Conversational AI Market

Global Conversational AI Market Size, Trends & Analysis - Forecasts to 2027 By Component (Solutions and Services), By Technology (Machine & Deep Learning, NLP and ASR), By Deployment (Cloud and On-premises), By Vertical (Banking Finance Services and Insurance (BFSI), Healthcare and Life Sciences, IT and Telecom, Retail and eCommerce, Travel and Hospitality, Media and Entertainment, Automotive, and Others), By Region (North America, Asia Pacific, Central & South America, Europe, and the Middle East & Africa), End-User Landscape Analysis, Company Market Share Analysis, and Competitor Analysis

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This report was recently updated on August 7 2022 with the latest and most recent market numbers

Global Conversational Al Market Size

The Global Conversational AI Market is projected to grow from USD 5.21 billion in 2022 to USD 31.54 billion at a CAGR of 21.8% from 2022 to 2027.

Conversational AI combines natural language processing (NLP) with software like chatbots, voice assistants, or an interactive voice recognition system to help customers through either a spoken or typed interface.

The growing demand for AI-powered customer support services, omnichannel deployment, and lower chatbot development costs are all driving the conversational AI market growth.

Furthermore, during COVID-19, the rising demand for AI-based chatbots to stay connected and informed, as well as a growing focus on customer engagement, are major factors adding value to conversational AI offerings, which is expected to provide opportunities for businesses operating in various verticals in the market. The lack of accuracy in chatbots and virtual assistants, as well as preserving business continuity during the COVID-19 pandemic, are the market's significant concerns.

Moreover, data-driven supply chain management, increase in demand of data online, big data industry in developing countries, consumer experience are few key drivers which boosts the market.

Challenges such as lack of accuracy in chatbots, virtual assistance delays, and continuity issues especially during the COVID-19 pandemic have been proven to become a hurdle in the global conversational AI market. Furthermore, the lack of understanding of conversational AI solutions, as well as the difficulty to identify client intent and respond effectively, are major market restraints.

global conversational ai market

COVID-19 Impact on Global Conversational AI Market

During the pandemic, most of the businesses, and enterprises moved online in a very short period of time. In both established and emerging nations, this trend impeded the conversational AI business. Hence this advantage of accelerating revenue using AI-based tools has contributed to the raised adoption of AI-based software in the market during the pandemic. The growing demand for conversational Al software post pandemic will boost the entire market's growth during the forecast period.

Ukraine-Russia War Impact on Conversational AI Market

The on-going political tension between Russia and Ukraine showed evident impact on various sectors. Demand for the conversational AI market was hampered as well. The state of war has been analyzed to impact the entire European region. Europe’s contribution to the conversational AI industry has been prominent and hence, the state of war is analyzed to impact the demand for the software in a negative way.

The automotive industry is one of the key industries that uses conversational AI-based solutions to enhance their products, and the region's strong automotive sector is driving the market growth. Increasing customer involvement on social media platforms is also allowing businesses to expand their operations and reach out to additional customers. This is projected to accelerate the regional conversational AI market's growth.

While Ukraine is a small market, Russia is one of the largest, so trade delays may have a significant impact. In both nations, the influence on the Conversational AI sector is critical.

Global Conversational Al Market: By Component

Solutions is expected to be the largest shareholding segment in the market. There is a widespread adoption of conversational AI solutions across major verticals. Increasing consumer involvement via social networking sites and rising product deployment across major industries such as video game sector, healthcare sector, manufacturing sector and BFSI sector are likely to drive revenue growth in the global conversational Al market during the forecast period.

The services segment is expected to grow faster than the solutions sector, during the forecast period. The services component is crucial to the operation of conversational AI systems. These services, which are a key element of implementing technology solutions, are handled by third party service providers. Services are required for the installation of a predictive analytics system, and a rise in individualised custom demands is expected to enhance demand for professional services.

