Global Conversational AI Market Size study, by Component (Platform and Services), Type (IVA and Chatbots), Technology (ML and Deep Learning, NLP, and ASR), Deployment Mode (Cloud and On-premises) and Regional Forecasts 2022-2028

Global Conversational AI Market Size study, by Component (Platform and Services), Type (IVA and Chatbots), Technology (ML and Deep Learning, NLP, and ASR), Deployment Mode (Cloud and On-premises) and Regional Forecasts 2022-2028

Global Conversational AI Market is valued approximately USD 6.18 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 23.60 % over the forecast period 2022-2028. Conversational AI is the technology used to provide automated messaging and speech enabled applications that offer human like interactions between computers and humans. The advanced technology recognizes speech and text, understands consumer intent and can decipher different languages. Conversational AI accounts for an important place in the personal assistance activities. 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 an increased time to market. The upcoming customer engagement through social media platforms and increasing integration of advanced AI capabilities are the major factors adding value to the conversational AI offerings. As per Venture Beat as of 2018 Facebook had over 300 thousand chatbots while approximately 3 billion messages were sent using automated messages in the same year. Further, increasing demand for AI powered customer support services drive the market growth owing to the save in operation costs. As per Chatbots magazine, chatbots can save up to 30% in customer support costs. However, the lack of accuracy in chatbots and virtual assistants impedes the growth of the market over the forecast period of 2022-2028. Although, rise in customer engagement through social media platforms presents a lucrative opportunity for the market.

The regional analysis of global Conversational AI Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the early adoption of technology and presence of major market players in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate over the forecast period 2022-2028. Factors such as rising disposable income, rising population and increasing customer support demand would create lucrative growth prospects for the global Conversational AI Market across Asia-Pacific region.

Major market player included in this report are:

Microsoft Corporation
Google
Amazon Web Services
Oracle
IBM Corporation
Baidu
SAP
Artificial Solutions
Conversica
Haptik

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component:
Platform
Services
By Type:
IVA
Chatbots
By Technology:
ML and Deep Learning
NLP
ASR
By Deployment Mode:
Cloud
On-premises

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019,2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Conversational AI Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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Companies Mentioned

Microsoft Corporation
Google
Amazon Web Services
Oracle
IBM Corporation
Baidu
SAP
Artificial Solutions
Conversica
Haptik"