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Global Conversational AI Market: By Component: Platform, Services; By Technology: Machine Learning and Deep Learning, Natural Language Processing, Others; By Deployment Mode; By End Use; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Conversational AI Market Outlook
The global conversational AI market stood at a value of more than USD 6.3 billion in 2021. The market is further expected to grow at a CAGR of 20.1% in the forecast period of 2022-2027 to attain a value of over USD 18.8 billion by 2027.
Heightened Deployment of Cloud Based Conversational AI to Spearhead the Growth of the Global Conversational AI Industry
Based on deployment mode, the cloud segment is predicted to hold a significant market share in the conversational AI industry. This can be attributed to the increased implementation of cloud technology in major industry verticals such as the healthcare and retail industry to consolidate business processes, provide access and storage to a wide range of data, and improve work efficiency. In addition, the adoption of cloud based models also offers low maintenance costs, which is predicted to aid the industry growth in the coming years.
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North America to Account for a Significant Market Share in the Global Conversational AI Industry
North America is estimated to hold a significant share of the conversational AI industry in the forecast period. The growth can be attributed to the presence of the leading market players in the region. In addition, the heightened adoption of conversational AI-based chatbot services by various enterprises for routine customer service applications to enhance customer satisfaction and improve operational efficiency is also expected to aid the market growth. Moreover, the increased investment in the development of artificial intelligence technology is also expected to positively impact the market growth in the coming years.
Conversational AI: Market Segmentation
Conversational AI is a developing technology used in automated messaging and speech-enabled applications and devices to offer a human-like conversational experience to customers via machines. For instance, chatbots are software programmes that simulate human-like conversation by making use of artificial intelligence along with natural language processing. The conversational AI technology is used to imitate human interactions, recognising speech and text inputs translated across languages. This technology is mainly adopted by enterprises to enhance customer service, as it provides immediate automated responses and makes the experience seem more personalised.
By component, the market is divided into:
- Platform
- Services
On the basis of technology, the market can be segmented into:
- Machine Learning and Deep Learning
- Natural Language Processing
- Automated Speech Recognition
Based on deployment mode, the industry can be bifurcated into:
- Cloud
- On-Premises
Based on end use, the market can be categorised into:
- Banking, Financial Services, and Insurance
- Retail and E-commerce
- Healthcare and Life Sciences
- Travel and Hospitality
- Telecom
- Media and Entertainment
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Increased Digitalisation and the Rapid Technological Advancements to Bolster the Global Conversational AI Industry
Major enterprises across industry verticals are employing digital solutions in most business operations to enhance their productivity while streamlining the varied processes involved. The heightened digitalisation with increased adoption of the internet of things (IoT) and increasing access to internet facilities across industries is anticipated to propel the demand for conversational AI technology. Artificial intelligence in chatbots, for instance, is used to simulate human dialogues by learning previous interactions and predicting the subsequent exchanges, which would allow for quick and convenient conversations. Furthermore, the self-learning interface of chatbots enables them to correct their mistakes with every interaction, thus, giving them a human-like feel. In addition, the rising awareness pertaining to conversational AI is also contributing to its popularity. For instance, voice-activated services such as Apple's Siri, Lenovo's Cortana, and Google's Ok Google are witnessing an increased utilisation along with devices such as Google Mini, which can conversate and carry out small tasks. These factors are estimated to positively impact the market growth in the forecast period.
Key Industry Players in the Global Conversational AI Market
The report gives a detailed analysis of the following key players in the global conversational AI market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Google LLC
- Microsoft Corporation
- Amazon Web Services (AWS)
- Oracle Corporation
- IBM Corporation
- Nuance Communications
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2021 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Component, Technology, Deployment Mode, End Use, Region |
| Breakup by Component | Platform, Services |
| Breakup by Technology | Machine Learning and Deep Learning, Natural Language Processing, Automated Speech Recognition |
| Breakup by Deployment Mode | Cloud, On- Premises |
| Breakup by End Use | Banking, Financial Services, and Insurance, Retail and E-commerce, Healthcare and Life Sciences, Travel and Hospitality, Telecom, Media and Entertainment |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Google LLC, Microsoft Corporation, Amazon Web Services (AWS), Oracle Corporation, IBM Corporation, Nuance Communications, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Conversational AI Market Analysis
8.1 Key Industry Highlights
8.2 Global Conversational AI Market Historical Market (2017-2021)
8.3 Global Conversational AI Market Forecast (2022-2027)
8.4 Global Conversational AI Market by Component
8.4.1 Platform
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Services
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.5 Global Conversational AI Market by Technology
8.5.1 Machine Learning and Deep Learning
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Natural Language Processing
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.5.3 Automated Speech Recognition
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2017-2021)
8.5.3.3 Forecast Trend (2022-2027)
8.6 Global Conversational AI Market by Deployment Mode
8.6.1 Cloud
