The global conversational AI market is expected to grow at a CAGR of 30.2% during the forecast period with its market size predicted to reach USD 17.2 billion by 2027. Globally, conversational AI industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in November 2018, Microsoft Corporation signed an agreement to acquire Xoxco Inc.
Machine learning category is expected to witness the fastest growth in the conversational AI market during the forecast period
On the basis of technology, the conversational AI market is segmented into natural language processing, machine learning, automatic speech recognition, computer vision, video recognition, and others. Of all, machine learning category is expected to witness the fastest growth in the conversational AI market during the forecast period. The growth of this segment is attributed to the fact that with the help of machine learning, conversational AI solutions are able to learn from previous responses based on different queries, which in turn is growing the capability of the machine in answering questions.
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Based on application, the conversational AI market is categorized into customer support, personal assistant, branding & advertisement, customer engagement and retention, onboarding & employee engagement. Of all, personal assistant category is expected to witness the fastest growth in the conversational AI market during the forecast period.
Geographically, North America has accounted for the largest share in the conversational AI market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of established players such as Google LLC, International Business Machines Corporation, Oracle Corporation, and Microsoft Corporation, increasing number of investments related to integration of machine learning and NLP, rapid technological advancements, and continuous focus of government on spending in AI-based technologies in the region.
Some of the key players operating in the global conversational AI market are Nuance Communications Inc., Haptik Inc., Oracle Corporation, Google LLC, Microsoft Corporation, International Business Machines Corporation, SAP SE, Baidu Inc., Conversica Inc., Amazon.com Inc., Solvvy Inc., Creative Virtual Ltd., Avaamo Inc., Inbenta Technologies Inc., Artificial Solutions International AB, and Kore.ai Inc.
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The report provides the market value for the base year 2020 and a yearly forecast till 2027 in terms of revenue (USD Billion). The report segments the global conversational AI market on the basis of component, deployment, type, industry, technology, application, and region.
Global Conversational AI Market Coverage
Component Insight and Forecast 2015-2027
Type Insight and Forecast 2015-2027
Deployment Insight and Forecast 2015-2027
Industry Insight and Forecast 2015-2027
Technology Insight and Forecast 2015-2027
Application Insight and Forecast 2015-2027
Conversational AI Market by Region
Rest of the World (RoW)