Reports

Global Conversational AI Market to Grow at a CAGR of 20.1% During 2022-2027, Aided by the Increased Digitalisation and Rapid Technological Advancements

Conversational AI Market

Global Conversational AI Market Size, Trends, Forecast: By Component: Platform, Services; By Technology: Machine Learning and Deep Learning, Natural Language Processing, Automated Speech Recognition; By Deployment Mode: Cloud, On- Premises; By End Use; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032

Global Conversational AI Market Outlook

The global conversational AI market size reached a value of approximately USD 9.69 billion in 2023. The market is further expected to grow at a CAGR of 22.9% in the forecast period of 2024-2032 to attain a value of USD 61.9 billion by 2032.

 

Rising demand, decreasing chatbot development costs, AI-powered customer support services, and omnichannel implementation are the key conversational AI market trends. It is projected that speech-based and AI-powered messaging apps will replace current mobile and web applications as a new form of communication.

 

Global Conversational AI Market

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The development of affordable chatbots, increasing use of omnichannel marketing strategies, and growing consumer demand for AI-enhanced customer support services are favourably impacting market expansion. As per the conversational AI market research, the market growth is greatly aided by the rapid pace of technological developments and improvements in AI-based technologies. Cognitive capabilities of a conversational AI bot can provide online assistance to customers during their purchasing journeys.

 

The conversational artificial intelligence market size is also expanding as a result of the growing use of AI-based consumer services. Over the past few years, conversational AI solutions have been adopted by various social media platforms to improve their services. According to the conversational AI report, the increasing development of conversational AI platforms will likely facilitate further deployment of chatbots and virtual agents across a variety of social media platforms.

 

Heightened Deployment of Cloud Based Conversational AI to Increase the Conversational Ai Market Share

Based on deployment mode, the cloud segment is predicted to hold a significant share in the conversational artificial intelligence market. 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 market growth in the coming years.

 

North America to Account for a Significant Market Share in the Global Conversational AI Market

According to the conversational AI market analysis, North America is estimated to hold a significant share of the conversational AI market 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.

 

Global Conversational AI Market

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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 market 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.

 

Global Conversational AI Market

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Increased Digitalisation and the Rapid Technological Advancements to Bolster the Global Conversational AI Market

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 conversational AI market growth. 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, thus aiding the conversational AI market outlook. 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 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
  • Avaamo, Inc.
  • SAP SE
  • Cognigy GmbH
  • Rasa Technologies Inc
  • Kasisto, Inc.
  • Others

