INDUSTRY OVERVIEW
The Conversational AI market is experiencing robust growth, projected to achieve a compound annual growth rate CAGR of 12.00% during the forecast period. Valued at 5Billion, the market is expected to reach 12Billion by 2031, with a year-on-year growth rate of 9.80%. This upward trajectory is driven by factors such as evolving consumer preferences, technological advancements, and increased investment in innovation, positioning the market for significant expansion in the coming years. Companies should strategically focus on enhancing their offerings and exploring new market opportunities to capitalize on this growth potential.
Conversational AI Market Size in (USD Billion) CAGR Growth Rate 12.00%
| Study Period |
2019-2031 |
| Market Size (2023): |
5Billion |
| Market Size (2031): |
12Billion |
| CAGR (2023 - 2031): |
12.00% |
| Fastest Growing Region |
North America |
| Dominating Region |
North America |
www.www.htfmarketinsights.com
Conversational AI is a set of technologies that enables computers to understand, process, as well as respond to voice or text inputs in natural ways. These are normally used in conjunction with bots or intelligent virtual agents (IVAs). Moreover, it helps people to interact with complex systems in faster and easier ways and also helps businesses deliver personalized engagements and support at scale. Conversational AI accounts for an important place in personal assistance activities. Thus with all the information companies are utilizing AI innovation by using a blend of NLU and ML, which empowers the assistants to be trained with industry-explicit information and extraordinary business information for increased time to market.
Regulatory Framework
The Information and Communications Technology (ICT) industry is primarily regulated by the Federal Communications Commission (FCC) in the United States, along with other national and international regulatory bodies. The FCC oversees the allocation of spectrum, ensures compliance with telecommunications laws, and fosters fair competition within the sector. It also establishes guidelines for data privacy, cybersecurity, and service accessibility, which are crucial for maintaining industry standards and protecting consumer interests.
Globally, various regulatory agencies, such as the European Telecommunications Standards Institute (ETSI) and the International Telecommunication Union (ITU), play significant roles in standardizing practices and facilitating international cooperation. These bodies work together to create a cohesive regulatory framework that addresses emerging technologies, cross-border data flow, and infrastructure development. Their regulations aim to ensure the ICT industry's growth is both innovative and compliant with global standards, promoting a secure and competitive market environment.
Request for Customization
Get Customization
Key Highlights
• The Conversational AI is growing at a CAGR of 12.00% during the forecasted period of 2019 to 2031
• Year on Year growth for the market is 9.80%
• Based on type, the market is bifurcated into NLP, voice recognition, chatbots, virtual assistants
• Based on application, the market is segmented into Customer service, e-commerce, healthcare, tech support, marketing
• Global Import Export in terms of K Tons, K Units, and Metric Tons will be provided if Applicable based on industry best practice
Market Segmentation Analysis
Segmentation by Type
- NLP
- voice recognition
- chatbots
- virtual assistants
Conversational AI Market Segmentation by Type
www.htfmarketinsights.com
Segmentation by Application
- Customer service
- e-commerce
- healthcare
- tech support
- marketing
Conversational AI Market Segmentation by Application
www.htfmarketinsights.com
Key Players
Several key players in the Conversational AI market are strategically focusing on expanding their operations in developing regions to capture a larger market share, particularly as the year-on-year growth rate for the market stands at 9.80%. The companies featured in this profile were selected based on insights from primary experts, evaluating their market penetration, product offerings, and geographical reach. By targeting emerging markets, these companies aim to leverage new opportunities, enhance their competitive advantage, and drive revenue growth. This approach not only aligns with their overall business objectives but also positions them to respond effectively to the evolving demands of consumers in these regions.
