Global Conversational AI Market is Set to Reach USD 16.2 billion by 2024, Observing a CAGR of 29.2% during 2019–2024

Published Date: Nov, 2019

The global conversational AI market is expected to grow at a CAGR of 29.2% during the forecast period with its market size predicted to reach USD 16.2 billion by 2024. 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.

Browse Market Insight and In-depth TOC on "Global Conversational AI Market – Analysis and Forecast (2019-2024)"

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.

Geography Insight

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.

Competitive Insight

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.

Key Takeaway from the Report:

  • Among all the components, platform category held larger share in the market in 2018.
  • Of all service category, support and maintenance service category is expected to witness faster growth during the forecast period.
  • Of all the deployment, cloud-based category held larger share in the market in 2018, and is also expected to exhibit faster growth during the forecast period.
  • Of all the types, chatbot category held largest share in the market in 2018.
  • Among all the technologies, the machine learning category is expected to witness fastest growth in the conversational AI market during the forecast period.
  • Of all the application, personal assistant category is expected to witness fastest growth in the conversational AI market during the forecast period.
  • Geographically, North America has accounted for the largest share in conversational AI market, globally and is predicted to grow significantly during the forecast period.

The Report Offers:

  • Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
  • Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
  • Market insights by in-depth segmentation with industry dynamics.
  • Competitive analysis and benchmarking of the industry leaders and their product offerings
  • Profiles of leading players and innovators, their financial overview and product portfolio
  • Analysis of key industry trends and recent developments
  • Value chain analysis and distribution channel analysis with opportunity assessment
  • Market share analysis of major players

Benefits of Report Purchase from VynZ:

Detailed Research

We provide accurate data and in-depth analysis with all-inclusive coverage.

Robust Research Methodology

Robust research methodology and data triangulation to ensure high quality report.

Analyst Support

24*7 analyst support – Pre and post purchase of the report as well as during the project tenure.

Sales Support

24*7 sales support – Hassle free delivery of the report and quick response and support by sales team.

Free Customization

20% post purchase free customization to meet your requirements.

Customer Satisfaction

We claim full customer satisfaction as our core values lie in building long term relationship.

Security

High level of data security and confidentiality of your information.

The report provides the market value for the base year 2018 and a yearly forecast till 2024 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 2014-2024

  • Platform
  • Service
    • Support & Maintenance
    • Training & Consulting
    • System Integration

Type Insight and Forecast 2014-2024

  • Chatbot
  • Intelligent Virtual Assistant (IVA)
  • Intelligent Interactive Voice Response (IVR) System

Deployment Insight and Forecast 2014-2024

  • On-Premises
  • Cloud-Based

Industry Insight and Forecast 2014-2024

  • Banking, Financial Services, and Insurance (BFSI)
  • Retail and E-commerce
  • Healthcare
  • Hospitality
  • Telecom
  • Media and Entertainment
  • Energy & Utilities
  • Oil & Gas
  • Government
  • Others

Technology Insight and Forecast 2014-2024

  • Natural Language Processing
  • Machine Learning
  • Automatic Speech Recognition
  • Computer Vision
  • Video Recognition
  • Others

Application Insight and Forecast 2014-2024

  • Customer Support
  • Personal Assistant
  • Branding & Advertisement
  • Customer Engagement & Retention
  • Onboarding & Employee Engagement

Geographical Segmentation

Conversational AI Market by Region

North America

  • By Component
  • By Deployment
  • By Type
  • By Industry
  • By Technology
  • By Application
  • By Country – U.S., Canada, and Mexico

Europe

  • By Component
  • By Deployment
  • By Type
  • By Industry
  • By Technology
  • By Application
  • By Country – Germany, U.K., France, Italy, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Component
  • By Deployment
  • By Type
  • By Industry
  • By Technology
  • By Application
  • By Country – China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Component
  • By Deployment
  • By Type
  • By Industry
  • By Technology
  • By Application
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., Turkey, and Other Countries
Our Industry
Global Conversational AI Market is Set to Reach USD 16.2 billion by 2024, Observing a CAGR of 29.2% during 2019–2024