVALUATION MATRIX METHODOLOGY 
    2.6 START-UP/SME EVALUATION MATRIX METHODOLOGY 
           FIGURE 8 START-UP/SME EVALUATION MATRIX: CRITERIA WEIGHTAGE
    2.7 RESEARCH ASSUMPTIONS 
    2.8 STUDY LIMITATIONS 
    2.9 IMPACT OF RECESSION ON GLOBAL MARKET 
 
3 EXECUTIVE SUMMARY (Page No. - 59)
    TABLE 3 GLOBAL CONVERSATIONAL AI MARKET SIZE AND GROWTH RATE, 2018–2022 (USD MILLION, Y-O-Y%) 
    TABLE 4 GLOBAL MARKET SIZE AND GROWTH RATE, 2023–2028 (USD MILLION, Y-O-Y%) 
    FIGURE 9 SOLUTIONS SEGMENT TO DOMINATE MARKET IN 2023 
    FIGURE 10 TRAINING AND CONSULTING TO HOLD LARGEST MARKET SHARE IN 2023 
    FIGURE 11 CHATBOTS TO DOMINATE MARKET, BY CONVERSATIONAL INTERFACE, IN 2023 
    FIGURE 12 ML AND DEEP LEARNING SEGMENT TO LEAD MARKET, BY TECHNOLOGY, IN 2023 
    FIGURE 13 MOBILE APPS SEGMENT TO DOMINATE MARKET IN 2023 
    FIGURE 14 SALES AND MARKETING TO HOLD LARGEST MARKET SHARE, BY BUSINESS FUNCTION (2023) 
    FIGURE 15 SALES AND MARKETING, BY APPLICATION: CUSTOMER ENGAGEMENT AND RETENTION TO COMMAND LARGEST SHARE, 2023 
    FIGURE 16 FINANCE AND ACCOUNTING, BY APPLICATION: CUSTOMER SUPPORT AND PROCUREMENT MANAGEMENT TO GARNER LEADING SHARES, 2023 
    FIGURE 17 HR, BY APPLICATION: EMPLOYEE ENGAGEMENT AND ONBOARDING TO DOMINATE APPLICATIONS MARKET, 2023 
    FIGURE 18 OPERATIONS AND SUPPLY CHAIN, BY APPLICATION: WORKFLOW OPTIMIZATION SEGMENT TO DOMINATE MARKET, 2023 
    FIGURE 19 ITSM, BY APPLICATION: INCIDENT MANAGEMENT AND COST OPTIMIZATION TO REGISTER LARGEST MARKET SHARES, 2023 
    FIGURE 20 HEALTHCARE AND LIFE SCIENCES SEGMENT TO GROW AT HIGHEST CAGR IN 2023 
    FIGURE 21 GEOGRAPHICAL SNAPSHOT: NORTH AMERICA TO COMMAND LARGEST MARKET SHARE IN 2023 
 
4 PREMIUM INSIGHTS (Page No. - 67)
    4.1 ATTRACTIVE OPPORTUNITIES IN CONVERSATIONAL AI MARKET 
           FIGURE 22 RISING DEMAND TO EMBRACE AI-POWERED DIGITAL EXPERIENCE ACROSS GOVERNMENT SECTOR TO DRIVE MARKET GROWTH
    4.2 OVERVIEW OF RECESSION IMPACT ON MARKET 
           FIGURE 23 MARKET TO WITNESS MINOR DECLINE IN Y-O-Y GROWTH IN 2023
    4.3 MARKET: TOP THREE BUSINESS FUNCTIONS 
           FIGURE 24 HR BUSINESS FUNCTION SEGMENT TO GROW AT HIGHEST CAGR
    4.4 NORTH AMERICA: MARKET, BY OFFERING AND VERTICAL 
           FIGURE 25 CONVERSATIONAL AI SOLUTIONS AND BFSI VERTICAL TO HOLD LARGEST MARKET SHARES IN NORTH AMERICA IN 2023
    4.5 CONVERSATIONAL AI MARKET: BY REGION 
           FIGURE 26 NORTH AMERICA TO HOLD LARGEST MARKET SHARE IN 2023
 