- Google (United States)
- Microsoft (United States)
- IBM (United States)
- AWS (United States)
- Baidu (China)
- Oracle (United States)
- SAP (Germany)
- Nuance (US)
- Artificial Solutions (Spain)
- Conversica (United States)
- Haptik (India)
- Rasa (Germany)
- Rulai (United States)
- Avaamo (United States)
Conversational AI Market Segmentation by Players
www.htfmarketinsights.com
Research Methodology
At HTF Market Intelligence, we pride ourselves on delivering comprehensive market research that combines both secondary and primary methodologies. Our secondary research involves rigorous analysis of existing data sources, such as industry reports, market databases, and competitive landscapes, to provide a robust foundation of market knowledge. This is complemented by our primary research services, where we gather firsthand data through surveys, interviews, and focus groups tailored specifically to your business needs. By integrating these approaches, we offer a thorough understanding of market trends, consumer behavior, and competitive dynamics, enabling you to make well-informed strategic decisions. We would welcome the opportunity to discuss how our research expertise can support your business objectives.
Market Dynamics
Market dynamics refer to the forces that influence the supply and demand of products and services within a market. These forces include factors such as consumer preferences, technological advancements, regulatory changes, economic conditions, and competitive actions. Understanding market dynamics is crucial for businesses as it helps them anticipate changes, identify opportunities, and mitigate risks.
By analyzing market dynamics, companies can better understand market trends, predict potential shifts, and develop strategic responses. This analysis enables businesses to align their product offerings, pricing strategies, and marketing efforts with evolving market conditions, ultimately leading to more informed decision-making and a stronger competitive position in the marketplace.
Market Driver
- Increasing Demand For AI-Powered Customer Support Services
Market Trend
Opportunity
- Cumulating Customer Engagement Via Social Media Platforms Coupled With The Integration Of Advanced AI Capabilities Will Add Value To The Conversational AI Offering As Well As Provide Opportunities In The Conversational AI Market.
Challenge
Regional Outlook
The North America Region holds the largest market share in 2023 and is expected to grow at a good CAGR. The North America Region is the fastest-growing region due to increasing development and disposable income.
North America remains a leader, driven by innovation hubs like Silicon Valley and a strong demand for advanced technologies such as AI and cloud computing. Europe is characterized by robust regulatory frameworks and significant investments in digital transformation across sectors. Asia-Pacific is experiencing rapid growth, led by major markets like China and India, where increasing digital adoption and governmental initiatives are propelling ICT advancements.
The Middle East and Africa are witnessing steady expansion, driven by infrastructure development and growing internet penetration. Latin America and South America present emerging opportunities, with rising investments in digital infrastructure, though challenges like economic instability can impact growth. These regional differences highlight the need for tailored strategies in the global ICT market.
Regions
- North America
- LATAM
- West Europe
- Central & Eastern Europe
- Northern Europe
- Southern Europe
- East Asia
- Southeast Asia
- South Asia
- Central Asia
- Oceania
- MEA
Fastest Growing Region
North America
Dominating Region
North America
|
Report Features
|
Details
|
|
Base Year
|
2023
|
|
Based Year Market Size (2023)
|
5Billion
|
|
Historical Period Market Size (2019)
|
2Billion
|
|
CAGR (2023 to 2031)
|
12.00%
|
|
Forecast Period
|
2025 to 2031
|
|
Forecasted Period Market Size (2031)
|
12Billion
|
|
Scope of the Report
|
NLP, voice recognition, chatbots, virtual assistants, Customer service, e-commerce, healthcare, tech support, marketing
|
|
Regions Covered
|
North America, Europe, Asia Pacific, South America, and MEA
|
|
Year on Year Growth
|
9.80%
|
|
Companies Covered
|
Google (United States), Microsoft (United States), IBM (United States), AWS (United States), Baidu (China), Oracle (United States), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (United States), Haptik (India), Rasa (Germany), Rulai (United States), Avaamo (United States)
|
|
Customization Scope
|
15% Free Customization (For EG)
|
|
Delivery Format
|
PDF and Excel through Email
|
Conversational AI - Table of Contents
Chapter 1: Market Preface
- 1.1 Global Conversational AI Market Landscape
- 1.2 Scope of the Study
- 1.3 Relevant Findings & Stakeholder Advantages
Chapter 2: Strategic Overview
- 2.1 Global Conversational AI Market Outlook
- 2.2 Total Addressable Market versus Serviceable Market
- 2.3 Market Rivalry Projection
Chapter 3 : Global Conversational AI Market Business Environment & Changing Dynamics
-
3.1 Growth Drivers
- 3.1.1 Increasing Demand for AI-Powered Customer Support Services
-
3.2 Available Opportunities
- 3.2.1 Cumulating customer engagement via social media platforms coupled with the integration of advanced AI capabilities will add value to the conversational AI offering as well as provide opportunities in the conversational AI market.
