Conversational AI Market predicted to gain $18.4 billion by 2026
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The COVID-19 pandemic has impacted trading activities across regions. It has had a moderate impact on all the elements of the technology sector. The hardware business is predicted to be the most impacted in the IT industry. Owing to the slowdown of hardware supply and reduced manufacturing capacity, the IT infrastructure growth has slowed down. Businesses providing solutions and services are also expected to slow down for a short period. However, the adoption of collaborative applications, analytics, security solutions, and AI is set to increase in the remaining part of the year. Verticals such as manufacturing, retail, and energy and utilities have witnessed a moderate slowdown, whereas BFSI, government, and healthcare and life sciences verticals have witnessed a minimal impact.
During the pandemic, many companies experienced a significant increase in pressure from customers, while their number of available employees decreased. Many contact centers were unable to cope with demand or closed because of lockdown restrictions, leading to long delays in customer service queries, which significantly affected the customer experience. As businesses develop a more strategic approach to their ongoing business that delivers resilience into operations through flexibility and scalability. While at the same time working to improve operational efficiencies, so conversational AI is rising to the forefront of technology enablers. For instance, the Norwegian Labour and Welfare Administration successfully automated over 270,000 inquiries at the height of the pandemic’s first wave with a success rate of over 80%. Silvercar by Audi piloted and launched a virtual agent for COVID-19 response in a matter of days, enabling the luxury car rental company to respond to customers quickly and consistently. Leading Norwegian bank, Sparebank 1 SR-Bank, deployed a unique integration that, combined with Robotic Process Automation (RPA), made it feasible for customers impacted by the pandemic to automate the process of home loan forbearance via its virtual agent without needing to speak to a human agent. The latest generation of chatbots and voice-based agents is easier to build and deploy and is more responsive to user inquiries. Once adopted, in other words, these systems are most likely to stay, proving their value through their ease of use and affordability.
The services segment to hold higher CAGR during the forecast period
Based on components, the solutions segment is expected to hold a larger market share in 2021, while the services segment is projected to grow at a higher CAGR during the forecast period. This can be attributed to the need for determining the time and cost required to install the solution that requires fully managed conversational AI services. The fast growth is attributed to the higher adoption of conversational AI solutions across key verticals such as BFSI, media and entertainment, and retail and eCommerce.
The cloud segment to hold the larger market size during the forecast period
Based on deployment mode the conversational AI market is bifurcated into on-premises and cloud. The cloud segment are estimated to hold the larger market size during the forecast period. The cloud technology’s benefits of easy deployment and minimal capital requirement facilitate the adoption of this deployment model. The adoption of cloud-based conversational AI solutions is expected to be supported by the COVID-19 pandemic, as lockdowns and social distancing practices encourage companies to move to cloud solutions that can be managed remotely. The increasing demand for scalable, easy-to-use, and cost-effective conversational AI solutions is expected to accelerate the growth of the cloud segment in the conversational AI market.
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ML and deep learning segment is projected to grow at the highest CAGR during the forecast period
The conversational AI market size by technology comprises of three broad categories: ML and deep learning, NLP, and ASR. The NLP segment is expected to hold the largest market share, while the ML and deep learning segment is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the increasing demand among enterprises to fetch critical insights from customer conversations on various platforms. The growing demand to automate communication and create personalized customer experiences increases the adoption of conversational AI among enterprises.
The large enterprises segment to hold a larger market size during the forecast period
The large enterprises segment is estimated to hold a larger market share in 2021. The growth of the segment is attributed to the increased competition in large enterprises from budding SMEs. Large enterprises are focusing on solutions to effectively manage complex HR processes to enhance employees’ engagement. Hence, these organizations are using conversational AI solutions to effectively manage customers’ queries. The SMEs segment is projected to register a higher CAGR during the forecast period due to the growing need to enhance business processes, reach new customers, and stay competitive and control their spending.
Healthcare and life sciences vertical is to have the highest CAGR during the forecast period
The conversational AI market size by vertical includes BFSI, healthcare and life sciences, IT and telecom, retail and eCommerce, travel and hospitality, media and entertainment, automotive, and others (government, education, energy and utilities, and manufacturing). The BFSI segment is expected to hold the largest market share in 2021. The growth of this vertical is attributed to the increased adoption of conversational AI solutions by financial institutions, which helps them in flawlessly connecting with customers and shaping the business system with an improved customer experience. The healthcare and life sciences segment is projected to grow at the highest CAGR during the forecast period.
North America to hold the largest market share during the forecast period
In North America, conversational AI solutions and services are highly effective in most organizations and verticals due to the increasing need to handle customer queries and enhance user experience. Europe is gradually advancing toward incorporating conversational AI within its market. APAC is showing a substantial rise in the adoption of conversational AI solutions and services during the forecast period, while Latin America and MEA are slowly picking up conversational AI due to its benefits for various industries to get user insights in real-time.
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Key players offering Conversational AI market. The major vendors covered are Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), FIS (US), Artificial Solutions (Spain), Kore.ai (US), Conversica (US), Inbenta (US), Creative Virtual (US), SoundHound (US), Avaamo (US), Haptik (US), Solvvy (US), MindMeld (US), Kasisto (US), Gupshup (US), Senseforth.ai (US), Cognigy (Germany), Rasa (US), Pypestream (US), Rulai (US), AmplifyReach (India), Saarthi.ai (India), Exceed.ai (US), Mindsay (US), and Clinc (US)
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