5 MARKET OVERVIEW AND INDUSTRY TRENDS (Page No. - 70)
    5.1 INTRODUCTION 
    5.2 CONVERSATIONAL AI: EVOLUTION 
           FIGURE 27 EVOLUTION OF CONVERSATIONAL AI
    5.3 CONVERSATIONAL AI: ARCHITECTURE 
           FIGURE 28 CONVERSATIONAL AI: HIGH-LEVEL ARCHITECTURE OVERVIEW
    5.4 MARKET DYNAMICS 
           FIGURE 29 CONVERSATIONAL AI MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.4.1 DRIVERS
                    5.4.1.1 Increasing demand for AI-powered customer support services
                    5.4.1.2 Omnichannel deployment and reduced chatbot development cost
                    5.4.1.3 Growing focus on customer engagement and retention
                    5.4.1.4 Rising demand to embrace AI-powered digital experience across government sector
           5.4.2 RESTRAINTS
                    5.4.2.1 Privacy and security breaches
                    5.4.2.2 Limitations of voice command authentication
           5.4.3 OPPORTUNITIES
                    5.4.3.1 Increasing usage of generative models in conversational AI
                    5.4.3.2 Rising demand for conversational commerce for better purchasing experience and streamlined business processes
                    5.4.3.3 Integration of advanced AI capabilities to add value to existing conversational AI offerings
           5.4.4 CHALLENGES
                    5.4.4.1 Apprehensiveness over disclosing personal or sensitive information
                    5.4.4.2 Lack of accuracy in resolving queries
                    5.4.4.3 Inability to effectively recognize customer intent and behavior
                    5.4.4.4 Dearth of awareness
    5.5 CONVERSATIONAL AI MARKET: ECOSYSTEM 
           TABLE 5 MARKET: ECOSYSTEM
    5.6 CASE STUDY ANALYSIS 
           5.6.1 BFSI
                    5.6.1.1 Case Study 1: Nova KBM Bank provides overall customer self-service with AI-powered contact centers
                    5.6.1.2 Case Study 2: Florida Blue provides members with visual IVR support using Kore.ai XO Platform
                    5.6.1.3 Case Study 3: HSBC implemented LivePerson’s Conversation Builder platform to automate customer services queries and improve agent attrition
           5.6.2 HEALTHCARE AND LIFE SCIENCES
                    5.6.2.1 Case Study 1: Conversational AI helped UCHealth make healthcare more accessible for a large patient network
                    5.6.2.2 Case Study 2: HealthKart uses conversational AI to offer workouts on-demand
                    5.6.2.3 Case Study 3: Max Life Insurance Company harnesses conversational AI to automate email-based customer support
           5.6.3 TELECOM
                    5.6.3.1 Case Study 1: Haptik increases local queries by 2.5X and decreases human interventions by 80% by utilizing Microsoft Azure Machine Translation models
                    5.6.3.2 Case Study 2: Telenor improves customer experience using conversational AI solution Telmi
           5.6.4 TRAVEL AND HOSPITALITY
                    5.6.4.1 Case Study 1: Indigo boosts customer satisfaction to 87% with Yellow.ai conversational AI platform
                    5.6.4.2 Case Study 2: Equinox experienced a significant increase in leads with Haptik
           5.6.5 IT AND ITES
                    5.6.5.1 Case Study 1: IHS Markit uses Conversica Intelligent Virtual Assistants to drive revenue opportunities
                    5.6.5.2 Case Study 2: CSG projects ROI of USD 39 million by implementing Open Question
           5.6.6 RETAIL AND E-COMMERCE
                    5.6.6.1 Case Study 1: Tata CLiQ increased monthly sales by 10X ROI by leveraging Gupshup’s WhatsApp Business Solution
                    5.6.6.2 Case Study 2: Pepperfry uses Pep, an AI-powered chatbot, to improve customer experience
           5.6.7 MEDIA AND ENTERTAINMENT
                    5.6.7.1 Case Study 1: Linden Lab successfully boosts customer support with Haptik conversational AI solution
                    5.6.7.2 Case Study 2: SKY launched an automated conversational bot with the help of LivePerson’s Conversational Cloud
           5.6.8 ENERGY AND UTILITIES
                    5.6.8.1 Case Study 1: ENN transitions to automated AI with IBM Watson Assistant
                    5.6.8.2 Case Study 2: Shell implemented Teneo platform to build digital employees to answer complex questions
           5.6.9 AUTOMOTIVE AND TRANSPORTATION
                    5.6.9.1 Case Study 1: Conversational AI from Rezo for automobile company CarDekho
                    5.6.9.2 Case Study 2: Skoda deployed Teneo to deliver superior customer service experience, enhance customer journey, and improve website conversion rates
           5.6.10 GOVERNMENT
                    5.6.10.1 Case Study 1: State of New Jersey and IBM Consulting help citizens more efficiently with IBM virtual agents
           5.6.11 EDUCATION
                    5.6.11.1 Case Study 1: Doubtnut increases learner engagement by 260% with Gupshup conversational AI solution
    5.7 TECHNOLOGY ANALYSIS 
           5.7.1 RELATED TECHNOLOGY
                    5.7.1.1 Machine Learning and Deep Learning
                    5.7.1.2 Natural Language Processing
                    5.7.1.3 Natural Language Understanding
                    5.7.1.4 Automated Speech Recognition
           5.7.2 ALLIED TECHNOLOGIES
                    5.7.2.1 IoT
                    5.7.2.2 Big Data
                    5.7.2.3 AR/VR/Metaverse
    5.8 SUPPLY/VALUE CHAIN ANALYSIS 
           FIGURE 30 SUPPLY/VALUE CHAIN ANALYSIS
    5.9 PORTER’S FIVE FORCES ANALYSIS 
           FIGURE 31 PORTER’S FIVE FORCES ANALYSIS
           TABLE 6 PORTER’S FIVE FORCES ANALYSIS
           5.9.1 THREAT FROM NEW ENTRANTS
           5.9.2 THREAT FROM SUBSTITUTES
           5.9.3 BARGAINING POWER OF SUPPLIERS
           5.9.4 BARGAINING POWER OF BUYERS
           5.9.5 INTENSITY OF COMPETITIVE RIVALRY
    5.10 PRICING MODEL ANALYSIS 
           TABLE 7 CONVERSATIONAL AI MARKET: PRICING MODEL ANALYSIS, 2023
    5.11 TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS 
                    FIGURE 32 MARKET: TRENDS/DISRUPTIONS IMPACTING BUYERS/CLIENTS
    5.12 PATENT ANALYSIS 
           5.12.1 METHODOLOGY
           5.12.2 DOCUMENT TYPE
                    TABLE 8 PATENTS FILED, 2021–2023
           5.12.3 INNOVATION AND PATENT APPLICATIONS
                    FIGURE 33 TOTAL NUMBER OF PATENTS GRANTED, 2021–2023
                    5.12.3.1 Top applicants
                               FIGURE 34 TOP TEN COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS, 2021–2023
                               TABLE 9 TOP TEN PATENT OWNERS, 2021–2023
    5.13 KEY CONFERENCES & EVENTS, 2023–2024 
                    TABLE 10 DETAILED LIST OF CONFERENCES & EVENTS, 2023–2024
    5.14 REGULATORY LANDSCAPE 
                    TABLE 11 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 12 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 13 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 14 MIDDLE EAST AND AFRICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 15 LATIN AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.15 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 35 KEY STAKEHOLDERS IN BUYING BEHAVIOR: TOP THREE APPLICATIONS
                    TABLE 16 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS (%)
           5.15.2 BUYING CRITERIA
                    FIGURE 36 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS
                    TABLE 17 KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS
 
6 CONVERSATIONAL AI MARKET, BY OFFERING (Page No. - 109)
    6.1 INTRODUCTION 
           6.1.1 OFFERINGS: MARKET DRIVERS
                    FIGURE 37 SERVICES SEGMENT TO REGISTER HIGHER CAGR DURING FORECAST PERIOD
                    TABLE 18 MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                    TABLE 19 MARKET, BY OFFERING, 2023–2028 (USD MILLION)
    6.2 SOLUTIONS 
           6.2.1 ENHANCED BUSINESS OPERATIONS AND OPERATIONAL EFFECTIVENESS TO DRIVE DEMAND FOR SOLUTIONS
                    TABLE 20 CONVERSATIONAL AI SOLUTIONS MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 21 CONVERSATIONAL AI SOLUTIONS MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.3 SERVICES 
           FIGURE 38 SYSTEM INTEGRATION AND IMPLEMENTATION TO REGISTER HIGHEST CAGR IN 2023
           TABLE 22 CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2018–2022 (USD MILLION)
           TABLE 23 CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
           TABLE 24 CONVERSATIONAL AI SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION)
           TABLE 25 CONVERSATIONAL AI SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION)
           6.3.1 TRAINING AND CONSULTING
                    6.3.1.1 Training and consulting services play a crucial role in managing operations and technology updates
                               TABLE 26 TRAINING AND CONSULTING SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 27 TRAINING AND CONSULTING SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION)
           6.3.2 SYSTEM INTEGRATION AND IMPLEMENTATION
                    6.3.2.1 System integration and implementation services to gain traction due to the rising need to ensure effective system communication
                               TABLE 28 SYSTEM INTEGRATION AND IMPLEMENTATION SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 29 SYSTEM INTEGRATION AND IMPLEMENTATION SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION)
           6.3.3 SUPPORT AND MAINTENANCE
                    6.3.3.1 Demand for support and maintenance services to increase with rising conversational AI deployment
                               TABLE 30 SUPPORT AND MAINTENANCE SERVICES MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 31 SUPPORT AND MAINTENANCE SERVICES MARKET, BY REGION, 2023–2028 (USD MILLION)
 