-
3.3 Influencing Trends
- 3.3.1 AI-driven conversations
- 3.3.2 automation of customer service
-
3.4 Challenges
- 3.4.1 Data privacy concerns
- 3.4.2 AI adoption barriers
- 3.5 Regional Dynamics
Need only Qualitative Analysis? Get Prices
Sectional Purchase
Chapter 4 : Global Conversational AI Industry Factors Assessment
- 4.1 Current Scenario
- 4.2 PEST Analysis
- 4.3 Business Environment - PORTER 5-Forces Analysis
- 4.3.1 Supplier Leverage
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Threat of Substitutes
- 4.3.4 Threat from New Entrant
- 4.3.5 Market Competition Level
- 4.4 Roadmap of Conversational AI Market
- 4.5 Impact of Macro-Economic Factors
- 4.6 Market Entry Strategies
- 4.7 Political and Regulatory Landscape
- 4.8 Supply Chain Analysis
- 4.9 Impact of Tariff War
Chapter 5: Conversational AI : Competition Benchmarking & Performance Evaluation
- 5.1 Global Conversational AI Market Concentration Ratio
- 5.1.1 CR4, CR8 and HH Index
- 5.1.2 % Market Share - Top 3
- 5.1.3 Market Holding by Top 5
- 5.2 Market Position of Manufacturers by Conversational AI Revenue 2023
- 5.3 BCG Matrix
- 5.3 Market Entropy
- 5.4 FPNV Positioning Matrix
- 5.5 Heat Map Analysis
Chapter 6: Global Conversational AI Market: Company Profiles
- 6.1 Google (United States)
- 6.1.1 Google (United States) Company Overview
- 6.1.2 Google (United States) Product/Service Portfolio & Specifications
- 6.1.3 Google (United States) Key Financial Metrics
- 6.1.4 Google (United States) SWOT Analysis
- 6.1.5 Google (United States) Development Activities
- 6.2 Microsoft (United States)
- 6.3 IBM (United States)
- 6.4 AWS (United States)
- 6.5 Baidu (China)
- 6.6 Oracle (United States)
- 6.7 SAP (Germany)
- 6.8 Nuance (US)
- 6.9 Artificial Solutions (Spain)
- 6.10 Conversica (United States)
- 6.11 Haptik (India)
- 6.12 Rasa (Germany)
- 6.13 Rulai (United States)
- 6.14 Avaamo (United States)
- 6.15
To View a Complete List of Players? Inquiry Now
Sectional Purchase
Chapter 7 : Global Conversational AI by Type & Application (2019-2031)
-
7.1 Global Conversational AI Market Revenue Analysis (USD Million) by Type (2019-2023)
- 7.1.1 NLP
- 7.1.2 Voice Recognition
- 7.1.3 Chatbots
- 7.1.4 Virtual Assistants
- 7.1.5 AI-driven Platforms
-
7.2 Global Conversational AI Market Revenue Analysis (USD Million) by Application (2019-2023)
- 7.2.1 Customer Service
- 7.2.2 E-commerce
- 7.2.3 Healthcare
- 7.2.4 Tech Support
- 7.2.5 Marketing
-
7.3 Global Conversational AI Market Revenue Analysis (USD Million) by Type (2023-2031)
-
7.4 Global Conversational AI Market Revenue Analysis (USD Million) by Application (2023-2031)
Chapter 8 : North America Conversational AI Market Breakdown by Country, Type & Application
- 8.1 North America Conversational AI Market by Country (USD Million) [2019-2023]
- 8.1.1 United States
- 8.1.2 Canada
-
8.2 North America Conversational AI Market by Type (USD Million) [2019-2023]
- 8.2.1 NLP
- 8.2.2 Voice Recognition
- 8.2.3 Chatbots
- 8.2.4 Virtual Assistants
- 8.2.5 AI-driven Platforms
-
8.3 North America Conversational AI Market by Application (USD Million) [2019-2023]
- 8.3.1 Customer Service
- 8.3.2 E-commerce
- 8.3.3 Healthcare
- 8.3.4 Tech Support
- 8.3.5 Marketing
- 8.4 North America Conversational AI Market by Country (USD Million) [2024-2031]
-
8.5 North America Conversational AI Market by Type (USD Million) [2024-2031]
-
