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Global Conversational AI Market Expected to Grow Strongly by 2026 | Major Players – Microsoft, Amazon Web Services, Inc., IBM Corporation, Oracle, Nuance Communications, Inc., Baidu, SAP SE, Artificial Solutions, Kore.ai, Inc., Avaamo, Conversica, Inc.

Conversational AI Market: Market Analysis

Global Conversational AI Market is expected to rise from its initial estimated value of USD 3.27 billion in 2018 to an estimated value of USD 27.08 billion by 2026, registering a CAGR of 30.25% in the forecast period of 2019-2026. Rising demand for AI- powered customer support services is the major factor for the growth of this market.

Global Conversational AI Market statistical surveying investigation and information help organizations for the planning of strategies like revenue, generation, product launches, costing, stock, purchasing and marketing. Other than this, market drivers, market restraints, opportunities and difficulties are assessed under market overview which gives valuable insights to businesses for taking right moves. Also, the numerical information, statistical information, facts and figures are represented very well in the Conversational AI Market report by utilizing diagrams, charts and tables with the goal that customers can have best understanding company market share analysis and key company profiles are the major aspects of the competitive analysis.

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Top Competitors/Players:

  • IBM Corporation,
  • Oracle,
  • Nuance Communications, Inc.,
  • Baidu,
  • SAP SE,
  • Artificial Solutions,
  • ai, Inc.,
  • Avaamo,
  • Conversica, Inc.,
  • Haptik, Inc.,
  • Rasa Technologies Inc.,
  • Google LLC
  • Microsoft,
  • Amazon Web Services, Inc.,
  • Solvvy, Pypestream Inc.,
  • Inbenta Technologies Inc.,
  • Rulai, Creative Virtual Ltd.

Market Definition: Conversational AI Market

Conversational AI is the usage of messaging app, chat bots and other digital platform so that they can provide platform to the customers where they can interact with virtual assistant and can solve their problem. This also helps the organization to improve by finding new techniques to communicate with the customers. Increasing demand for AI- powered customer support services is the factor which is fueling the conversational AI market.

Market Drivers:

  • Less development cost of the chat bot is driving the growth of this market
  • Technological advancement and development in the conversional AI is another factor driving the market.

Market Restraints:

  • Less information about the conversational AI is restraining the market
  • Lack of efficiency in chat bot is another factor restraining the growth of this market.

Segmentation: Conversational AI Market

  • By Component
    • Platform
    • Services
    • Training and Consulting
    • System Integration and Deployment
    • Support and Maintenance
  • By Type
    • Intelligent Virtual Assistants
    • Chat bots
  • By Technology
    • Machine Learning and Deep Learning
    • Natural Language Processing
    • Automated Speech Recognition
  • By Deployment Mode
    • Cloud
    • On- Premises
  • By Application
    • Customer Support
    • Personal Assistant
    • Branding and Advertisement
    • Customer Engagement and Retention
    • Onboarding and Employee Engagement
    • Data Privacy and Compliance
    • Others
  • By Vertical
    • Banking
    • Financial Services, and Insurance
    • Retail and Ecommerce,
    • Healthcare and Life Sciences
    • Travel and Hospitality
    • Telecom
    • Media and Entertainment
    • Others
  • By Geography
    • North America
      • US
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Europe
      • Germany
      • France
      • United Kingdom
      • Italy
      • Spain
      • Russia
      • Turkey
      • Belgium
      • Netherlands
      • Switzerland
      • Rest of Europe
    • Asia-Pacific
      • Japan
      • China
      • South Korea
      • India
      • Australia
      • Singapore
      • Thailand
      • Malaysia
      • Indonesia
      • Philippines
      • Rest of Asia Pacific
    • Middle East & Africa
      • South Africa
      • Egypt
      • Saudi Arabia
      • United Arab Emirates
      • Israel
      • Rest of Middle East & Africa

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Key Developments in the Market:

  • In March 2019, Boost.ai announced the launch of their new software which is specially designed to build, implement and operate the virtual agents to the U.S. The main aim is to create software that can improve the relationship between customer and business and help the customer to get high level of accuracy. This new technology will be available on both on premise deployments.
  • In October 2017, TD Bank Group (TD) announced their agreement with Kasisto so that they can combine the KAI Banking platform into the TD’s mobile app which can help the customer to get instant help and support whenever they want. This will also help the customer to get information related to their account, their transaction history and their spending level.

Competitive Analysis

Global conversational AI market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of conversational AI market for global, Europe, North America, Asia-Pacific and South America.

 

Contact:

Data Bridge Market Research

Tel: +1-888-387-2818

Email: Sopan.gedam@databridgemarketresearch.com

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