7 CONVERSATIONAL AI MARKET, BY BUSINESS FUNCTION (Page No. - 117)
    7.1 INTRODUCTION 
           7.1.1 BUSINESS FUNCTION: MARKET DRIVERS
                    FIGURE 39 SALES AND MARKETING SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2023
                    TABLE 32 MARKET, BY BUSINESS FUNCTION, 2018–2022 (USD MILLION)
                    TABLE 33 MARKET, BY BUSINESS FUNCTION, 2023–2028 (USD MILLION)
    7.2 SALES AND MARKETING 
           7.2.1 GROWING NEED TO RECOGNIZE CUSTOMER PURCHASING PATTERNS TO BOOST DEMAND FOR CONVERSATIONAL AI SOLUTIONS
                    TABLE 34 MARKET FOR SALES AND MARKETING, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 35 MARKET FOR SALES AND MARKETING, BY REGION, 2023–2028 (USD MILLION)
           7.2.2 SALES AND MARKETING APPLICATIONS
                    FIGURE 40 CUSTOMER ENGAGEMENT AND RETENTION TO HOLD LARGEST SHARE IN 2023
                    TABLE 36 MARKET FOR SALES AND MARKETING, BY APPLICATION, 2018–2022 (USD MILLION)
                    TABLE 37 CONVERSATIONAL AI MARKET FOR SALES AND MARKETING, BY APPLICATION, 2023–2028 (USD MILLION)
                    7.2.2.1 Customer engagement and retention
                    7.2.2.2 Branding and advertisement
                    7.2.2.3 Campaign management
                    7.2.2.4 Personalized recommendations
                    7.2.2.5 Other sales and marketing applications
    7.3 FINANCE AND ACCOUNTING 
           7.3.1 SUPPORT FOR TRACKING OUTSTANDING INVOICES AND AUTOMATING FOLLOW-UPS TO DRIVE EMPHASIS ON CONVERSATIONAL AI
                    TABLE 38 MARKET FOR FINANCE AND ACCOUNTING, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 39 MARKET FOR FINANCE AND ACCOUNTING, BY REGION, 2023–2028 (USD MILLION)
           7.3.2 FINANCE AND ACCOUNTING APPLICATIONS
                    FIGURE 41 CUSTOMER SUPPORT SEGMENT TO DOMINATE MARKET IN 2023
                    TABLE 40 MARKET FOR FINANCE AND ACCOUNTING, BY APPLICATION, 2018–2022 (USD MILLION)
                    TABLE 41 CONVERSATIONAL AI MARKET FOR FINANCE AND ACCOUNTING, BY APPLICATION, 2023–2028 (USD MILLION)
                    7.3.2.1 Customer support
                    7.3.2.2 Procurement management
                    7.3.2.3 Expense tracking and reporting
                    7.3.2.4 Data privacy and compliance
                    7.3.2.5 Other finance and accounting applications
    7.4 HR 
           7.4.1 NEED TO AUTOMATE EMPLOYEE ENGAGEMENT AND MANAGE COMPLEX ONBOARDING PROCESSES TO DRIVE ADOPTION
                    TABLE 42 MARKET FOR HR, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 43 MARKET FOR HR, BY REGION, 2023–2028 (USD MILLION)
           7.4.2 HR APPLICATIONS
                    FIGURE 42 EMPLOYEE ENGAGEMENT AND ONBOARDING SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2023
                    TABLE 44 MARKET FOR HR, BY APPLICATION, 2018–2022 (USD MILLION)
                    TABLE 45 MARKET FOR HR, BY APPLICATION, 2023–2028 (USD MILLION)
                    7.4.2.1 Employee engagement and onboarding
                    7.4.2.2 Performance management
                    7.4.2.3 Document management
                    7.4.2.4 Leave management
                    7.4.2.5 Other HR applications
    7.5 OPERATIONS AND SUPPLY CHAIN 
           7.5.1 EFFICIENCY IN HANDLING COMPLEX OPERATIONS AND IMPROVED PRODUCTIVITY TO BOOST ADOPTION OF CONVERSATIONAL AI
                    TABLE 46 CONVERSATIONAL AI MARKET FOR OPERATIONS AND SUPPLY CHAIN, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 47 MARKET FOR OPERATIONS AND SUPPLY CHAIN, BY REGION, 2023–2028 (USD MILLION)
           7.5.2 OPERATIONS AND SUPPLY CHAIN APPLICATIONS
                    FIGURE 43 WORKFLOW OPTIMIZATION SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2023
                    TABLE 48 MARKET FOR OPERATIONS AND SUPPLY CHAIN, BY APPLICATION, 2018–2022 (USD MILLION)
                    TABLE 49 MARKET FOR OPERATIONS AND SUPPLY CHAIN, BY APPLICATION, 2023–2028 (USD MILLION)
                    7.5.2.1 Workflow optimization
                    7.5.2.2 Scheduling and routing
                    7.5.2.3 Inventory management
                    7.5.2.4 Vendor management
                    7.5.2.5 Other operations and supply chain applications
    7.6 ITSM 
           7.6.1 POTENTIAL TO STREAMLINE IT PROCESSES AND HASTEN QUERY RESOLUTION TO BOOST ADOPTION
                    TABLE 50 CONVERSATIONAL AI MARKET FOR ITSM, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 51 MARKET FOR ITSM, BY REGION, 2023–2028 (USD MILLION)
           7.6.2 ITSM APPLICATIONS
                    FIGURE 44 INCIDENT MANAGEMENT TO DOMINATE MARKET TILL 2028
                    TABLE 52 MARKET FOR ITSM, BY APPLICATION, 2018–2022 (USD MILLION)
                    TABLE 53 MARKET FOR ITSM, BY APPLICATION, 2023–2028 (USD MILLION)
                    7.6.2.1 Incident management
                    7.6.2.2 Cost optimization
                    7.6.2.3 Query handling
                    7.6.2.4 Knowledge management
                    7.6.2.5 Other ITSM applications
 
8 CONVERSATIONAL AI MARKET, BY CHANNEL (Page No. - 136)
    8.1 INTRODUCTION 
    8.2 CHANNEL: MARKET DRIVERS 
           FIGURE 45 MESSAGING APPS SEGMENT EXPECTED TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 54 MARKET, BY CHANNEL, 2018–2022 (USD MILLION)
           TABLE 55 MARKET, BY CHANNEL, 2023–2028 (USD MILLION)
    8.3 MOBILE APPS 
           8.3.1 PROLIFERATION OF SMARTPHONES TO OFFER OPPORTUNITIES FOR SOLUTION DEPLOYMENT
                    TABLE 56 MARKET FOR MOBILE APPS, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 57 MARKET FOR MOBILE APPS, BY REGION, 2023–2028 (USD MILLION)
    8.4 TELEPHONES 
           8.4.1 NEED TO FACILITATE CONVERSATIONS BETWEEN CUSTOMERS AND BUSINESSES TO BOOST ADOPTION OF CONVERSATIONAL AI
                    TABLE 58 MARKET FOR TELEPHONES, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 59 MARKET FOR TELEPHONES, BY REGION, 2023–2028 (USD MILLION)
    8.5 MESSAGING APPS 
           8.5.1 AI USE IN MESSAGING APPS SHOWS STRONG POTENTIAL TO ENHANCE CONSUMER EXPERIENCE
                    TABLE 60 MARKET FOR MESSAGING APPS, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 61 MARKET FOR MESSAGING APPS, BY REGION, 2023–2028 (USD MILLION)
    8.6 EMAILS AND WEBSITES 
           8.6.1 GROWING NEED TO PROVIDE PRODUCT RECOMMENDATIONS TO WEBSITE VISITORS TO DRIVE MARKET GROWTH
                    TABLE 62 MARKET FOR EMAILS AND WEBSITES, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 63 MARKET FOR EMAILS AND WEBSITES, BY REGION, 2023–2028 (USD MILLION)
 
9 CONVERSATIONAL AI MARKET, BY CONVERSATIONAL INTERFACE (Page No. - 143)
    9.1 INTRODUCTION 
           9.1.1 CONVERSATIONAL INTERFACE: MARKET DRIVERS
                    FIGURE 46 CHATBOTS SEGMENT TO GROW AT HIGHEST CAGR TILL 2028
                    TABLE 64 MARKET, BY CONVERSATIONAL INTERFACE, 2018–2022 (USD MILLION)
                    TABLE 65 MARKET, BY CONVERSATIONAL INTERFACE, 2023–2028 (USD MILLION)
    9.2 CHATBOTS 
           9.2.1 USE OF AI-BASED CHATBOTS TO AUTOMATE CONVERSATIONS TO REGISTER RAPID GROWTH
                    TABLE 66 MARKET FOR CHATBOTS, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 67 MARKET FOR CHATBOTS, BY REGION, 2023–2028 (USD MILLION)
    9.3 IVR 
           9.3.1 GROWING ADOPTION ACROSS ENTERPRISES AND INDUSTRIES TO BOOST MARKET
                    TABLE 68 MARKET FOR IVR, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 69 MARKET FOR IVR, BY REGION, 2023–2028 (USD MILLION)
    9.4 IVA 
           9.4.1 RISING EMPHASIS ON CONSUMER CONNECTION AND SERVICE TO PROPEL ADOPTION OF IVA
                    TABLE 70 MARKET FOR IVA, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 71 MARKET FOR IVA, BY REGION, 2023–2028 (USD MILLION)
 
