Emphasis on Technology (Deep Learning, Automated Speech Recognition, and Natural Language Processing); Deployment (On-Premises and Cloud); Industry (Banking & Financial Services, Media & Entertainment, Healthcare, Information & Communication Technology, and Others); and Region/Country
The Conversational AI Market stood at a market size of around USD 7 billion and is expected to grow at a steady rate of around 23% owing to the growing demand for AI-based customer support services. Conversational AI is a technology that enables natural language interactions between humans and machines, such as chatbots or voice assistants. Conversational AI has become increasingly popular in the business world, as it offers numerous benefits, such as improved customer experience, increased efficiency, and cost savings. It can be used for a wide range of applications, including customer support, sales, marketing, and operations. Conversational AI can be deployed in various forms, such as chatbots on websites or mobile apps, voice assistants in smart speakers or smartphones, and virtual assistants in customer service centers or call centers. Moreover, the increasing popularity of AI-based chatbots and the surge in the deployment of omnichannel methods are other factors helping the market to grow. Additionally, the increasing number of products launched in the conversational AI market and increasing investment in AI are some of the most prominent factors contributing to the growth of the market. For instance, in May 2023, Google made new announcements for its AI generative tool Google Bard at the Google I/O 2023 event. The toll will now be available in 180+ countries and territories.
Some of the major players operating in the market include IBM; Amazon Web Services, Inc.; Microsoft; Cisco Systems, Inc.; Oracle; SAP; OpenAI; Rasa Technologies Inc.; Kore.ai Inc.; Google. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst technology, the natural language processing segment held a significant share of the market in 2021”
Based on technology, the market is divided into deep learning, automated speech recognition, and natural language processing. The natural language processing segment held a prominent share of the market in 2021 and is expected to grow at a prominent CAGR during the forecasted period. This is due to technological advancements, growing demand for more sophisticated AI systems, and the availability of large amounts of data to train these systems.
“Amongst deployment, the on-premises segment held a prominent share of the market in 2021”
On the basis of deployment, the market is bifurcated into on-premises and cloud. Among these, on-premises deployment dominated the market in 2021 mainly due to the flexibility delivered to the customer, due to which the transaction is done only once. Moreover, on-premises deployment gives businesses greater control and ownership over their data and infrastructure. This is particularly important for companies that deal with sensitive or confidential information, such as financial or healthcare data, and need to maintain a high level of security and compliance.
“North America dominated the market in 2021”
North America held the major share of the global conversational AI market in 2021. technologically advanced business landscape, diverse population, the high adoption rate of digital technologies, complex healthcare industry, and focus on innovation and entrepreneurship are some of the most prominent factors driving the growth of this market in the region. Moreover, North America has a high adoption rate of digital technologies, with a large percentage of the population using smartphones, social media, and other digital platforms. Conversational AI can help businesses to engage with their customers through these platforms, providing a more seamless and convenient experience.
Conversational AI Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Conversational Ai Market
6. Conversational Ai Market Revenue, 2020-2030f
7. Market Insights By Technology
8. Market Insights By Deployment
9. Market Insights By Industry
10. Market Insights By Region
11. Conversational Ai Market Dynamics
12. Conversational Ai Market Opportunities
13. Conversational Ai Market Trends
14. Demand And Supply-side Analysis
15. Value Chain Analysis
16. Strategic Insights
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for the Conversational AI Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global conversational AI market were the three major steps undertaken to create and analyze the adoption of conversational AIs in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global conversational AI market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the conversational AI market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the conversational AI market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology, deployment, and industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the conversational AI market. Further, we conducted factor analysis using dependent and independent variables such as technology, deployment, and industry of the conversational AI market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the conversational AI market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global conversational AI market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global conversational AI market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology, deployment, and industry in the global conversational AI market.
The main objective of the Global Conversational AI Market Study
The current & future market trends of the global conversational AI market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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