Global Conversational AI Market is Set to Reach USD 16.2 billion by 2024, Observing a CAGR of 29.2% during 2019-2024

The global conversational AI market is expected to grow at a CAGR of 29.2% during the forecast period with its market size predicted to reach USD 16.2 billion by 2024. Globally, conversational AI industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in November 2018, Microsoft Corporation signed an agreement to acquire Xoxco Inc.

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Machine learning category is expected to witness fastest growth in the conversational AI market during the forecast period

On the basis of technology, the conversational AI market is segmented into natural language processing, machine learning, automatic speech recognition, computer vision, video recognition, and others. Of all, machine learning category is expected to witness fastest growth in the conversational AI market during the forecast period. The growth of this segment is attributed to the fact that with the help of machine learning, conversational AI solutions are able to learn from previous responses based on different queries, which in turn is growing the capability of the machine in answering questions.

Based on application, the conversational AI market is categorized into customer support, personal assistant, branding & advertisement, customer engagement and retention, onboarding & employee engagement. Of all, personal assistant category is expected to witness fastest growth in the conversational AI market during the forecast period.

Geography Insight

Geographically, North America has accounted for the largest share in conversational AI market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of established players such as Google LLC, International Business Machines Corporation, Oracle Corporation, and Microsoft Corporation, increasing number of investments related to integration of machine learning and NLP, rapid technological advancements, and continuous focus of government on spending in AI-based technologies in the region.

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Competitive Insight

Some of the key players operating in the global conversational AI market are Nuance Communications Inc., Haptik Inc., Oracle Corporation, Google LLC, Microsoft Corporation, International Business Machines Corporation, SAP SE, Baidu Inc., Conversica Inc., Amazon.com Inc., Solvvy Inc., Creative Virtual Ltd., Avaamo Inc., Inbenta Technologies Inc., Artificial Solutions International AB, and Kore.ai Inc.

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