10 MARKET, BY TECHNOLOGY (Page No. - 149)
     10.1 INTRODUCTION 
     10.2 TECHNOLOGY: MARKET DRIVERS 
               FIGURE 47 ML AND DEEP LEARNING TO SHOW HIGHEST GROWTH OVER FORECAST PERIOD
               TABLE 72 MARKET, BY TECHNOLOGY, 2018–2022 (USD MILLION)
               TABLE 73 MARKET, TECHNOLOGY, 2023–2028 (USD MILLION)
     10.3 NLP 
             10.3.1 NEED TO RECOGNIZE HUMAN VOICES AND HANDLE QUERIES EFFECTIVELY TO DRIVE GROWTH OF NLP
                       TABLE 74 MARKET FOR NLP, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 75 MARKET FOR NLP, BY REGION, 2023–2028 (USD MILLION)
     10.4 ML AND DEEP LEARNING 
             10.4.1 GROWING FOCUS ON BUILDING AND MAINTAINING LOW-CODE APPS TO DRIVE MARKET
                       TABLE 76 MARKET FOR ML AND DEEP LEARNING, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 77 MARKET FOR ML AND DEEP LEARNING, BY REGION, 2023–2028 (USD MILLION)
     10.5 ASR 
             10.5.1 RISING NEED TO HANDLE CUSTOMER SERVICES AND RESOLVE CUSTOMER QUERIES ACROSS LARGE ENTERPRISES TO BOOST GROWTH
                       TABLE 78 MARKET FOR ASR, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 79 MARKET FOR ASR, BY REGION, 2023–2028 (USD MILLION)
     10.6 OTHER TECHNOLOGIES 
               TABLE 80 MARKET FOR OTHER TECHNOLOGIES, BY REGION, 2018–2022 (USD MILLION)
               TABLE 81 MARKET FOR OTHER TECHNOLOGIES, BY REGION, 2023–2028 (USD MILLION)
 
11 CONVERSATIONAL AI MARKET, BY VERTICAL (Page No. - 156)
     11.1 INTRODUCTION 
             11.1.1 VERTICALS: MARKET DRIVERS
                       FIGURE 48 HEALTHCARE AND LIFE SCIENCES VERTICAL TO REGISTER FASTEST GROWTH
             11.1.2 MAJOR USE CASES: BY VERTICAL
                       TABLE 82 MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 83 MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
     11.2 BFSI 
             11.2.1 BFSI TO REGISTER HIGHEST ADOPTION OF CONVERSATIONAL AI
                       TABLE 84 MARKET FOR BFSI, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 85 MARKET FOR BFSI, BY REGION, 2023–2028 (USD MILLION)
     11.3 RETAIL AND ECOMMERCE 
             11.3.1 INCREASING DEPLOYMENT OF CONVERSATIONAL AI SOLUTIONS TARGETED AT BOOSTING ENGAGEMENT AND LOYALTY
                       TABLE 86 MARKET FOR RETAIL AND ECOMMERCE, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 87 MARKET FOR RETAIL AND ECOMMERCE, BY REGION, 2023–2028 (USD MILLION)
     11.4 TELECOM 
             11.4.1 DRIVE TO IMPROVE CONTACT CENTER EFFICIENCY AND REDUCE COSTS TO AUGMENT DEMAND FOR CONVERSATIONAL AI
                       TABLE 88 MARKET FOR TELECOM, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 89 MARKET FOR TELECOM, BY REGION, 2023–2028 (USD MILLION)
     11.5 MEDIA AND ENTERTAINMENT 
             11.5.1 RISING DEMAND FOR PERSONALIZED CUSTOMER EXPERIENCE TO INCREASE ADOPTION OF CONVERSATIONAL AI
                       TABLE 90 MARKET FOR MEDIA AND ENTERTAINMENT, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 91 MARKET FOR MEDIA AND ENTERTAINMENT, BY REGION, 2023–2028 (USD MILLION)
     11.6 HEALTHCARE AND LIFE SCIENCES 
             11.6.1 EMPHASIS ON IMPROVING PATIENT MANAGEMENT, MONITORING, AND EXPERIENCE TO SUPPORT USAGE OF CONVERSATIONAL AI
                       TABLE 92 MARKET FOR HEALTHCARE AND LIFE SCIENCES, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 93 MARKET FOR HEALTHCARE AND LIFE SCIENCES, BY REGION, 2023–2028 (USD MILLION)
     11.7 TRAVEL AND HOSPITALITY 
             11.7.1 EMPHASIS ON AUTOMATING BOOKING AND IMPROVING SCHEDULE MANAGEMENT INDICATES POTENTIAL FOR AI
                       TABLE 94 MARKET FOR TRAVEL AND HOSPITALITY, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 95 MARKET FOR TRAVEL AND HOSPITALITY, BY REGION, 2023–2028 (USD MILLION)
     11.8 AUTOMOTIVE AND TRANSPORTATION 
             11.8.1 FOCUS ON DRIVING CUSTOMER AWARENESS ABOUT CAR RELEASES, TEST DRIVES, AND NEW SYSTEMS TO PROPEL MARKET GROWTH
                       TABLE 96 MARKET FOR AUTOMOTIVE AND TRANSPORTATION, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 97 MARKET FOR AUTOMOTIVE AND TRANSPORTATION, BY REGION, 2023–2028 (USD MILLION)
     11.9 IT AND ITES 
             11.9.1 HIGH REQUIREMENTS FOR CUSTOMER CARE AND INTENSE COMPETITION TO PUSH USERS TOWARD ADVANCED SOLUTIONS
                       TABLE 98 MARKET FOR IT AND ITES, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 99 MARKET FOR IT AND ITES, BY REGION, 2023–2028 (USD MILLION)
     11.10 OTHER VERTICALS 
               TABLE 100 MARKET FOR OTHER VERTICALS, BY REGION, 2018–2022 (USD MILLION)
               TABLE 101 MARKET FOR OTHER VERTICALS, BY REGION, 2023–2028 (USD MILLION)
 