Global Conversational AI Market: By Technology

During the forecast period of 2022-2027, machine learning is predicted to hold the largest market share. Supply chains have been optimised, new digital goods and services have been developed, and the entire consumer experience has been revolutionised as a result of the advent of machine learning in the retail industry. Several retail-tech companies are investing in machine learning to develop AI platforms. Because of quick advancement and awareness, AI techniques such as machine learning are gaining significant traction in the retail business.

Natural language processing (NLP) is expected to grow at the fastest rate during the forecast period of 2022 to 2027. Conversational AI builds a chat or voice communication interface by combining natural language processing with current technologies such as chatbots or voice assistants. The NLP aids the system in deciphering and interpreting human language in order to provide a response or assistance.

Global Conversational AI Market: By Deployment

The cloud category generated the most revenue in 2020 and is expected to gain substantial market share during the projected period. This is mainly because it is more flexible and cost-effective than on-premise deployment mode. As a result, this manner of deployment is popular among SMEs. However, due to their greater financial capability and sophisticated security, most large organizations prefer on-premise deployment. The on-premise deployment limits external access to data, which benefits industry growth.

Global Conversational AI Market: By End-User

Retail and eCommerce sector is expected to have the largest share in the market from 2022 to 2027. Rising number of new retail business on both online and offline platforms that may require advanced AI based software for customer behaviour analysis, increasing need for customer data management, and rising awareness regarding AI methods to streamline and accelerate revenue generation for retail products are some of the factors supporting the growth of the market.

Healthcare and life sciences will be growing the fastest during the forecast period owing to a major factor namely, impact of COVID-19 pandemic on the rising need for patient centric hospital care management.

asia pacific conversational ai market

Global Conversational AI Market: By Region

North America is expected to dominate the global market during the forecast period of 2022 to 2027. The region's top corporations and government agencies are investing heavily in AI based technologies for the retail, BFSI, healthcare, and manufacturing industry. Because of the region's quick adoption of latest technology and increased demand for artificial intelligence-powered customer support services, North America is likely to lead the conversational AI market.

United States segment is expected to dominate the North American Conversational AI market during the forecast period, as per country outlook. Presence of top AI players in the US is one of the prime factors for the market to be dominant.

As businesses become more aware of new customer service products and technology, Asia Pacific is a predicted to be the fastest growing market in the conversational AI space. Furthermore, rapidly flourishing and expanding ecommerce firm development, increased internet penetration, increased technology usage in retail sectors, technical improvements in healthcare and consultancy, and expanded internet penetration are all driving the demand for the use of conversational AI.

China is expected to be the fastest and largest market in the Asia Pacific region. Rising population, and increasing adoption of AI based customer acquisition software across all the major domains are some of the factors supporting the trend of being the fastest growing segment.

Global Conversational AI Market- Market Share and Competitor Analysis

Google, Microsoft, IBM, AWS, Oracle, SAP, FIS, Baidu, and Artificial Solution, among others, are key players in the conversational AI market. Portfolio development, mergers and acquisitions, and partnerships all help to promote market growth and establish a footing in the sector.

Please note: This is not an exhaustive list of companies profiled in the report.

The global predictive analytics in the retail market has observed several strategic alliances between key players to launch new products with added functionalities and maintain revenue share & profitability. Organic and inorganic growth strategies adopted by small players have been the highlight of this market.

