The "Conversational AI Market by Component (Platform and Services), Type (IVA and Chatbots), Technology, Application (Customer Support, Personal Assistant, Customer Engagement, Retention), Deployment Mode, Vertical, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global conversational AI market size to grow from USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a CAGR of 30.2% during 2019-2024.
The major growth drivers for the market include the increasing demand for AI-powered customer support services, omni-channel deployment, and reduced chatbot development cost. Lack of awareness may restrain market growth.
Conversational AI is a form of technology that utilizes speech-based assistants and facilitates stronger interactions and greater engagement at scale across users and platforms. It combines the speech-based technology, Natural Language Processing (NLP), and machine learning into a single platform to develop and build applications for specific as well as multiple use cases across verticals.
Most of the vendors in the market offer the conversational AI platform to organizations seeking to know their customers and build a strong customer base. The platform centralizes fragmented customer interaction data from across channels and leverages the benefits of AI to power action-ready insights from throughout customers' journey for driving an immediate lift in customer conversion, upsell, and retention. The vendors in the market offer the conversational AI platform as a proprietary NLP engine and conversational middleware that focuses on orchestration and Product Life Cycle (PLC).
Conversational AI is secure and can support sophisticated enterprise-security considerations. It can be used to complete complex transactions, replacing humans beyond a mere shopping cart click. Conversational AI platforms can be used to build intelligent conversational interfaces so that businesses can easily interact with devices, services, customers, suppliers, and employees in real time Conversational AI has high adoption rates in retail and eCommerce, telecom, and media and entertainment verticals, owing to the increasing application areas of conversational AI in these verticals.
Some of the major players in the conversational AI market include Alphabet Inc. (Google), Microsoft Corporation (Microsoft), IBM Corporation (IBM), Amazon Web Services, Inc. (AWS), Baidu, Inc. (Baidu), Oracle Corporation (Oracle), SAP SE (SAP), Nuance Communications, Inc. (Nuance), Artificial Solutions, Conversica, Inc. (Conversica), Haptik, Rasa Technologies GmbH (RASA), Rulai, Avaamo, Kore.ai, Solvvy, Pypestream, Inbenta Technologies Inc. (Inbenta), Creative Virtual Ltd (Creative Virtual), and Saarthi.ai.
Acquisitions, partnerships, and new product developments are some of the key strategies implemented by the major vendors in the conversational AI market.