12 CONVERSATIONAL AI MARKET, BY REGION (Page No. - 171)
     12.1 INTRODUCTION 
               FIGURE 49 MARKET: GEOGRAPHIC SNAPSHOT, 2023 VS. 2028
               FIGURE 50 INDIA TO SHOW HIGHEST GROWTH DURING FORECAST PERIOD
               TABLE 102 MARKET, BY REGION, 2018–2022 (USD MILLION)
               TABLE 103 MARKET, BY REGION, 2023–2028 (USD MILLION)
     12.2 NORTH AMERICA 
             12.2.1 NORTH AMERICA: MARKET DRIVERS
             12.2.2 NORTH AMERICA: IMPACT OF RECESSION
                       FIGURE 51 NORTH AMERICA: MARKET SNAPSHOT
                       TABLE 104 NORTH AMERICA: MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                       TABLE 105 NORTH AMERICA: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                       TABLE 106 NORTH AMERICA: CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2018–2022 (USD MILLION)
                       TABLE 107 NORTH AMERICA: CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
                       TABLE 108 NORTH AMERICA: MARKET, BY CONVERSATIONAL INTERFACE, 2018–2022 (USD MILLION)
                       TABLE 109 NORTH AMERICA: MARKET, BY CONVERSATIONAL INTERFACE, 2023–2028 (USD MILLION)
                       TABLE 110 NORTH AMERICA: CONVERSATIONAL AI MARKET, BY TECHNOLOGY, 2018–2022 (USD MILLION)
                       TABLE 111 NORTH AMERICA: MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                       TABLE 112 NORTH AMERICA: MARKET, BY CHANNEL, 2018–2022 (USD MILLION)
                       TABLE 113 NORTH AMERICA: MARKET, BY CHANNEL, 2023–2028 (USD MILLION)
                       TABLE 114 NORTH AMERICA: MARKET, BY BUSINESS FUNCTION, 2018–2022 (USD MILLION)
                       TABLE 115 NORTH AMERICA: MARKET, BY BUSINESS FUNCTION, 2023–2028 (USD MILLION)
                       TABLE 116 NORTH AMERICA: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 117 NORTH AMERICA: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
                       TABLE 118 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 119 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             12.2.3 US
                       12.2.3.1 Strong IT infrastructure, innovation, and initiatives to drive market growth
             12.2.4 CANADA
                       12.2.4.1 Advent of IoT-powered digital economy to support economic growth
     12.3 EUROPE 
             12.3.1 EUROPE: MARKET DRIVERS
             12.3.2 EUROPE: IMPACT OF RECESSION
                       TABLE 120 EUROPE: MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                       TABLE 121 EUROPE: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                       TABLE 122 EUROPE: CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2018–2022 (USD MILLION)
                       TABLE 123 EUROPE: CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
                       TABLE 124 EUROPE: MARKET, BY CONVERSATIONAL INTERFACE, 2018–2022 (USD MILLION)
                       TABLE 125 EUROPE: MARKET, BY CONVERSATIONAL INTERFACE, 2023–2028 (USD MILLION)
                       TABLE 126 EUROPE: CONVERSATIONAL AI MARKET, BY TECHNOLOGY, 2018–2022 (USD MILLION)
                       TABLE 127 EUROPE: MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                       TABLE 128 EUROPE: MARKET, BY CHANNEL, 2018–2022 (USD MILLION)
                       TABLE 129 EUROPE: MARKET, BY CHANNEL, 2023–2028 (USD MILLION)
                       TABLE 130 EUROPE: MARKET, BY BUSINESS FUNCTION, 2018–2022 (USD MILLION)
                       TABLE 131 EUROPE: MARKET, BY BUSINESS FUNCTION, 2023–2028 (USD MILLION)
                       TABLE 132 EUROPE: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 133 EUROPE: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
                       TABLE 134 EUROPE: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 135 EUROPE: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             12.3.3 UK
                       12.3.3.1 Huge competition in retail to hinder customer retention and drive demand for conversational AI
             12.3.4 GERMANY
                       12.3.4.1 Rising government support and highly skilled labor force to drive market
             12.3.5 FRANCE
                       12.3.5.1 Rising demand for better and faster predictive results to propel AI adoption
             12.3.6 ITALY
                       12.3.6.1 Government initiatives in education and research to support growth of conversational AI
             12.3.7 SPAIN
                       12.3.7.1 Spain’s prominence in AI startup ecosystem to favor adoption
             12.3.8 REST OF EUROPE
     12.4 ASIA PACIFIC 
             12.4.1 ASIA PACIFIC: MARKET DRIVERS
             12.4.2 ASIA PACIFIC: IMPACT OF RECESSION
                       FIGURE 52 ASIA PACIFIC: MARKET SNAPSHOT
                       TABLE 136 ASIA PACIFIC: MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                       TABLE 137 ASIA PACIFIC: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                       TABLE 138 ASIA PACIFIC: CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2018–2022 (USD MILLION)
                       TABLE 139 ASIA PACIFIC: CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
                       TABLE 140 ASIA PACIFIC: MARKET, BY CONVERSATIONAL INTERFACE, 2018–2022 (USD MILLION)
                       TABLE 141 ASIA PACIFIC: MARKET, BY CONVERSATIONAL INTERFACE, 2023–2028 (USD MILLION)
                       TABLE 142 ASIA PACIFIC: CONVERSATIONAL AI MARKET, BY TECHNOLOGY, 2018–2022 (USD MILLION)
                       TABLE 143 ASIA PACIFIC: MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                       TABLE 144 ASIA PACIFIC: MARKET, BY CHANNEL, 2018–2022 (USD MILLION)
                       TABLE 145 ASIA PACIFIC: MARKET, BY CHANNEL, 2023–2028 (USD MILLION)
                       TABLE 146 ASIA PACIFIC: MARKET, BY BUSINESS FUNCTION, 2018–2022 (USD MILLION)
                       TABLE 147 ASIA PACIFIC: MARKET, BY BUSINESS FUNCTION, 2023–2028 (USD MILLION)
                       TABLE 148 ASIA PACIFIC: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 149 ASIA PACIFIC: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
                       TABLE 150 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 151 ASIA PACIFIC: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                       TABLE 152 ASIA PACIFIC: MARKET FOR ASEAN, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 153 ASIA PACIFIC: MARKET FOR ASEAN, BY COUNTRY, 2023–2028 (USD MILLION)
             12.4.3 CHINA
                       12.4.3.1 Investments in AI landscape to propel adoption of conversational solutions
             12.4.4 ASEAN
                       12.4.4.1 Rising need to improve business insights and growing data generation to boost demand
             12.4.5 JAPAN
                       12.4.5.1 Advancements in innovative technologies and need to prevent data breaches to drive market
             12.4.6 ANZ
                       12.4.6.1 Emphasis on reducing operational costs and improving customer experience to support growth
             12.4.7 SOUTH KOREA
                       12.4.7.1 Growing government investments and support for AI startups to boost market growth
             12.4.8 INDIA
                       12.4.8.1 Rising investments among startups and growth of AI technology to trigger conversational AI adoption
             12.4.9 REST OF ASIA PACIFIC
     12.5 MIDDLE EAST AND AFRICA 
             12.5.1 MIDDLE EAST AND AFRICA: MARKET DRIVERS
             12.5.2 MIDDLE EAST AND AFRICA: IMPACT OF RECESSION
                       TABLE 154 MIDDLE EAST AND AFRICA: MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                       TABLE 155 MIDDLE EAST AND AFRICA: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                       TABLE 156 MIDDLE EAST AND AFRICA: CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2018–2022 (USD MILLION)
                       TABLE 157 MIDDLE EAST AND AFRICA: CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
                       TABLE 158 MIDDLE EAST AND AFRICA: MARKET, BY CONVERSATIONAL INTERFACE, 2018–2022 (USD MILLION)
                       TABLE 159 MIDDLE EAST AND AFRICA: MARKET, BY CONVERSATIONAL INTERFACE, 2023–2028 (USD MILLION)
                       TABLE 160 MIDDLE EAST AND AFRICA: MARKET, BY TECHNOLOGY, 2018–2022 (USD MILLION)
                       TABLE 161 MIDDLE EAST AND AFRICA: CONVERSATIONAL AI MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                       TABLE 162 MIDDLE EAST AND AFRICA: MARKET, BY CHANNEL, 2018–2022 (USD MILLION)
                       TABLE 163 MIDDLE EAST AND AFRICA: MARKET, BY CHANNEL, 2023–2028 (USD MILLION)
                       TABLE 164 MIDDLE EAST AND AFRICA: MARKET, BY BUSINESS FUNCTION, 2018–2022 (USD MILLION)
                       TABLE 165 MIDDLE EAST AND AFRICA: MARKET, BY BUSINESS FUNCTION, 2023–2028 (USD MILLION)
                       TABLE 166 MIDDLE EAST AND AFRICA: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 167 MIDDLE EAST AND AFRICA: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
                       TABLE 168 MIDDLE EAST AND AFRICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 169 MIDDLE EAST AND AFRICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             12.5.3 UAE
                       12.5.3.1 Need to resolve customer queries in real-time and enhance productivity to bolster market growth
             12.5.4 SAUDI ARABIA
                       12.5.4.1 Government support and investments to drive demand for conversational AI
             12.5.5 ISRAEL
                       12.5.5.1 Growth of AI startups offering customer support services to drive market
             12.5.6 SOUTH AFRICA
                       12.5.6.1 Emphasis on improving customer experience to drive demand for conversational AI
             12.5.7 EGYPT
                       12.5.7.1 Rapid evolution of digital products and services to spur growth
             12.5.8 REST OF MIDDLE EAST AND AFRICA
     12.6 LATIN AMERICA 
             12.6.1 LATIN AMERICA: MARKET DRIVERS
             12.6.2 LATIN AMERICA: IMPACT OF RECESSION
                       TABLE 170 LATIN AMERICA: MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                       TABLE 171 LATIN AMERICA: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                       TABLE 172 LATIN AMERICA: CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2018–2022 (USD MILLION)
                       TABLE 173 LATIN AMERICA: CONVERSATIONAL AI SERVICES MARKET, BY TYPE, 2023–2028 (USD MILLION)
                       TABLE 174 LATIN AMERICA: MARKET, BY CONVERSATIONAL INTERFACE, 2018–2022 (USD MILLION)
                       TABLE 175 LATIN AMERICA: MARKET, BY CONVERSATIONAL INTERFACE, 2023–2028 (USD MILLION)
                       TABLE 176 LATIN AMERICA: CONVERSATIONAL AI MARKET, BY TECHNOLOGY, 2018–2022 (USD MILLION)
                       TABLE 177 LATIN AMERICA: MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                       TABLE 178 LATIN AMERICA: MARKET, BY CHANNEL, 2018–2022 (USD MILLION)
                       TABLE 179 LATIN AMERICA: MARKET, BY CHANNEL, 2023–2028 (USD MILLION)
                       TABLE 180 LATIN AMERICA: MARKET, BY BUSINESS FUNCTION, 2018–2022 (USD MILLION)
                       TABLE 181 LATIN AMERICA: MARKET, BY BUSINESS FUNCTION, 2023–2028 (USD MILLION)
                       TABLE 182 LATIN AMERICA: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 183 LATIN AMERICA: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
                       TABLE 184 LATIN AMERICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 185 LATIN AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             12.6.3 BRAZIL
                       12.6.3.1 Emerging startups to create awareness among larger enterprises
             12.6.4 MEXICO
                       12.6.4.1 Demand for AI-based technologies to fuel market
             12.6.5 ARGENTINA
                       12.6.5.1 Rising chatbot startups for better customer experience to spur market growth
             12.6.6 REST OF LATIN AMERICA
 
