Conversational AI Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Platform and Service), Type (Chatbots and Intelligent Virtual Assistants), Deployment Type (On-Premise and Cloud), and Industry (Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, BFSI, IT & Telecom, Media & Entertainment, and Others)
The conversational AI market size is expected to grow from US$ 8.45 billion in 2022 and is anticipated to reach US$ 39.55 billion by 2030; it is estimated to record a CAGR of 21.3% from 2022 to 2030US$ 1.36 billion in 2022 to US$ 3.85 billion by 2030; it is estimated to record a CAGR of 13.9% from 2022 to 2030.
Conversational artificial intelligence (AI) is meant to be used in conjunction with chatbots or intelligent virtual agents to provide faster and more dependable interactions with complicated systems. Moreover, applied conversational artificial intelligenceAI necessitates the fusion of science and art to produce a digital application that combines personalization, context, and relevance in human-computer interaction. Natural language processing (NLP) and machine learning (ML) technologies are combined in conversational artificial intelligenceAI. In order to continuously improve AI algorithms, NLP is made to flow into a continuous loop with machine learning ML processes. As a result, machine algorithms increase their response quality over time through learning.
The conversational AI market share is predicted to grow significantly during the forecast period, owing to increased demand for AI-powered customer support services and increase in upsurged demand for chatbot solutions. Also, a spike in the implementation of omnichannel approaches is likely to fuel the conversational AI market growth throughout during the forecast period. In addition, one of the main reasons propelling the growth of the conversational AI market in the coming years is the implementation of AI-powered conversational solutions in the automotive, marketing, e-learning, retail, and e-commerce sectors. Global e-commerce platform demand is increasing, which is putting pressure on conversational AI solutions like such as voice assistants and chatbots to be improved. Moreover, major economies, such as including the US, China, Germany, and Japan, seek to develop and deploy next-generation conversational AI solutions across multiple industries. Furthermore, the increase in customer engagement via social media platforms is likely to give attractive prospects for the growth of the conversational AI market growth throughout during the forecast period.
The report includes growth prospects owing to the current conversational AI market trends and their foreseeable impact during the forecast period. The worldwide global conversational AI industry is very competitive due to the large number of existing vendors. Due to their ability to meet market demands, conversational AI vendors who have financial and technical resources at their disposal are expected to outperform their competitors. The market's competitive landscape is anticipated to get even more intense as a result of growing technical advancements, new product offerings, and varied tactics used by major suppliers. For instance, in October 2023, Rasa, a leading conversational AI technology provider, announced the launch of its new Generative AI-native enterprise conversational platform. With this new conversational AI platform, the company will help reduce AI assistant building complexity to a minimum and combine pro-code and low-code development for maximum productivity. Also, with this platform, the company is seizing the opportunity to provide natural-sounding interactions through automation, providing enhanced customer engagement and experience.
“The conversational AI market analysis” is carried out by identifying and evaluating key players in the market across different regions. Amazon Web Services Inc, IBM Corporation, Google LLC, Oracle, SAP SE, Microsoft Corp, Artificial Solutions International AB, Cognigy, Kore.ai Inc, and Rasa Technologies Inc are among the key players profiled in the conversational AI market report. Several other major players were also studied and analyzed in the conversational AI market report to get a holistic view of the market and its ecosystem.
Conversational artificial intelligence (AI) is meant to be used in conjunction with chatbots or intelligent virtual agents to provide faster and more dependable interactions with complicated systems. Moreover, applied conversational artificial intelligenceAI necessitates the fusion of science and art to produce a digital application that combines personalization, context, and relevance in human-computer interaction. Natural language processing (NLP) and machine learning (ML) technologies are combined in conversational artificial intelligenceAI. In order to continuously improve AI algorithms, NLP is made to flow into a continuous loop with machine learning ML processes. As a result, machine algorithms increase their response quality over time through learning.
The conversational AI market share is predicted to grow significantly during the forecast period, owing to increased demand for AI-powered customer support services and increase in upsurged demand for chatbot solutions. Also, a spike in the implementation of omnichannel approaches is likely to fuel the conversational AI market growth throughout during the forecast period. In addition, one of the main reasons propelling the growth of the conversational AI market in the coming years is the implementation of AI-powered conversational solutions in the automotive, marketing, e-learning, retail, and e-commerce sectors. Global e-commerce platform demand is increasing, which is putting pressure on conversational AI solutions like such as voice assistants and chatbots to be improved. Moreover, major economies, such as including the US, China, Germany, and Japan, seek to develop and deploy next-generation conversational AI solutions across multiple industries. Furthermore, the increase in customer engagement via social media platforms is likely to give attractive prospects for the growth of the conversational AI market growth throughout during the forecast period.