8.6 North America Conversational AI Market by Application (USD Million) [2024-2031]
Looking for Section Purchase? Get Quote Now
Sectional Purchase
Chapter 9 : LATAM Conversational AI Market Breakdown by Country, Type & Application
- 9.1 LATAM Conversational AI Market by Country (USD Million) [2019-2023]
- 9.1.1 Brazil
- 9.1.2 Argentina
- 9.1.3 Chile
- 9.1.4 Mexico
- 9.1.5 Rest of LATAM
-
9.2 LATAM Conversational AI Market by Type (USD Million) [2019-2023]
- 9.2.1 NLP
- 9.2.2 Voice Recognition
- 9.2.3 Chatbots
- 9.2.4 Virtual Assistants
- 9.2.5 AI-driven Platforms
-
9.3 LATAM Conversational AI Market by Application (USD Million) [2019-2023]
- 9.3.1 Customer Service
- 9.3.2 E-commerce
- 9.3.3 Healthcare
- 9.3.4 Tech Support
- 9.3.5 Marketing
- 9.4 LATAM Conversational AI Market by Country (USD Million) [2024-2031]
-
9.5 LATAM Conversational AI Market by Type (USD Million) [2024-2031]
-
9.6 LATAM Conversational AI Market by Application (USD Million) [2024-2031]
Chapter 10 : West Europe Conversational AI Market Breakdown by Country, Type & Application
- 10.1 West Europe Conversational AI Market by Country (USD Million) [2019-2023]
- 10.1.1 Germany
- 10.1.2 France
- 10.1.3 Benelux
- 10.1.4 Switzerland
- 10.1.5 Rest of West Europe
-
10.2 West Europe Conversational AI Market by Type (USD Million) [2019-2023]
- 10.2.1 NLP
- 10.2.2 Voice Recognition
- 10.2.3 Chatbots
- 10.2.4 Virtual Assistants
- 10.2.5 AI-driven Platforms
-
10.3 West Europe Conversational AI Market by Application (USD Million) [2019-2023]
- 10.3.1 Customer Service
- 10.3.2 E-commerce
- 10.3.3 Healthcare
- 10.3.4 Tech Support
- 10.3.5 Marketing
- 10.4 West Europe Conversational AI Market by Country (USD Million) [2024-2031]
-
10.5 West Europe Conversational AI Market by Type (USD Million) [2024-2031]
-
10.6 West Europe Conversational AI Market by Application (USD Million) [2024-2031]
Chapter 11 : Central & Eastern Europe Conversational AI Market Breakdown by Country, Type & Application
- 11.1 Central & Eastern Europe Conversational AI Market by Country (USD Million) [2019-2023]
- 11.1.1 Bulgaria
- 11.1.2 Poland
- 11.1.3 Hungary
- 11.1.4 Romania
- 11.1.5 Rest of CEE
-
11.2 Central & Eastern Europe Conversational AI Market by Type (USD Million) [2019-2023]
- 11.2.1 NLP
- 11.2.2 Voice Recognition
- 11.2.3 Chatbots
- 11.2.4 Virtual Assistants
- 11.2.5 AI-driven Platforms
-
11.3 Central & Eastern Europe Conversational AI Market by Application (USD Million) [2019-2023]
- 11.3.1 Customer Service
- 11.3.2 E-commerce
- 11.3.3 Healthcare
- 11.3.4 Tech Support
- 11.3.5 Marketing
- 11.4 Central & Eastern Europe Conversational AI Market by Country (USD Million) [2024-2031]
-
11.5 Central & Eastern Europe Conversational AI Market by Type (USD Million) [2024-2031]
-
11.6 Central & Eastern Europe Conversational AI Market by Application (USD Million) [2024-2031]
Chapter 12 : Northern Europe Conversational AI Market Breakdown by Country, Type & Application
- 12.1 Northern Europe Conversational AI Market by Country (USD Million) [2019-2023]
- 12.1.1 The United Kingdom
- 12.1.2 Sweden
- 12.1.3 Norway
- 12.1.4 Baltics
- 12.1.5 Ireland
- 12.1.6 Rest of Northern Europe
-
12.2 Northern Europe Conversational AI Market by Type (USD Million) [2019-2023]
- 12.2.1 NLP
- 12.2.2 Voice Recognition
- 12.2.3 Chatbots
- 12.2.4 Virtual Assistants
- 12.2.5 AI-driven Platforms
-
12.3 Northern Europe Conversational AI Market by Application (USD Million) [2019-2023]