13 COMPETITIVE LANDSCAPE (Page No. - 214)
     13.1 OVERVIEW 
     13.2 KEY PLAYER STRATEGIES 
               TABLE 186 OVERVIEW OF STRATEGIES ADOPTED BY KEY CONVERSATIONAL AI VENDORS
     13.3 REVENUE ANALYSIS 
             13.3.1 HISTORICAL REVENUE ANALYSIS
                       FIGURE 53 HISTORICAL REVENUE ANALYSIS OF TOP PLAYERS, 2020–2022 (USD MILLION)
     13.4 MARKET SHARE ANALYSIS 
               FIGURE 54 MARKET SHARE ANALYSIS FOR KEY COMPANIES, 2022
               TABLE 187 MARKET: DEGREE OF COMPETITION
     13.5 COMPANY EVALUATION QUADRANT, 2022 
             13.5.1 STARS
             13.5.2 EMERGING LEADERS
             13.5.3 PERVASIVE PLAYERS
             13.5.4 PARTICIPANTS
                       FIGURE 55 CONVERSATIONAL AI MARKET: COMPANY EVALUATION QUADRANT, 2022
             13.5.5 COMPETITIVE BENCHMARKING
                       TABLE 188 MARKET: PRODUCT FOOTPRINT ANALYSIS OF KEY PLAYERS, 2022
                       TABLE 189 MARKET: PRODUCT FOOTPRINT ANALYSIS OF OTHER PLAYERS, 2022
     13.6 COMPANY EVALUATION QUADRANT FOR START-UPS/SMES, 2022 
             13.6.1 PROGRESSIVE COMPANIES
             13.6.2 RESPONSIVE COMPANIES
             13.6.3 DYNAMIC COMPANIES
             13.6.4 STARTING BLOCKS
                       FIGURE 56 MARKET: COMPANY EVALUATION QUADRANT FOR START-UPS/SMES, 2022
             13.6.5 COMPETITIVE BENCHMARKING FOR START-UPS/SMES
                       TABLE 190 MARKET: DETAILED LIST OF KEY START-UPS/SMES
                       TABLE 191 CONVERSATIONAL AI MARKET: PRODUCT FOOTPRINT ANALYSIS OF START-UPS/SMES PLAYERS, 2023
     13.7 COMPETITIVE SCENARIO AND TRENDS 
             13.7.1 PRODUCT LAUNCHES
                       TABLE 192 SERVICE/PRODUCT LAUNCHES, 2020–2023
             13.7.2 DEALS
                       TABLE 193 DEALS, 2020–2023
 