Chapter 1   Research Methodology

1.1    Research Assumptions

1.2    Research Methodology

1.2.1    Estimates and Forecast Timeline

1.3    Information Procurement

1.3.1    Purchased Database

1.3.2    GME’s Internal Database

1.3.3    Primary Research

1.3.4    Secondary Sources & Third-Party Perspectives

            1.3.4.1    Company Information Sources

            1.3.4.2    Secondary Data Sources

1.4    Information or Data Analysis

1.4.1    Data Analysis Models

1.5    Market Formulation & Data Visualization

1.6    Data Validation & Publishing

1.7    Market Model

1.7.1    Model Details

            1.7.1.1   Top-Down Approach

            1.7.1.2   Bottom-Up Approach

1.8    Market Segmentation & Scope

1.9    Market Definition

Chapter 2   Executive Summary

2.1.    Global Market Outlook

2.2     Component Outlook

2.3     Deployment Outlook

2.4     Technology Outlook

2.5     End-User Outlook

2.6     Regional Outlook

Chapter 3   Global Conversational AI Market Trend Analysis

3.1.    Market Introduction

3.2     Penetration & Growth Prospect Mapping

3.3     Impact of COVID-19 on the Conversational AI Market

3.4     Metric Data based on the Industry

3.5     Market Dynamic Analysis

3.5.1   Market Driver Analysis

3.5.2   Market Restraint Analysis

3.5.3   Industry Challenges

3.5.4   Industry Opportunities

3.6     Porter’s Five Analysis

3.6.1   Supplier Power

3.6.2   Buyer Power

3.6.3   Substitution Threat

3.6.4   Threat from New Entrant

3.7     Market Entry Strategies

Chapter 4   Conversational AI Market: Component Trend Analysis

4.1    Component: Historic Data vs. Forecast Data Analysis, 2021 vs. 2027

4.2    Software

4.2.1    Market Estimates & Forecast Analysis of Software Segment, By Region, 2019-2027 (USD Billion)

4.3    Services

4.3.1    Market Estimates & Forecast Analysis of Services Segment, By Region, 2019-2027 (USD Billion)

Chapter 5   Conversational AI Market: Technology Trend Analysis

5.1    Technology: Historic Data vs. Forecast Data Analysis, 2021 vs. 2027

5.2    Machine Learning and Deep Learning Segment

5.2.1    Market Estimates & Forecast Analysis of Machine Learning and Deep Learning Segment, By Region, 2019-2027 (USD Billion)

5.3    Natural Language Processing (NLP)

5.3.1    Market Estimates & Forecast Analysis of Natural Language Processing (NLP) Market Segment, By Region, 2019-2027 (USD Billion)

5.4    Automatic Speech Recognition (ASR)

5.4.1    Market Estimates & Forecast Analysis of Automatic Speech Recognition (ASR) Segment, By Region, 2019-2027 (USD Billion)

Chapter 6   Conversational AI Market: End-User Trend Analysis

6.1    End-User: Historic Data vs. Forecast Data Analysis, 2022 vs. 2027

6.2    Banking Finance Services and Insurance (BFSI)

6.2.1    Market Estimates & Forecast Analysis of Banking Finance Services and Insurance (BFSI) End-User Segment, By Region, 2019-2027 (USD Billion)

6.3    Healthcare and Life Sciences

6.3.1    Market Estimates & Forecast Analysis of Healthcare and Life Sciences End-User Segment, By Region, 2019-2027 (USD Billion)

6.4    IT and Telecom

6.4.1    Market Estimates & Forecast Analysis of IT and Telecom End-User Segment, By Region, 2019-2027 (USD Billion)

6.5    Retail and eCommerce

6.5.1    Market Estimates & Forecast Analysis of Retail and eCommerce End-User Segment, By Region, 2019-2027 (USD Billion)

6.6    Travel and Hospitality

6.6.1    Market Estimates & Forecast Analysis of Travel and Hospitality End-User Segment, By Region, 2019-2027 (USD Billion)

6.7    Media and Entertainment

6.7.1    Market Estimates & Forecast Analysis of Media and Entertainment End-User Segment, By Region, 2019-2027 (USD Billion)

6.8     Automotive

6.8.1    Market Estimates & Forecast Analysis of Automotive End-User Segment, By Region, 2019-2027 (USD Billion)

6.9    Others

6.9.1    Market Estimates & Forecast Analysis of Other End-User Segment, By Region, 2019-2027 (USD Billion)

Chapter 7   Conversational AI Market, By Region

7.1    Regional Outlook

7.2    North America

7.2.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.2.2    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.2.3    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.2.4    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.2.5    U.S.

