Press release
The Global Conversational AI Market to Grow Significantly as the Demand for AI-powered Customer Support Services Increases Analysis by Key Players: Google, Microsoft, Amazon Web Services, Inc., IBM Corporation, Oracle etc.
The Global Conversational AI Market was valued at USD 6.8 billion in 2021 and is expected to grow by USD 22.8 billion by 2030 at a 21.8% CAGR. The demand for AI-powered customer support services is rising, and this demand, along with omnichannel deployment and lower chatbot development costs, is the primary factor propelling the conversational AI market's expansion.
Conversational AI is a type of technology that makes extensive use of speech-based assistants to enhance user engagement and interactions across platforms and users. It creates a platform that blends speech-based methods, natural language processing, and machine learning and can be used to develop applications for a wide range of industries and use cases. The market share is anticipated to increase significantly over the course of the projection period as a result of a rise in demand for AI-powered customer support services.
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List of Key Companies Profiled:
• Microsoft
• Amazon Web Services, Inc.
• IBM Corporation
• Oracle
• Nuance Communications, Inc.
• FIS.
• SAP SE
• Artificial Solutions
• Kore.ai, Inc.
• Avaamo
• Conversica, Inc.
• Jio Haptik Technologies Limited
• Rasa Technologies Inc.
• Solvvy
• Pypestream Inc.
• Kasisto
• Cognigy
The Services Segment to Account For Largest Revenue Market Share Due to High demand for the Service
On the basis of Component Type, the global conversational market is segmented into Platforms and Services. However, the services segment is anticipated to contribute to the market growth significantly during the forecast period due to several factors including high demand for the implementation from large-scale companies.
AI solutions rely largely on the services industry to operate successfully. The service, which is handled by service and solution providers, is a crucial component in implementing technology solutions. Demand for conversational AI solutions is rising across key sectors including media and entertainment, BFSI, and travel as consumers want better customer service.
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Segmentation Insight:
By Type
• IVA
• Chatbots
By Technology
• Machine Learning
• Deep Learning
• NLP
• Automated Speech Recognition
By End User
• BFSI
• Retail & E-commerce
• Healthcare & Life Science
• Telecom
• Media & Entertainment
• Others
A Rise in Demand for AI-Based Customer Support to Drive Market Growth
As the use of mobile devices in daily life increases, businesses must be ready to provide their customers with real-time information. As conversational AI technologies are more readily available than human workforces, customers may interact with brands more quickly by frequently using them.
This quick customer support saves customers from waiting around for a long period at the call center, which enhances their overall experience. As customer satisfaction increases, businesses will see increased client loyalty and referral revenue. The healthcare, retail & e-commerce, and telecommunications industries are accelerating industry growth with the rapid adoption of artificial intelligence chatbot solutions.
Industry Developments
● March 2021 - According to Google Cloud, Vertex AI, a managed machine learning (ML) platform that aids businesses in accelerating the creation and maintenance of artificial intelligence (AI) models, will be widely accessible.
Extensive Adoption of Upcoming Technology Continues in North America
North America is the largest conventional AI market and is expected to continue to grow significantly during the forecast period due to the extensive adoption of upcoming technology advancements and a rapidly growing need for customer support services powered by artificial intelligence.
In order to satisfy and support the needs of their customers, the majority of firms in North America are also investing in technological advancements. The growing public awareness of health issues has increased the demand for conversational AI.
However, the Asia Pacific region is anticipated to record the highest CAGR over the forecast period as businesses in the region are becoming more aware of cutting-edge technology and customer support services.
Additionally, rising e-commerce, increased retail technology acceptance, technological advancements in consulting and healthcare, and rising internet penetration in this region are projected to boost conversational AI use and demand, propelling market growth.
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Key Players in the Market to Use Several Business Strategies Aiming to Lead the Market
The conversational AI market is fragmented globally, with a few medium-sized to small-sized players currently dominating the majority of the revenue. Major market participants use a variety of business strategies in order to lead the market, including contracts, agreements, mergers, and acquisitions, as well as the use of better technologies in conversational AI applications and the development, testing, and introduction of new and improved solutions.
IBM Corporation, Microsoft, Google, Amazon Web Services, Inc., Nuance Communications, Inc., FIS., SAP SE, Oracle, Kore.ai, Inc., Avaamo, Artificial Solutions, Conversica, Inc., Jio Haptik Technologies Limited, Solvvy, Pypestream Inc., Rasa Technologies Inc., Cognigy, Kasisto, and others are some of the key participants operating in the global conversational AI market.
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In an era of breakneck change and a low tolerance for missed or misread opportunities, businesses need astute guidance to shape markets - not merely respond to them. Extrapolate helps clients develop market perspectives that drive commercial success.
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