- 12.3.1 Customer Service
- 12.3.2 E-commerce
- 12.3.3 Healthcare
- 12.3.4 Tech Support
- 12.3.5 Marketing
- 12.4 Northern Europe Conversational AI Market by Country (USD Million) [2024-2031]
-
12.5 Northern Europe Conversational AI Market by Type (USD Million) [2024-2031]
-
12.6 Northern Europe Conversational AI Market by Application (USD Million) [2024-2031]
Chapter 13 : Southern Europe Conversational AI Market Breakdown by Country, Type & Application
- 13.1 Southern Europe Conversational AI Market by Country (USD Million) [2019-2023]
- 13.1.1 Spain
- 13.1.2 Italy
- 13.1.3 Portugal
- 13.1.4 Greece
- 13.1.5 Rest of Southern Europe
-
13.2 Southern Europe Conversational AI Market by Type (USD Million) [2019-2023]
- 13.2.1 NLP
- 13.2.2 Voice Recognition
- 13.2.3 Chatbots
- 13.2.4 Virtual Assistants
- 13.2.5 AI-driven Platforms
-
13.3 Southern Europe Conversational AI Market by Application (USD Million) [2019-2023]
- 13.3.1 Customer Service
- 13.3.2 E-commerce
- 13.3.3 Healthcare
- 13.3.4 Tech Support
- 13.3.5 Marketing
- 13.4 Southern Europe Conversational AI Market by Country (USD Million) [2024-2031]
-
13.5 Southern Europe Conversational AI Market by Type (USD Million) [2024-2031]
-
13.6 Southern Europe Conversational AI Market by Application (USD Million) [2024-2031]
Chapter 14 : East Asia Conversational AI Market Breakdown by Country, Type & Application
- 14.1 East Asia Conversational AI Market by Country (USD Million) [2019-2023]
- 14.1.1 China
- 14.1.2 Japan
- 14.1.3 South Korea
- 14.1.4 Taiwan
- 14.1.5 Others
-
14.2 East Asia Conversational AI Market by Type (USD Million) [2019-2023]
- 14.2.1 NLP
- 14.2.2 Voice Recognition
- 14.2.3 Chatbots
- 14.2.4 Virtual Assistants
- 14.2.5 AI-driven Platforms
-
14.3 East Asia Conversational AI Market by Application (USD Million) [2019-2023]
- 14.3.1 Customer Service
- 14.3.2 E-commerce
- 14.3.3 Healthcare
- 14.3.4 Tech Support
- 14.3.5 Marketing
- 14.4 East Asia Conversational AI Market by Country (USD Million) [2024-2031]
-
14.5 East Asia Conversational AI Market by Type (USD Million) [2024-2031]
-
14.6 East Asia Conversational AI Market by Application (USD Million) [2024-2031]
Chapter 15 : Southeast Asia Conversational AI Market Breakdown by Country, Type & Application
- 15.1 Southeast Asia Conversational AI Market by Country (USD Million) [2019-2023]
- 15.1.1 Vietnam
- 15.1.2 Singapore
- 15.1.3 Thailand
- 15.1.4 Malaysia
- 15.1.5 Indonesia
- 15.1.6 Philippines
- 15.1.7 Rest of SEA Countries
-
15.2 Southeast Asia Conversational AI Market by Type (USD Million) [2019-2023]
- 15.2.1 NLP
- 15.2.2 Voice Recognition
- 15.2.3 Chatbots
- 15.2.4 Virtual Assistants
- 15.2.5 AI-driven Platforms
-
15.3 Southeast Asia Conversational AI Market by Application (USD Million) [2019-2023]
- 15.3.1 Customer Service
- 15.3.2 E-commerce
- 15.3.3 Healthcare
- 15.3.4 Tech Support
- 15.3.5 Marketing
- 15.4 Southeast Asia Conversational AI Market by Country (USD Million) [2024-2031]
-
15.5 Southeast Asia Conversational AI Market by Type (USD Million) [2024-2031]
-
15.6 Southeast Asia Conversational AI Market by Application (USD Million) [2024-2031]
Chapter 16 : South Asia Conversational AI Market Breakdown by Country, Type & Application
- 16.1 South Asia Conversational AI Market by Country (USD Million) [2019-2023]
- 16.1.1 India
- 16.1.2 Bangladesh
- 16.1.3 Others
-
16.2 South Asia Conversational AI Market by Type (USD Million) [2019-2023]