7.2.5.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.2.5.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.2.5.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.2.5.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.2.6    Canada

7.2.6.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.2.6.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.2.6.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.2.6.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.5.7    Mexico

7.5.7.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.5.7.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.5.7.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.5.7.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.3    Europe

7.3.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.3.2    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.3.3    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.3.4    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.3.5    Germany

7.3.5.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.3.5.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.3.5.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.3.5.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.3.6    UK

7.3.6.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.3.6.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.3.6.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.3.6.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.3.7    France

7.3.7.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.3.7.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.3.7.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.3.7.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.3.9    Italy

7.3.9.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.3.9.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.3.9.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.3.9.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.3.10    Spain

7.3.10.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.3.10.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.3.10.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.3.10.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.3.11    Rest of Europe

7.3.11.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.3.11.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.3.11.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.3.11.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.4    Asia Pacific

7.4.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.4.2    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.4.3    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.4.4    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.4.5    China

7.4.5.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.4.5.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.4.5.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.4.5.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.4.6    India

7.4.6.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.4.6.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.4.6.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.4.6.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.4.7    Japan

7.4.7.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.4.7.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.4.7.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.4.7.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.4.9    South Korea

7.4.9.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.4.9.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.4.9.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.4.9.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.3.10    Rest of Asia Pacific

7.3.10.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.3.10.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.3.10.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.3.10.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.5    Central & South America

7.5.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.5.2    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.5.3    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.5.4   Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.5.5    Brazil

7.5.5.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.5.5.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.5.5.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.5.5.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.5.6    Rest of Central & South America

7.5.6.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.5.6.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.5.6.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.5.6.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.6    Middle East & Africa

7.6.1    Market Estimates & Forecast Analysis, By Country 2019-2027 (USD Billion)

7.6.2    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.6.3    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.6.4    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.6.5    Saudi Arabia

7.6.5.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.6.5.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.6.5.3   Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.6.5.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.6.6    United Arab Emirates

7.6.6.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.6.6.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.6.6.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.6.6.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.6.7    South Africa

7.6.7.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.6.7.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.6.7.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.6.7.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