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model and SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
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
  • Avaamo, Inc.
  • SAP SE
  • Cognigy GmbH
  • Rasa Technologies Inc
  • Kasisto, Inc.
  • 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    Opportunities and Challenges in the Market
8    Global Conversational AI Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Conversational AI Market Historical Market (2018-2023) 
    8.3    Global Conversational AI Market Forecast (2024-2032)
    8.4    Global Conversational AI Market by Component
        8.4.1    Platform
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Services   
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Conversational AI Market by Technology
        8.5.1    Machine Learning and Deep Learning
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Natural Language Processing 
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Automated Speech Recognition 
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)
    8.6    Global Conversational AI Market by Deployment Mode
        8.6.1    Cloud
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    On- Premises
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
    8.7    Global Conversational AI Market by End Use
        8.7.1    Banking, Financial Services, and Insurance
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Retail and E-commerce
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Healthcare and Life Sciences
            8.7.3.1    Historical Trend (2018-2023)
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Travel and Hospitality
            8.7.4.1    Historical Trend (2018-2023)
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Telecom
            8.7.5.1    Historical Trend (2018-2023)
            8.7.5.2    Forecast Trend (2024-2032)
        8.7.6    Media and Entertainment
            8.7.6.1    Historical Trend (2018-2023)
            8.7.6.2    Forecast Trend (2024-2032)
    8.8    Global Conversational AI Market by Region       
        8.8.1    North America
            8.8.1.1    Historical Trend (2018-2023) 
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Europe
            8.8.2.1    Historical Trend (2018-2023) 
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Asia Pacific
            8.8.3.1    Historical Trend (2018-2023) 
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    Latin America
            8.8.4.1    Historical Trend (2018-2023) 
            8.8.4.2    Forecast Trend (2024-2032)
        8.8.5    Middle East and Africa
            8.8.5.1    Historical Trend (2018-2023) 
            8.8.5.2    Forecast Trend (2024-2032)
9    North America Conversational AI Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Conversational AI Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Conversational AI Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Conversational AI Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Conversational AI Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Google LLC
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Microsoft Corporation
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Amazon Web Services (AWS)
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Oracle Corporation
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    IBM Corporation
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Nuance Communications
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    Avaamo, Inc.
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    SAP SE
            15.2.8.1    Company Overview
            15.2.8.2    Product Portfolio
            15.2.8.3    Demographic Reach and Achievements
            15.2.8.4    Certifications
        15.2.9    Cognigy GmbH
            15.2.9.1    Company Overview
            15.2.9.2    Product Portfolio
            15.2.9.3    Demographic Reach and Achievements
            15.2.9.4    Certifications
        15.2.10    Rasa Technologies Inc
            15.2.10.1    Company Overview
            15.2.10.2    Product Portfolio
            15.2.10.3    Demographic Reach and Achievements
            15.2.10.4    Certifications
        15.2.11    Kasisto, Inc.
            15.2.11.1    Company Overview
            15.2.11.2    Product Portfolio
            15.2.11.3    Demographic Reach and Achievements
            15.2.11.4    Certifications
        15.2.12    Others
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Conversational AI: Key Industry Highlights, 2018 and 2032
2.    Global Conversational AI Historical Market: Breakup by Component (USD Billion), 2018-2023
3.    Global Conversational AI Market Forecast: Breakup by Component (USD Billion), 2024-2032
4.    Global Conversational AI Historical Market: Breakup by Technology (USD Billion), 2018-2023
5.    Global Conversational AI Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6.    Global Conversational AI Historical Market: Breakup by Development Mode (USD Billion), 2018-2023
7.    Global Conversational AI Market Forecast: Breakup by Development Mode (USD Billion), 2024-2032
8.    Global Conversational AI Historical Market: Breakup by End Use (USD Billion), 2018-2023
9.    Global Conversational AI Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10.    Global Conversational AI Historical Market: Breakup by Region (USD Billion), 2018-2023
11.    Global Conversational AI Market Forecast: Breakup by Region (USD Billion), 2024-2032
12.    North America Global Conversational AI Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    North America Global Conversational AI Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Europe Global Conversational AI Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Europe Global Conversational AI Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Asia Pacific Global Conversational AI Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Asia Pacific Global Conversational AI Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Latin America Global Conversational AI Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Latin America Global Conversational AI Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Middle East and Africa Global Conversational AI Historical Market: Breakup by Country (USD Billion), 2018-2023
21.    Middle East and Africa Global Conversational AI Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.    Global Conversational AI Market Structure

Key Questions Answered in the Report

What was the global conversational AI market size in 2023?

In 2023, the global conversational AI market attained a value of USD 9.69 billion.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 22.90% between 2024 and 2032.

What is the forecast outlook of the market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 61.9 billion by 2032.

What are the major drivers of the market?

The major drivers of the market, 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.

What are the key trends of the global conversational AI market?

The key market trends guiding the growth of the market include the rapid digitalisation and the growing technological advancements.

What are the major regional markets of conversational AI, according to the EMR report?

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the significant components considered within the market report?

The significant components considered within the market report include platform and services.

What are the significant segments based on technology, considered within the market report?

The significant segments based on technology include machine learning and deep learning, natural language processing, and automated speech recognition.

What are the major deployment modes of conversational AI?

The major deployment modes include cloud and on-premises.

What are the significant end uses of conversational AI?

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.

Who are the key market players, according to the report?

The major players in the market are Google LLC, Microsoft Corporation, Amazon Web Services (AWS), Oracle Corporation, IBM Corporation, Nuance Corporations, Avaamo, Inc., SAP SE, Cognigy GmbH, Rasa Technologies Inc, and Kasisto, Inc., among others.

Analyst Review

The global conversational AI market attained a value of USD 9.69 billion in 2023, 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 2024-2032, growing at a CAGR of 22.90%. The market is projected to reach USD 61.9 billion by 2032.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. By component, the market can be distributed into platform and services. On the basis of technology, the market 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 market 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, Avaamo, Inc., SAP SE, Cognigy GmbH, Rasa Technologies Inc, and Kasisto, Inc., among 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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