- 16.2.1 NLP
- 16.2.2 Voice Recognition
- 16.2.3 Chatbots
- 16.2.4 Virtual Assistants
- 16.2.5 AI-driven Platforms
-
16.3 South Asia Conversational AI Market by Application (USD Million) [2019-2023]
- 16.3.1 Customer Service
- 16.3.2 E-commerce
- 16.3.3 Healthcare
- 16.3.4 Tech Support
- 16.3.5 Marketing
- 16.4 South Asia Conversational AI Market by Country (USD Million) [2024-2031]
-
16.5 South Asia Conversational AI Market by Type (USD Million) [2024-2031]
-
16.6 South Asia Conversational AI Market by Application (USD Million) [2024-2031]
Chapter 17 : Central Asia Conversational AI Market Breakdown by Country, Type & Application
- 17.1 Central Asia Conversational AI Market by Country (USD Million) [2019-2023]
- 17.1.1 Kazakhstan
- 17.1.2 Tajikistan
- 17.1.3 Others
-
17.2 Central Asia Conversational AI Market by Type (USD Million) [2019-2023]
- 17.2.1 NLP
- 17.2.2 Voice Recognition
- 17.2.3 Chatbots
- 17.2.4 Virtual Assistants
- 17.2.5 AI-driven Platforms
-
17.3 Central Asia Conversational AI Market by Application (USD Million) [2019-2023]
- 17.3.1 Customer Service
- 17.3.2 E-commerce
- 17.3.3 Healthcare
- 17.3.4 Tech Support
- 17.3.5 Marketing
- 17.4 Central Asia Conversational AI Market by Country (USD Million) [2024-2031]
-
17.5 Central Asia Conversational AI Market by Type (USD Million) [2024-2031]
-
17.6 Central Asia Conversational AI Market by Application (USD Million) [2024-2031]
Chapter 18 : Oceania Conversational AI Market Breakdown by Country, Type & Application
- 18.1 Oceania Conversational AI Market by Country (USD Million) [2019-2023]
- 18.1.1 Australia
- 18.1.2 New Zealand
- 18.1.3 Others
-
18.2 Oceania Conversational AI Market by Type (USD Million) [2019-2023]
- 18.2.1 NLP
- 18.2.2 Voice Recognition
- 18.2.3 Chatbots
- 18.2.4 Virtual Assistants
- 18.2.5 AI-driven Platforms
-
18.3 Oceania Conversational AI Market by Application (USD Million) [2019-2023]
- 18.3.1 Customer Service
- 18.3.2 E-commerce
- 18.3.3 Healthcare
- 18.3.4 Tech Support
- 18.3.5 Marketing
- 18.4 Oceania Conversational AI Market by Country (USD Million) [2024-2031]
-
18.5 Oceania Conversational AI Market by Type (USD Million) [2024-2031]
-
18.6 Oceania Conversational AI Market by Application (USD Million) [2024-2031]
Chapter 19 : MEA Conversational AI Market Breakdown by Country, Type & Application
- 19.1 MEA Conversational AI Market by Country (USD Million) [2019-2023]
- 19.1.1 Turkey
- 19.1.2 South Africa
- 19.1.3 Egypt
- 19.1.4 UAE
- 19.1.5 Saudi Arabia
- 19.1.6 Israel
- 19.1.7 Rest of MEA
-
19.2 MEA Conversational AI Market by Type (USD Million) [2019-2023]
- 19.2.1 NLP
- 19.2.2 Voice Recognition
- 19.2.3 Chatbots
- 19.2.4 Virtual Assistants
- 19.2.5 AI-driven Platforms
-
19.3 MEA Conversational AI Market by Application (USD Million) [2019-2023]
- 19.3.1 Customer Service
- 19.3.2 E-commerce
- 19.3.3 Healthcare
- 19.3.4 Tech Support
- 19.3.5 Marketing
- 19.4 MEA Conversational AI Market by Country (USD Million) [2024-2031]
-
19.5 MEA Conversational AI Market by Type (USD Million) [2024-2031]
-
19.6 MEA Conversational AI Market by Application (USD Million) [2024-2031]
Chapter 20: Research Findings & Conclusion
- 20.1 Key Findings
- 20.2 Conclusion
Chapter 21: Methodology and Data Source
-
21.1 Research Methodology & Approach
- 21.1.1 Research Program/Design
- 21.1.2 Market Size Estimation
- 21.1.3 Market Breakdown and Data Triangulation
-
21.2 Data Source