The report includes growth prospects owing to the current conversational AI market trends and their foreseeable impact during the forecast period. The worldwide global conversational AI industry is very competitive due to the large number of existing vendors. Due to their ability to meet market demands, conversational AI vendors who have financial and technical resources at their disposal are expected to outperform their competitors. The market's competitive landscape is anticipated to get even more intense as a result of growing technical advancements, new product offerings, and varied tactics used by major suppliers. For instance, in October 2023, Rasa, a leading conversational AI technology provider, announced the launch of its new Generative AI-native enterprise conversational platform. With this new conversational AI platform, the company will help reduce AI assistant building complexity to a minimum and combine pro-code and low-code development for maximum productivity. Also, with this platform, the company is seizing the opportunity to provide natural-sounding interactions through automation, providing enhanced customer engagement and experience.
“The conversational AI market analysis” is carried out by identifying and evaluating key players in the market across different regions. Amazon Web Services Inc, IBM Corporation, Google LLC, Oracle, SAP SE, Microsoft Corp, Artificial Solutions International AB, Cognigy, Kore.ai Inc, and Rasa Technologies Inc are among the key players profiled in the conversational AI market report. Several other major players were also studied and analyzed in the conversational AI market report to get a holistic view of the market and its ecosystem.
- In October 2023, NoBroker announced the launch of a conversational artificial intelligence ( AI) platform, CallZen.AI, with an aim to help businesses analyze their customer interactions in a LinkedIn post. In addition, CallZen also provides features like such as business lead generation, fraud detection, and business process management.
- In September 2023, Salesforce introduced the next generation of Einstein, its AI technology. Einstein now includes Einstein Copilot, a new and trusted out-of-the-box conversational AI assistant built into the user experience of every Salesforce application. It will help drive productivity by assisting users with their workflow, enabling them to ask questions in natural language and receive relevant and trustworthy answers that are grounded in secure proprietary company data from Salesforce Data Cloud.