7.5.8    Rest of Middle East & Africa

7.5.8.1    Market Estimates & Forecast Analysis, By Component, 2019-2027 (USD Billion)

7.5.8.2    Market Estimates & Forecast Analysis, By Technology, 2019-2027 (USD Billion)

7.5.8.3    Market Estimates & Forecast Analysis, By End-User, 2019-2027 (USD Billion)

7.5.8.4    Market Estimates & Forecast Analysis, By Deployment Mode, 2019-2027 (USD Billion)

Chapter 8   Competitive Analysis

8.1    Key Global Players, Recent Developments & their Impact on the Industry

8.2    Four Quadrant Competitor Positioning Matrix

8.2.1    Key Innovators

8.2.2    Market Leaders

8.2.3    Emerging Players

8.2.4    Market Challengers

8.3    Vendor Landscape Analysis

8.4    End-User Landscape Analysis

8.5    Company Market Share Analysis, 2021

Chapter 9   Company Profile Analysis

9.1    Google

9.1.1    Company Overview

9.1.2    Financial Analysis

9.1.3    Strategic Initiatives

9.1.4    Product Benchmarking

9.2     Microsoft

9.2.1    Company Overview

9.2.2    Financial Analysis

9.2.3    Strategic Initiatives

9.2.4    Product Benchmarking

9.3     IBM

9.3.1    Company Overview

9.3.2    Financial Analysis

9.3.3    Strategic Initiatives

9.3.4    Product Benchmarking

9.4    AWS

9.4.1    Company Overview

9.4.2    Financial Analysis

9.4.3    Strategic Initiatives

9.4.4    Product Benchmarking

9.5    Oracle

9.5.1    Company Overview

9.5.2    Financial Analysis

9.5.3    Strategic Initiatives

9.5.4    Product Benchmarking

9.6     SAP

9.6.1    Company Overview

9.6.2    Financial Analysis

9.6.3    Strategic Initiatives

9.6.4    Product Benchmarking

9.7     FIS

9.7.1    Company Overview

9.7.2    Financial Analysis

9.7.3    Strategic Initiatives

9.7.4    Product Benchmarking

9.8    Baidu

9.8.1    Company Overview

9.8.2    Financial Analysis

9.8.3    Strategic Initiatives

9.8.4    Product Benchmarking

9.9     Artificial Solutions

9.9.1    Company Overview

9.9.2    Financial Analysis

9.9.3    Strategic Initiatives

9.9.4    Product Benchmarking

9.10   Other Companies

9.10.1    Company Overview

9.10.2    Financial Analysis

9.10.3    Strategic Initiatives

9.10.4    Product Benchmarking

List of Tables

1 Technological Advancements in Conversational AI Market

2 Global Conversational AI Market: Key Market Drivers

3 Global Conversational AI Market: Key Market Challenges

4 Global Conversational AI Market: Key Market Opportunities

5 Global Conversational AI Market: Key Market Restraints

6 Global Conversational AI Market Estimates & Forecast Analysis, 2019-2027 (USD Billion)

7 Global Conversational AI Market, By Component, 2019-2027 (USD Billion)

8 Software: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

9 Services: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

10 Global Conversational AI Market, By Technology, 2019-2027 (USD Billion)

11 Machine & Deep Learning: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

12 Natural Language Processing: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

13 Automatic Speech Recognition (ASR): Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

14 Global Conversational AI Market, By End-User, 2019-2027 (USD Billion)

15 Banking Finance Services and Insurance (BFSI): Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

16 Healthcare and Life Sciences: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

17 IT and Telecom: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

18 Retail and eCommerce: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

19 Travel and Hospitality: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

20 Media and Entertainment: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

21 Automative: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

22 Global Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

23 Cloud: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

24 On-Premise: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

25 Regional Analysis: Global Conversational AI Market, By Region, 2019-2027 (USD Billion)

26 North America: Conversational AI Market, By Component, 2019-2027 (USD Billion)

27 North America: Conversational AI Market, By Technology, 2019-2027 (USD Billion)

28 North America: Conversational AI Market, By End-User, 2019-2027 (USD Billion)

29 North America: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

30 North America: Conversational AI Market, By Country, 2019-2027 (USD Billion)

31 U.S: Conversational AI Market, By Component, 2019-2027 (USD Billion)

32 U.S: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

33 U.S: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

34 U.S.: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

35 Canada: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

36 Canada: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

37 Canada: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

38 Canada: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

39 Mexico: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

40 Mexico: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

41 Mexico: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

42 Mexico: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

43 Europe: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

44 Europe: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

45 Europe: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

46 Europe: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

47 Europe: Conversational AI  Market, By Country, 2019-2027 (USD Billion)

48 Germany: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

49 Germany: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

50 Germany: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

51 Germany: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

52 UK: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

53 UK: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

54 UK: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

55 UK: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

56 France: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

57 France: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

58 France: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

59 France: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

60 Italy: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

61 Italy: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

62 Italy: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

63 Italy: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

64 Spain: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

65 Spain: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

66 Spain: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

67 Spain: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

68 Rest Of Europe: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

69 Rest Of Europe: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

