According
to the new market research "Conversational AI Market
by Component (Platform and Services), Type (IVA and Chatbots), Technology,
Application (Customer Support, Personal Assistant, and Customer Engagement and
Retention), Deployment Mode, Vertical, and Region - Global Forecast to
2024", published by MarketsandMarkets™, the global conversational AI market size is expected
to grow from USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a Compound
Annual Growth Rate (CAGR) of 30.2% during the forecast period.
The major
factors fueling the market growth include the increasing demand for AI powered
customer support services and omni-channel deployment, and reduced chatbot
development costs. The rise in customer engagement through social media
platforms and integration of advanced AI capabilities will add value to the
conversational AI offering would provide opportunities in the conversational AI
market.
Browse and
in-depth TOC on "Conversational
AI Market"
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Chatbots
segment to hold a larger market size during the forecast period
Vendors
offer conversational AI based on interfaces used. Intelligent Virtual
Assistants (IVA) and chatbots are 2 types of conversational AI. The chatbots
segment is estimated to hold a larger market size, owing to the increasing
demand for AI-powered chatbots to analyze customer insights in real time. The
AI-based chatbots can be used by the enterprises to understand user behavior,
purchasing habits, and preference over time and accordingly can answer queries.
Retail
and eCommerce vertical to grow at the highest CAGR during the forecast period
For
the retail and eCommerce vertical, better customer service leads to customer
loyalty, customer retention, increased conversion rate, and reduced shopping
cart abandonment. The vertical has to strategize customer engagement channels
to fulfill the demand of tech-savvy consumers. Due to a rapid increase in the
number of mobile subscribers, mCommerce has played a vital role in the retail
and eCommerce industry. It helps in enhancing the customer experience, employee
efficiency, and the overall functioning of the business.
North
America to hold the largest market size during the forecast period
North
America is the major revenue-generating region in the global conversational AI
market. The region is witnessing major developments in the conversational AI
platform space. Many AI solution providers in North America are experimenting
in the conversational AI market by integrating AI and ML functionalities with
their existing conversational platforms. They are also adopting various growth
strategies to strengthen their position in the conversational AI market.
Major
vendors in the global conversational AI market include Google (US), Microsoft
(US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance
(US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa
(Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US),
Inbenta (US), Creative Virtual (UK) and Saarthi.ai (India).
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