- 21.2.1 Secondary Sources
- 21.2.2 Primary Sources
Chapter 22: Appendix & Disclaimer
- 22.1 Acronyms & bibliography
- 22.2 Disclaimer
Frequently Asked Questions (FAQ):
The Conversational AI market is expected to see value worth 5Billion in 2023.
The Conversational AI Market is estimated to grow at a CAGR of 12.00%, currently pegged at 5Billion.
Some of the prominent trends that are influencing and driving the growth of Global Conversational AI Market are AI-driven Conversations, Automation Of Customer Service
The leaders in the Global Conversational AI Market such as Google (United States), Microsoft (United States), IBM (United States), AWS (United States), Baidu (China), Oracle (United States), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (United States), Haptik (India), Rasa (Germany), Rulai (United States), Avaamo (United States), are targeting innovative and differentiated growth drivers some of them are Increasing Demand For AI-Powered Customer Support Services,,
Omnichannel Deployment And Reduced Chatbot Development Cost
Some of the major roadblocks that industry players have identified are Data Privacy Concerns, AI Adoption Barriers.
The market opportunity is clear from the flow of investment into Global Conversational AI Market, some of them are Cumulating Customer Engagement Via Social Media Platforms Coupled With The Integration Of Advanced AI Capabilities Will Add Value To The Conversational AI Offering As Well As Provide Opportunities In The Conversational AI Market..
Conversational AI Market identifies market share by players along with the concentration rate using CR4, CR8 Index to determine leading and emerging competitive players such as Google (United States), Microsoft (United States), IBM (United States), AWS (United States), Baidu (China), Oracle (United States), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (United States), Haptik (India), Rasa (Germany), Rulai (United States), Avaamo (United States), .
Research paper of Global Conversational AI Market shows that companies are making better progress than their supply chain peers –including suppliers, majorly in end-use applications such as Customer service, e-commerce, healthcare, tech support, marketing.
The Global Conversational AI Market Study is segmented by NLP, voice recognition, chatbots, virtual assistants, AI-driven platforms.
The Global Conversational AI Market Study includes regional breakdown as North America, LATAM, West Europe,Central & Eastern Europe, Northern Europe, Southern Europe, East Asia, Southeast Asia, South Asia, Central Asia, Oceania, MEA
Historical Year: 2019 - 2023; Base year: 2023; Forecast period: 2025 to 2031
Conversational AI is a set of technologies that enables computers to understand, process, as well as respond to voice or text inputs in natural ways. These are normally used in conjunction with bots or intelligent virtual agents (IVAs). Moreover, it helps people to interact with complex systems in faster and easier ways and also helps businesses deliver personalized engagements and support at scale. Conversational AI accounts for an important place in personal assistance activities. Thus with all the information companies are utilizing AI innovation by using a blend of NLU and ML, which empowers the assistants to be trained with industry-explicit information and extraordinary business information for increased time to market.