70 Rest Of Europe: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

71 Rest of Europe: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

72 Asia Pacific: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

73 Asia Pacific: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

74 Asia Pacific: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

75 Asia Pacific: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

76 Asia Pacific: Conversational AI  Market, By Country, 2019-2027 (USD Billion)

77 China: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

78 China: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

79 China: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

80 China: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

81 India: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

82 India: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

83 India: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

84 India: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

85 Japan: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

86 Japan: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

87 Japan: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

88 Japan: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

89 South Korea: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

90 South Korea: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

91 South Korea: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

92 South Korea: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

93 Middle East & Africa: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

94 Middle East & Africa: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

95 Middle East & Africa: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

96 Middle East & Africa: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

97 Middle East & Africa: Conversational AI  Market, By Country, 2019-2027 (USD Billion)

98 Saudi Arabia: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

99 Saudi Arabia: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

100 Saudi Arabia: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

101 Saudi Arabia: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

102 UAE: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

103 UAE: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

104 UAE: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

105 UAE: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

106 Central & South America: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

107 Central & South America: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

108 Central & South America: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

109 Central & South America: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

110 Central & South America: Conversational AI  Market, By Country, 2019-2027 (USD Billion)

111 Brazil: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

112 Brazil: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

113 Brazil: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

114 Brazil: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

115 Rest of CSA: Conversational AI  Market, By Component, 2019-2027 (USD Billion)

116 Rest of CSA: Conversational AI  Market, By Technology, 2019-2027 (USD Billion)

117 Rest of CSA: Conversational AI  Market, By End-User, 2019-2027 (USD Billion)

118 Rest of CSA: Conversational AI Market, By Deployment Mode, 2019-2027 (USD Billion)

119 Google: Products Offered

120 Microsoft: Products Offered

121 IBM: Products Offered

122 AWS: Products Offered

123 Baidu: Products Offered

124 Oracle: Products Offered

125 SAP: Products Offered

126 Artificial Solutions: Products Offered

127 FIS: Products Offered

128 Other Companies: Products Offered

List of Figures

1. Global Conversational AI  Market  Segmentation & Research Scope

2. Primary Research Partners and Local Informers

3. Primary Research Process

4. Primary Research Approaches

5. Primary Research Responses

6. Global Conversational AI  Market: Penetration & Growth Prospect Mapping

7. Global Conversational AI  Market: Value Chain Analysis

8. Global Conversational AI  Market  Drivers

9. Global Conversational AI  Market  Restraints

10. Global Conversational AI  Market  Opportunities

11. Global Conversational AI  Market  Challenges

12. Key Conversational AI  Market  Manufacturer Analysis

13. Global Conversational AI  Market: Porter’s Five Forces Analysis

14. PESTLE Analysis & Impact Analysis

15. Google: Company Snapshot

16. Google: SWOT Analysis

17. Microsoft: Company Snapshot

18. Microsoft: SWOT Analysis

19. IBM: Company Snapshot

20. IBM: SWOT Analysis

21. AWS: Company Snapshot

22. AWS: SWOT Analysis

23. SAP: Company Snapshot

24. SAP: SWOT Analysis

25. FIS: Company Snapshot

26. FIS: SWOT Analysis

27. Baidu: Company Snapshot

28. Baidu: SWOT Analysis

29. Artificial Solutions: Company Snapshot

30. Artificial Solutions: SWOT Analysis

31. Oracle: Company Snapshot

32. Oracle: SWOT Analysis

33. Other Companies: Company Snapshot

34. Other Companies: SWOT Analysis

The Global Conversational AI Market has been studied from the year 2019 till 2027. However, the CAGR provided in the report is from the year 2022 to 2027. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Conversational AI Market.

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

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Frequently Asked Questions

The Global Conversational AI Market is projected to grow from USD 5.21 billion in 2022 to USD 31.54 billion at a CAGR of 21.8% from 2022 to 2027.
Google, Microsoft, IBM, AWS, Oracle, SAP, FIS, Baidu, and Artificial Solution, among others, are key players in the conversational AI market.
During the pandemic, most of the businesses, and enterprises moved online in a very short period of time. In both established and emerging nations, this trend impeded the conversational AI business. Hence this advantage of accelerating revenue using AI-based tools has contributed to the raised adoption of AI-based software in the market during the pandemic. The growing demand for conversational Al software post pandemic will boost the entire markets growth during the forecast period.
The major factors driving the growth of the conversational AI market are the increasing demand for AI-powered customer support services, omnichannel deployment, and reduced chatbot development costs.
The on-going political tension between Russia and Ukraine showed evident impact on various sectors. Demand for the conversational AI market was hampered as well. The state of war has been analyzed to impact the entire European region. Europes contribution to the conversational AI industry has been prominent and hence, the state of war is analyzed to impact the demand for the software in a negative way.

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