14 COMPANY PROFILES (Page No. - 228)
     14.1 INTRODUCTION 
     14.2 KEY PLAYERS 
(Business Overview, Products/Services Offered, Recent Developments, and MnM View)*
             14.2.1 MICROSOFT
                       TABLE 194 MICROSOFT: BUSINESS OVERVIEW
                       FIGURE 57 MICROSOFT: COMPANY SNAPSHOT
                       TABLE 195 MICROSOFT: PRODUCTS OFFERED
                       TABLE 196 MICROSOFT: PRODUCT LAUNCHES
                       TABLE 197 MICROSOFT: DEALS
             14.2.2 GOOGLE
                       TABLE 198 GOOGLE: BUSINESS OVERVIEW
                       FIGURE 58 GOOGLE: COMPANY SNAPSHOT
                       TABLE 199 GOOGLE: PRODUCTS OFFERED
                       TABLE 200 GOOGLE: PRODUCT LAUNCHES AND ENHANCEMENTS
             14.2.3 OPENAI
                       TABLE 201 OPENAI: BUSINESS OVERVIEW
                       TABLE 202 OPENAI: PRODUCTS OFFERED
                       TABLE 203 OPENAI: PRODUCT LAUNCHES
                       TABLE 204 OPENAI: DEALS
             14.2.4 IBM
                       TABLE 205 IBM: BUSINESS OVERVIEW
                       FIGURE 59 IBM: COMPANY SNAPSHOT
                       TABLE 206 IBM: PRODUCTS OFFERED
                       TABLE 207 IBM: PRODUCT LAUNCHES
                       TABLE 208 IBM: DEALS
             14.2.5 BAIDU
                       TABLE 209 BAIDU: BUSINESS OVERVIEW
                       FIGURE 60 BAIDU: COMPANY SNAPSHOT
                       TABLE 210 BAIDU: PRODUCTS OFFERED
                       TABLE 211 BAIDU: PRODUCT LAUNCHES
                       TABLE 212 BAIDU: DEALS
             14.2.6 AWS
                       TABLE 213 AWS: BUSINESS OVERVIEW
                       FIGURE 61 AWS: COMPANY SNAPSHOT
                       TABLE 214 AWS: SERVICES OFFERED
                       TABLE 215 AWS: PRODUCT LAUNCHES AND ENHANCEMENTS
                       TABLE 216 AWS: DEALS
             14.2.7 ARTIFICIAL SOLUTIONS
                       TABLE 217 ARTIFICIAL SOLUTIONS: BUSINESS OVERVIEW
                       FIGURE 62 ARTIFICIAL SOLUTIONS: COMPANY SNAPSHOT
                       TABLE 218 ARTIFICIAL SOLUTIONS: PRODUCTS OFFERED
                       TABLE 219 ARTIFICIAL SOLUTIONS: PRODUCT LAUNCHES AND ENHANCEMENTS
                       TABLE 220 ARTIFICIAL SOLUTIONS: DEALS
                       TABLE 221 ARTIFICIAL SOLUTIONS: OTHERS
             14.2.8 KORE.AI
                       TABLE 222 KORE.AI: BUSINESS OVERVIEW
                       TABLE 223 KORE.AI: PRODUCTS OFFERED
                       TABLE 224 KORE.AI: PRODUCT LAUNCHES
                       TABLE 225 KORE.AI: DEALS
             14.2.9 ORACLE
                       TABLE 226 ORACLE: BUSINESS OVERVIEW
                       FIGURE 63 ORACLE: COMPANY SNAPSHOT
                       TABLE 227 ORACLE: PRODUCTS OFFERED
                       TABLE 228 ORACLE: PRODUCT LAUNCHES
                       TABLE 229 ORACLE: DEALS
             14.2.10 SAP
                       TABLE 230 SAP: BUSINESS OVERVIEW
                       FIGURE 64 SAP: COMPANY SNAPSHOT
                       TABLE 231 SAP: PRODUCTS OFFERED
                       TABLE 232 SAP: DEALS
             14.2.11 LIVEPERSON
                       TABLE 233 LIVEPERSON: BUSINESS OVERVIEW
                       FIGURE 65 LIVEPERSON: COMPANY SNAPSHOT
                       TABLE 234 LIVEPERSON: PRODUCTS/SERVICES OFFERED
                       TABLE 235 LIVEPERSON: PRODUCT LAUNCHES AND ENHANCEMENTS
                       TABLE 236 LIVEPERSON: DEALS
* Business Overview, Products/Services Offered, Recent Developments, and MnM View might not be captured in case of unlisted companies.
     14.3 OTHER KEY PLAYERS 
             14.3.1 AVAAMO
             14.3.2 CONVERSICA
             14.3.3 HAPTIK
             14.3.4 SOLVVY
             14.3.5 PYPESTREAM
             14.3.6 INBENTA
             14.3.7 CREATIVE VIRTUAL
             14.3.8 SOUNDHOUND
             14.3.9 KASISTO
             14.3.10 MINDMELD
             14.3.11 GUPSHUP
     14.4 START-UPS/SMES 
             14.4.1 COGNIGY
             14.4.2 RASA
             14.4.3 SAARTHI.AI
             14.4.4 SENSEFORTH.AI
             14.4.5 YELLOW.AI
             14.4.6 ASSEMBLYAI
             14.4.7 EXCEED.AI
             14.4.8 CLINC
             14.4.9 LAIYE
             14.4.10 RULAI
 
15 ADJACENT AND RELATED MARKETS (Page No. - 281)
     15.1 INTRODUCTION 
     15.2 NLP MARKET - GLOBAL FORECAST TO 2027 
             15.2.1 MARKET DEFINITION
             15.2.2 MARKET OVERVIEW
             15.2.3 NLP MARKET, BY COMPONENT
                       TABLE 237 NATURAL LANGUAGE PROCESSING MARKET, BY COMPONENT, 2016–2021 (USD MILLION)
                       TABLE 238 NATURAL LANGUAGE PROCESSING MARKET, BY COMPONENT, 2022–2027 (USD MILLION)
             15.2.4 NLP MARKET, BY TYPE
                       TABLE 239 NATURAL LANGUAGE PROCESSING MARKET, BY TYPE, 2016–2021 (USD MILLION)
                       TABLE 240 NATURAL LANGUAGE PROCESSING MARKET, BY TYPE, 2022–2027 (USD MILLION)
             15.2.5 NLP MARKET, BY DEPLOYMENT MODE
                       TABLE 241 NATURAL LANGUAGE PROCESSING MARKET, BY DEPLOYMENT MODE, 2016–2021 (USD MILLION)
                       TABLE 242 NATURAL LANGUAGE PROCESSING MARKET, BY DEPLOYMENT MODE, 2022–2027 (USD MILLION)
             15.2.6 NLP MARKET, BY ORGANIZATION SIZE
                       TABLE 243 NATURAL LANGUAGE PROCESSING MARKET, BY ORGANIZATION SIZE, 2016–2021 (USD MILLION)
                       TABLE 244 NATURAL LANGUAGE PROCESSING MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD MILLION)
             15.2.7 NLP MARKET, BY APPLICATION
                       TABLE 245 NATURAL LANGUAGE PROCESSING MARKET, BY APPLICATION, 2016–2021 (USD MILLION)
                       TABLE 246 NATURAL LANGUAGE PROCESSING MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
             15.2.8 NLP MARKET, BY TECHNOLOGY
                       TABLE 247 NATURAL LANGUAGE PROCESSING MARKET, BY TECHNOLOGY, 2016–2021 (USD MILLION)
                       TABLE 248 NATURAL LANGUAGE PROCESSING MARKET, BY TECHNOLOGY, 2022–2027 (USD MILLION)
             15.2.9 NLP MARKET, BY VERTICAL
                       TABLE 249 NATURAL LANGUAGE PROCESSING MARKET, BY VERTICAL, 2016–2021 (USD MILLION)
                       TABLE 250 NATURAL LANGUAGE PROCESSING MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
             15.2.10 NLP MARKET, BY REGION
                       TABLE 251 NATURAL LANGUAGE PROCESSING MARKET, BY REGION, 2016–2021 (USD MILLION)
                       TABLE 252 NATURAL LANGUAGE PROCESSING MARKET, BY REGION, 2022–2027 (USD MILLION)
     15.3 SPEECH ANALYTICS MARKET - GLOBAL FORECAST TO 2027 
             15.3.1 MARKET DEFINITION
             15.3.2 MARKET OVERVIEW
             15.3.3 SPEECH ANALYTICS MARKET, BY COMPONENT
                       TABLE 253 SPEECH ANALYTICS MARKET, BY COMPONENT, 2017–2021 (USD MILLION)
                       TABLE 254 SPEECH ANALYTICS MARKET, BY COMPONENT, 2022–2027 (USD MILLION)
             15.3.4 SPEECH ANALYTICS MARKET, BY BUSINESS FUNCTION
                       TABLE 255 SPEECH ANALYTICS MARKET, BY BUSINESS FUNCTION, 2017–2021 (USD MILLION)
                       TABLE 256 SPEECH ANALYTICS MARKET, BY BUSINESS FUNCTION, 2022–2027 (USD MILLION)
             15.3.5 SPEECH ANALYTICS MARKET, BY ORGANIZATION SIZE
                       TABLE 257 SPEECH ANALYTICS MARKET, BY ORGANIZATION SIZE, 2017–2021 (USD MILLION)
                       TABLE 258 SPEECH ANALYTICS MARKET, BY ORGANIZATION SIZE, 2022–2027 (USD MILLION)
             15.3.6 SPEECH ANALYTICS MARKET, BY DEPLOYMENT MODE
                       TABLE 259 SPEECH ANALYTICS MARKET, BY DEPLOYMENT MODE, 2017–2021 (USD MILLION)
                       TABLE 260 SPEECH ANALYTICS MARKET, BY DEPLOYMENT MODE, 2022–2027 (USD MILLION)
             15.3.7 SPEECH ANALYTICS MARKET, BY APPLICATION
                       TABLE 261 SPEECH ANALYTICS MARKET, BY APPLICATION, 2017–2021 (USD MILLION)
                       TABLE 262 SPEECH ANALYTICS MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
             15.3.8 SPEECH ANALYTICS MARKET, BY VERTICAL
                       TABLE 263 SPEECH ANALYTICS MARKET, BY VERTICAL, 2017–2021 (USD MILLION)
                       TABLE 264 SPEECH ANALYTICS MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
             15.3.9 SPEECH ANALYTICS MARKET, BY REGION
                       TABLE 265 SPEECH ANALYTICS MARKET, BY REGION, 2017–2021 (USD MILLION)
                       TABLE 266 SPEECH ANALYTICS MARKET, BY REGION, 2022–2027 (USD MILLION)
 