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2017-2021)
8.6.1.3 Forecast Trend (2022-2027)
8.6.2 On- Premises
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2017-2021)
8.6.2.3 Forecast Trend (2022-2027)
8.7 Global Conversational AI Market by End Use
8.7.1 Banking, Financial Services, and Insurance
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2017-2021)
8.7.1.3 Forecast Trend (2022-2027)
8.7.2 Retail and E-commerce
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2017-2021)
8.7.2.3 Forecast Trend (2022-2027)
8.7.3 Healthcare and Life Sciences
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2017-2021)
8.7.3.3 Forecast Trend (2022-2027)
8.7.4 Travel and Hospitality
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2017-2021)
8.7.4.3 Forecast Trend (2022-2027)
8.7.5 Telecom
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2017-2021)
8.7.5.3 Forecast Trend (2022-2027)
8.7.6 Media and Entertainment
8.7.6.1 Market Share
8.7.6.2 Historical Trend (2017-2021)
8.7.6.3 Forecast Trend (2022-2027)
8.8 Global Conversational AI Market by Region
8.8.1 Market Share
8.8.1.1 North America
8.8.1.2 Europe
8.8.1.3 Asia Pacific
8.8.1.4 Latin America
8.8.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Google LLC
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Microsoft Corporation
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Amazon Web Services (AWS)
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Oracle Corporation
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 IBM Corporation
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Nuance Communications
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Certifications
11.2.7 Others
12 Industry Events and Developments
List of Key Figures and Tables
1. Global Conversational AI: Key Industry Highlights, 2017 and 2027
2. Global Conversational AI Historical Market: Breakup by Component (USD Billion), 2017-2021
3. Global Conversational AI Market Forecast: Breakup by Component (USD Billion), 2022-2027
4. Global Conversational AI Historical Market: Breakup by Technology (USD Billion), 2017-2021
5. Global Conversational AI Market Forecast: Breakup by Technology (USD Billion), 2022-2027
6. Global Conversational AI Historical Market: Breakup by Development Mode (USD Billion), 2017-2021
7. Global Conversational AI Market Forecast: Breakup by Development Mode (USD Billion), 2022-2027
8. Global Conversational AI Historical Market: Breakup by End Use (USD Billion), 2017-2021
9. Global Conversational AI Market Forecast: Breakup by End Use (USD Billion), 2022-2027
10. Global Conversational AI Historical Market: Breakup by Region (USD Billion), 2017-2021
11. Global Conversational AI Market Forecast: Breakup by Region (USD Billion), 2022-2027
12. North America Global Conversational AI Historical Market: Breakup by Country (USD Billion), 2017-2021
13. North America Global Conversational AI Market Forecast: Breakup by Country (USD Billion), 2022-2027
14. Europe Global Conversational AI Historical Market: Breakup by Country (USD Billion), 2017-2021
15. Europe Global Conversational AI Market Forecast: Breakup by Country (USD Billion), 2022-2027
16. Asia Pacific Global Conversational AI Historical Market: Breakup by Country (USD Billion), 2017-2021
17. Asia Pacific Global Conversational AI Market Forecast: Breakup by Country (USD Billion), 2022-2027
18. Latin America Global Conversational AI Historical Market: Breakup by Country (USD Billion), 2017-2021
19. Latin America Global Conversational AI Market Forecast: Breakup by Country (USD Billion), 2022-2027
20. Middle East and Africa Global Conversational AI Historical Market: Breakup by Country (USD Billion), 2017-2021
21. Middle East and Africa Global Conversational AI Market Forecast: Breakup by Country (USD Billion), 2022-2027
22. Global Conversational AI Market Structure
Key Questions Answered in the Report
In 2021, the global conversational AI market attained a value of more than USD 6.3 billion.
The market is projected to grow at a CAGR of 20.1% between 2022 and 2027.
The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach over USD 18.8 billion by 2027.
The major drivers of the industry, such as the increased deployment of chatbots in major industry verticals, the rising adoption of IoT solutions, the rapid spread of the internet, and the increasing investments in research and development activities by the leading technology companies, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the rapid digitalisation and the growing technological advancements.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant components considered within the market report include platform and services.
The significant segments based on technology include machine learning and deep learning, natural language processing, and automated speech recognition.
The major deployment modes include cloud and on-premises.
The significant end uses include banking, financial services and insurance, retail and e-commerce, healthcare and life sciences, travel and hospitality, telecom, and media and entertainment.
The major players in the industry are Google LLC, Microsoft Corporation, Amazon Web Services (AWS), Oracle Corporation, IBM Corporation, Nuance Corporations, and others.
Analyst Review
The global conversational AI market attained a value of more than USD 6.3 billion in 2021, driven by the increased demand for conversational AI across different industry verticals. Aided by the rapid technological advancements, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 20.1%. The market is projected to reach over USD 18.8 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By component, the market can be distributed into platform and services. On the basis of technology, the industry can be segmented into machine learning and deep learning, natural language processing, and automated speech recognition. Based on deployment mode, the market can be categorised into cloud and on-premises. On the basis of end use, the industry can be segregated into banking, financial services and insurance, retail and e-commerce, healthcare and life sciences, travel and hospitality, telecom, and media and entertainment. The major regional markets for conversational AI are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Google LLC, Microsoft Corporation, Amazon Web Services (AWS), Oracle Corporation, IBM Corporation, Nuance Corporations, and others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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