Conversational AI Market to Witness a CAGR of 23.4% And is

New Delhi, April 13, 2022 (GLOBE NEWSWIRE) — The global conversational AI market is growing at a high CAGR owing to the increasing demand for customer support services by enterprises to improve customer experience and the increasing adoption of conversational AI across various industries…

A recent study by the strategy consulting and market research company BlueWeave Consultingrevealed that the conversational AI market will be worth USD 6.9 billion in 2021 Conversational AI Market is thriving at high speed due to the increasing demand for customer care services by businesses to improve customer experience. Furthermore, the increasing adoption of conversational AI across various industries including BFSI, Media & Entertainment, Healthcare & Life Sciences, Travel & Hospitality, etc. is expected to bring lucrative growth opportunities to the market during the forecast period.

Increasing demand for cloud deployment is driving the conversational AI market

Based on deployment, the conversational AI market is segmented into on-premise and cloud. The cloud deployment segment holds the largest market share as it proves to be flexible and cost-effective compared to on-premises deployment. Therefore, this type of deployment mode is popular with SMBs. However, most large organizations choose to deploy on-premises due to their increased financial capabilities and advanced security. On-premises deployment restricts external access to data, which has a positive impact on market growth.


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The rising popularity of app-based integration is driving the growth of the Conversational AI market

Based on the integration mode, the conversational AI market is segmented into web-based, app-based and phone-based. The app-based segment accounts for the largest market share in 2021. Technologies like Google Assistant, Alexa, Siri, etc. are among the most popular conversational AIs in the world and are working on app-based integration. But the web-based type of integration also covers a significant market share. The increasing number of SMB websites and rising demand for customer support chat services are driving the overall market growth.

Conversational AI market – by technology

Based on Technology, Conversational AI market is segmented into Machine Learning & Deep Learning, Natural Language Processing, and Automatic Speech Recognition. Natural language processing (NLP) accounts for the largest market share in 2021. Conversational AI combines natural language processing with traditional software like chatbots or voice assistants to create a chat or voice communication interface. NLP helps the system understand the meaning of human language and decodes it to provide an answer or guidance.

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Conversational AI Market – Regional Insights

Geographically, the conversational AI market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America dominated the conversational AI market in 2021. However, the Asia-Pacific region is expected to see the highest CAGR during this period due to the rising number of SMBs and startups and the growing adoption of conversational AI to answer customer inquiries. Europe is also growing significantly due to the presence of multinational corporations.

Impact of COVID-19 on the Conversational AI Market

The conversational AI market has witnessed tremendous growth following the outbreak of the COVID-19 pandemic. The number of customer service requests through websites and applications increased significantly during this period. However, the lack of sufficiently working staff and restrictions on customer care centers due to social distancing norms placed a huge strain on human account managers, negatively impacting the customer experience. As a result, companies have quickly switched to conversational AI to address the increasing number of service requests and deliver timely solutions.

competitive landscape

The leading players in the Conversational AI market are Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, FIS, Artificial Solutions, Kore.ai, Conversica, Inbenta, Creative Virtual, SoundHound, Avaamo, Haptik, Solvvy, MindMeld, and other prominent players. The Conversational AI market is highly concentrated with the presence of leading industry players such as Google, IBM, Oracle, Microsoft, etc. However, several startups are also emerging, attracting significant investment to expand their footprint. Businesses are constantly rolling out new upgrades and innovations to gain a competitive edge. Furthermore, the adoption of market strategies such as partnerships, mergers, acquisitions, collaborations, etc. is also significant in this market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends and statistics of Conversational AI market. It also highlights the factors driving overall market size forecasts. The report promises to provide the latest technology trends of the Conversational AI market and industry insights to help decision makers to make informed strategic decisions. In addition, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

The latest development

  • In January 2022, NLX, a provider of self-service automations, announced that it has raised $5 million in seed funding to advance its automated, personalized customer self-service solution for managing customer interactions.
  • In December 2021, Bavard AI, a US-based conversational AI platform, announced enhancements to its platform including support from Amazon Web Services (AWS) designed to facilitate partner integrations and scalability.

scope of the report

attributes details
years taken into account Historical data – 2018-2021
Base year – 2021
Forecast – 2022 – 2028
facts covered Sales in billion USD
market coverage USA, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, United Arab Emirates, South Africa, Saudi Arabia
Product Service/Segmentation By component, by type, by deployment mode, by technology, by organization size, by industry, by integration mode, by region
key figures Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, FIS, Artificial Solutions, Kore.ai, Conversica, Inbenta, Creative Virtual, SoundHound, Avaamo, Haptik, Solvvy, MindMeld and other prominent players

By component

By type

  • Intelligent virtual assistants
  • chatbots

By deployment mode

Through technology

  • Machine Learning and Deep Learning
  • Natural Language Processing
  • Automatic voice recognition

By organization size

  • Large companies
  • Small and medium-sized enterprises (SMEs)

Through Vertical

  • Banking, Financial Services and Insurance (BFSI)
  • Healthcare and Life Sciences
  • IT and Telecom
  • Retail and Ecommerce
  • Other

By integration mode

  • web based
  • App based
  • by phone

By region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Latin America (LATAM)
  • Middle East & Africa (MEA)

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