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. EXECUTIVE SUMMARY
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. RESEARCH METHODOLOGY
4. CONVERSATIONAL AI MARKET LANDSCAPE
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. CONVERSATIONAL AI MARKET - KEY MARKET DYNAMICS
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. CONVERSATIONAL AI MARKET - GLOBAL MARKET ANALYSIS
6.1 Conversational AI - Global Market Overview
6.2 Conversational AI - Global Market and Forecast to 2031
7. CONVERSATIONAL AI MARKET – REVENUE ANALYSIS (USD MILLION) – BY COMPONENT, 2021-2031
7.1 Overview
7.2 Platform
7.3 Services
8. CONVERSATIONAL AI MARKET – REVENUE ANALYSIS (USD MILLION) – BY TYPE, 2021-2031
8.1 Overview
8.2 Chatbots
8.3 Intelligent Virtual Assistants
9. CONVERSATIONAL AI MARKET – REVENUE ANALYSIS (USD MILLION) – BY DEPLOYMENT TYPE, 2021-2031
9.1 Overview
9.2 Cloud
9.3 On-Premise
10. CONVERSATIONAL AI MARKET – REVENUE ANALYSIS (USD MILLION) – BY INDUSTRY, 2021-2031
10.1 Overview
10.2 Retail and E commerce
10.3 Healthcare and Life Sciences
10.4 Travel and Hospitality
10.5 BFSI
10.6 IT and Telecom
10.7 Media and Entertainment
10.8 Others
11. CONVERSATIONAL AI MARKET - REVENUE ANALYSIS (USD MILLION), 2021-2031 – GEOGRAPHICAL ANALYSIS
11.1 North America
11.1.1 North America Conversational AI Market Overview
11.1.2 North America Conversational AI Market Revenue and Forecasts to 2031
11.1.3 North America Conversational AI Market Revenue and Forecasts and Analysis - By Component
11.1.4 North America Conversational AI Market Revenue and Forecasts and Analysis - By Type
11.1.5 North America Conversational AI Market Revenue and Forecasts and Analysis - By Deployment Type
11.1.6 North America Conversational AI Market Revenue and Forecasts and Analysis - By Industry
11.1.7 North America Conversational AI Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Conversational AI Market
11.1.7.1.1 United States Conversational AI Market, by Component
11.1.7.1.2 United States Conversational AI Market, by Type
11.1.7.1.3 United States Conversational AI Market, by Deployment Type
11.1.7.1.4 United States Conversational AI Market, by Industry
11.1.7.2 Canada Conversational AI Market
11.1.7.2.1 Canada Conversational AI Market, by Component
11.1.7.2.2 Canada Conversational AI Market, by Type
11.1.7.2.3 Canada Conversational AI Market, by Deployment Type
11.1.7.2.4 Canada Conversational AI Market, by Industry
11.1.7.3 Mexico Conversational AI Market
11.1.7.3.1 Mexico Conversational AI Market, by Component
11.1.7.3.2 Mexico Conversational AI Market, by Type
11.1.7.3.3 Mexico Conversational AI Market, by Deployment Type
11.1.7.3.4 Mexico Conversational AI Market, by Industry
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 United Kingdom
11.2.5 Russia
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. INDUSTRY LANDSCAPE
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. COMPETITIVE LANDSCAPE
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. CONVERSATIONAL AI MARKET - KEY COMPANY PROFILES
14.1 IBM Corporation Amazon Web Services, Inc.
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
Note - Similar information would be provided for below list of companies
14.2 Google, Inc.
14.3 Oracle
14.4 SAP SE
14.5 Microsoft
14.6 Artificial Solutions International AB
14.7 Artificial Solutions International AB
14.8 Cognigy
14.9 Kore.ai Inc
14.10 Rasa Technologies Inc.
15. APPENDIX
15.1 Glossary
15.2 About The Insight Partners
15.3 Market Intelligence Cloud
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. EXECUTIVE SUMMARY
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. RESEARCH METHODOLOGY
4. CONVERSATIONAL AI MARKET LANDSCAPE
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. CONVERSATIONAL AI MARKET - KEY MARKET DYNAMICS
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. CONVERSATIONAL AI MARKET - GLOBAL MARKET ANALYSIS
6.1 Conversational AI - Global Market Overview
6.2 Conversational AI - Global Market and Forecast to 2031
7. CONVERSATIONAL AI MARKET – REVENUE ANALYSIS (USD MILLION) – BY COMPONENT, 2021-2031
7.1 Overview
7.2 Platform
7.3 Services
8. CONVERSATIONAL AI MARKET – REVENUE ANALYSIS (USD MILLION) – BY TYPE, 2021-2031
8.1 Overview
8.2 Chatbots
8.3 Intelligent Virtual Assistants
9. CONVERSATIONAL AI MARKET – REVENUE ANALYSIS (USD MILLION) – BY DEPLOYMENT TYPE, 2021-2031
9.1 Overview
9.2 Cloud
9.3 On-Premise
10. CONVERSATIONAL AI MARKET – REVENUE ANALYSIS (USD MILLION) – BY INDUSTRY, 2021-2031
10.1 Overview
10.2 Retail and E commerce
10.3 Healthcare and Life Sciences
10.4 Travel and Hospitality
10.5 BFSI
10.6 IT and Telecom
10.7 Media and Entertainment
10.8 Others
11. CONVERSATIONAL AI MARKET - REVENUE ANALYSIS (USD MILLION), 2021-2031 – GEOGRAPHICAL ANALYSIS
11.1 North America
11.1.1 North America Conversational AI Market Overview
11.1.2 North America Conversational AI Market Revenue and Forecasts to 2031
11.1.3 North America Conversational AI Market Revenue and Forecasts and Analysis - By Component
11.1.4 North America Conversational AI Market Revenue and Forecasts and Analysis - By Type
11.1.5 North America Conversational AI Market Revenue and Forecasts and Analysis - By Deployment Type
11.1.6 North America Conversational AI Market Revenue and Forecasts and Analysis - By Industry
11.1.7 North America Conversational AI Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Conversational AI Market
11.1.7.1.1 United States Conversational AI Market, by Component
11.1.7.1.2 United States Conversational AI Market, by Type
11.1.7.1.3 United States Conversational AI Market, by Deployment Type
11.1.7.1.4 United States Conversational AI Market, by Industry
11.1.7.2 Canada Conversational AI Market
11.1.7.2.1 Canada Conversational AI Market, by Component
11.1.7.2.2 Canada Conversational AI Market, by Type
11.1.7.2.3 Canada Conversational AI Market, by Deployment Type
11.1.7.2.4 Canada Conversational AI Market, by Industry
11.1.7.3 Mexico Conversational AI Market
11.1.7.3.1 Mexico Conversational AI Market, by Component
11.1.7.3.2 Mexico Conversational AI Market, by Type
11.1.7.3.3 Mexico Conversational AI Market, by Deployment Type
11.1.7.3.4 Mexico Conversational AI Market, by Industry
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 United Kingdom
11.2.5 Russia
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. INDUSTRY LANDSCAPE
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. COMPETITIVE LANDSCAPE
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. CONVERSATIONAL AI MARKET - KEY COMPANY PROFILES
14.1 IBM Corporation Amazon Web Services, Inc.
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
Note - Similar information would be provided for below list of companies
14.2 Google, Inc.
14.3 Oracle
14.4 SAP SE
14.5 Microsoft
14.6 Artificial Solutions International AB
14.7 Artificial Solutions International AB
14.8 Cognigy
14.9 Kore.ai Inc
14.10 Rasa Technologies Inc.
15. APPENDIX
15.1 Glossary
15.2 About The Insight Partners
15.3 Market Intelligence Cloud
