Conversational AI Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Conversational AI Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Report Digest
Global Conversational AI Market: Overview
The global conversational AI market is gaining traction, owing to the convenience it provides to the customer in delivering personalized communication. Conversational AI includes computerized programs for conducting a conversation via textual or auditory methods. Such Artificial intelligence and computer programs are mostly designed to convincingly simulate humans’ behaviors as a conversational partner, therefore passing the Turing test. Conversational AI is typically used in various dialog systems for several practical purposes such as information acquisition or customer service. All such advantages are driving the global conversational AI market.
From the perspective of applications, the global conversational AI market is segmented into chatbots, messaging apps, digital/personal assistants, and voice search. Among these applications, the personal assistants segment accounts for the largest share and is expected to boost the global conversational AI market during the forecast period. This is because of the rising demand for open conversations as well as contextualization at the same time. Many enterprises are now leveraging AI technology through using a combination of NLU and ML, which helps in training the assistants with unique business data and industry-specific knowledge. Such USPs are fueling growth in the global conversational AI market.
Global Conversational AI Market: Notable Developments
Some of the recent developments that may influence the contours of the conversational AI market in a big way are:
- Currently, various renowned messaging apps such as Slack, WhatsApp, Facebook, WeChat, and Messenger are allowing chatbots to be built on their messaging platforms.
- Instead of placing standalone chatbots on the mobile app or website, various brands now have the opportunity in connecting with their users on such messaging apps throughout their buying journey. Such advantages are also fueling demand in the global conversational AI market.
- Many vendors in the global conversational AI market are offering cloud-based solutions for gaining conversations insight in real time. These vendors are focusing hard on developing robust cloud-based solutions for the clients, as many enterprises have shifted to private or a public cloud.
Some of the most prominent competitors operating in the competitive landscape of global conversational AI market include –
- Baidu
- Nuance
- Oracle
- Microsoft
- SAP
- Haptik
Global Conversational AI Market: Key Growth Dynamics
Rising Demand for AI-powered Customer Support Services to Boost Market’s Growth
The biggest strength of conversational AI lies in their potentiality to carry out human-like conversations. Conversational AI interfaces help people in finding places to eat, looking for gift recommendations, checking status of order, and also the ways for resolving a problem associated with the recently brought products. Due to all such advantages, conversational AI is becoming more ubiquitous day by day. Such factors are boosting the global conversational AI market. Along with this, rising demand for AI-powered customer support services, and growing need for Omni-channel deployment are also fueling growth in the global conversational AI market.
Furthermore, rising demand for easy-to-use, scalable, and cost-effective conversational AI solutions from various organizations, and growing need for reducing chatbot development cost are the factors majorly propelling expansion in the global conversational AI market. Along with all these, rapid proliferation rate of human-machine interactions in natural languages, rising need for efficient regular messaging, and growing demand for voice assistants are also fueling growth in the global conversational AI market.
Poor Communication Quality May Hinder Market’s Growth
High costs of the products, risk associated with malfunctioning electronic devices, and poor communication quality are the major challenges in the global conversational AI market which are hampering growth of the market. Nonetheless, such deterrents may not impact the momentum expected in the global conversational AI market in the near term.
Global Conversational AI Market: Regional Outlook
Geographically, North America is expected to lead the global conversational AI market as the region has seen rapid technological advancements. Rising investments for enhancing AI and ML technologies, rapid adoption of conversational AI, and increasing governments’ investments on AI-based technologies are also responsible for fueling growth in the conversational AI market I this region.
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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