16 APPENDIX (Page No. - 296)
     16.1 DISCUSSION GUIDE 
     16.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
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The research methodology for the global conversational AI market report involved the use of extensive secondary sources and directories, as well as various reputed open-source databases to identify and collect information useful for this technical and market-oriented study. In-depth interviews were conducted with various primary respondents, including the key opinion leaders, subject matter experts, high-level executives of various companies offering conversational AI solutions and services, and industry consultants to obtain and verify critical qualitative and quantitative information, as well as assess the market prospects and industry trends.

Secondary Research

In the secondary research process, various secondary sources were referred to for identifying and collecting information for the study. The secondary sources included annual reports; press releases and investor presentations of companies; and white papers, certified publications, and articles from recognized associations and government publishing sources.

The secondary research was mainly used to obtain the key information about the industry’s value chain, market’s monetary chain, the overall pool of key players, market classification and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market and technology-oriented perspectives.

Primary Research

In the primary research process, various primary sources from both the supply and demand sides of the Conversational AImarket ecosystem 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 providing Conversational AI software, and 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.

After the complete market engineering (including calculations for market statistics, market breakup, market size estimations, market forecast, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. Primary research was also conducted to identify and validate the segmentation types; industry trends; key players; the competitive landscape of the market; and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key strategies.

In the complete market engineering process, both the top-down and bottom-up approaches were extensively used, along with several data triangulation methods to perform the market estimation and market forecast for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analysis was performed on the complete market engineering process to record the key information/insights throughout the report.

The following is the breakup of primary profiles:

Conversational AI Market  Size, and Share

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, 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 the revenue from the key companies and their offerings in the market. 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 segments.

In the top-down approach, an exhaustive list of all the vendors offering solutions and services in the Conversational AI market was prepared. The revenue contribution of the market vendors was estimated through annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. Each vendor's offerings were evaluated based on the breadth of solution and service offerings, channels, business functions, technologies, conversational interfaces, and verticals. The aggregate of all the revenues of the companies was extrapolated to reach the overall market size. Each subsegment was studied and analyzed for its global market size and regional penetration. The markets were triangulated through both primary and secondary research. The primary procedure included extensive interviews for key insights from industry leaders, such as CIOs, CEOs, VPs, directors, and marketing executives. The market numbers were further triangulated with the existing MarketsandMarkets repository for validation.

In the bottom-up approach, the adoption rate of Conversational AI solutions and services among different end-users in key countries with respect to their regions contributing the most to the market share was identified. For cross-validation, the adoption of Conversational AI solutions and services among industries, along with different use cases with respect to their regions, was identified and extrapolated. Weightage was given to use cases identified in different regions for the market size calculation.

All the possible parameters that affect the market covered in the 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 data is consolidated and added with detailed inputs and analysis from MarketsandMarkets.

  • The pricing trend is assumed to vary over time.
  • All the forecasts are made with the standard assumption that the accepted currency is USD.
  • For the conversion of various currencies to USD, average historical exchange rates are used according to the year specified. For all the historical and current exchange rates required for calculations and currency conversions, the US Internal Revenue Service's website is used.
  • All the forecasts are made under the standard assumption that the globally accepted currency USD remains constant during the next five years.
  • Vendor-side analysis: The market size estimates of associated solutions and services are factored in from the vendor side by assuming an average of licensing and subscription-based models of leading and innovative vendors in the market.
  • Demand/end-user analysis: End users operating in verticals across regions are analyzed in terms of market spending on conversational AI solutions based on some of the key use cases. These factors for the conversational AI industry per region are separately analyzed, and the average spending was extrapolated with an approximation based on assumed weightage. This factor is derived by averaging various market influencers, including recent developments, regulations, mergers and acquisitions, enterprise/SME adoption, startup ecosystem, IT spending, technology propensity and maturity, use cases, and the estimated number of organizations per region.

Data Triangulation

After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakup procedures were employed, wherever applicable. 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.

Market Definition

Conversational AI is the simulation of an intelligent conversation by machines and thus refers to the different technologies that help machines understand, process, and respond to human language. They use large volumes of data, machine learning, and natural language processing to help imitate human interactions, recognizing speech and text inputs and translating their meanings across various languages. Conversational AI applications are often used in customer service and can be found on websites, online stores, and social media channels.

Key Stakeholders

  • Research organizations
  • Third-party service providers
  • Technology providers
  • AI consulting companies
  • Independent software vendors (ISVs)
  • Service providers and distributors
  • Application development vendors
  • System integrators
  • Consultants/consultancy/advisory firms
  • Training and education service providers
  • Support and maintenance service providers
  • Managed service providers

Report Objectives

  • To define, describe, and forecast the Conversational AI market based on offering, conversational interface, technology, channel, business function, vertical, and region.
  • To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growth.
  • To analyze subsegments with respect to individual growth trends, prospects, and contributions to the total market.
  • To analyze opportunities in the market for stakeholders and provide the competitive landscape of the market.
  • To forecast the revenue of the market segments with respect to all the five major regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
  • To profile the key players and comprehensively analyze the recent developments and their positioning related to the Conversational AI market.
  • To analyze competitive developments, such as mergers and acquisitions, product developments, and research and development (R&D) activities, in the market.
  • To analyze the impact of recession across all the regions across the Conversational AI market.

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 provides a detailed comparison of the product portfolio of each company

Geographic analysis

  • Further breakup of the North American Conversational AI Market
  • Further breakup of the European Conversational AI Market
  • Further breakup of the Asia Pacific Conversational AI Market
  • Further breakup of the Latin American Conversational AI Market
  • Further breakup of the Middle East and Africa Conversational AI Market

Company information

  • Detailed analysis and profiling of additional market players up to 5
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
TC 6976
Published ON
Mar, 2023
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