The "Conversational AI Platform Market by Types (Chatbot, Intelligent Virtual Assistant), Applications (Personal Assistant, Customer Support, Branding & Marketing, Employee Engagement & Support), Verticals, Regions- Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
This market research report predicts that the global conversational AI platform market will grow at a CAGR of 32.4% during the forecast period.
This market research report includes a detailed segmentation of the global conversational AI platform market by types (chatbot, intelligent virtual assistant), applications (personal assistant, customer support, branding & marketing, employee engagement & support), verticals (BFSI, retail & e-commerce, travel & hospitality, telecom & ITES, healthcare & life sciences, media & entertainment, others), regions (North America, Europe, APAC, RoW).
The market research report identifies Google, Microsoft, Amazon, IBM, SAP, Nuance, and Artificial Solutions as the major vendors operating in the global conversational AI platform market.
Overview of the Conversational AI Platform Market
The market for conversational AI platform is driven by the increasing number of messaging apps and voice assistants. Several industries are investing in conversational chatbots and are integrating AI-based chatbots with websites to stay ahead of the competition, as customers prefer chatting as the primary mode of communication. Preference to deal with human and data privacy & security concerns are hampering the market growth.
The implementation of conversational AI is anticipated to grow further as more and more companies are integrating conversational AI platforms in the existing chat, contact, and call centers for offering seamless interactivity and delivering personalized interactions to improve customer engagement.
According to the conversational AI platform industry analysis, North America accounted for the largest share of the global conversational AI platform market in 2018. With the presence of the highest number of technology innovators and market disruptors, the adoption of the conversational AI platform is highest in this region. The increasing use of smart speakers, giving rise to intelligent virtual assistant technology, is driving the North America conversational AI platform market. The Asia Pacific region is expected to witness the fastest growth rate due to increasing initiatives and spending toward AI.
Competitive Analysis and Key Vendors
The report covers and analyzes the global conversational AI platform market. Major vendors across different verticals are planning for high investments in this market, and as a result, the conversational AI platform market is expected to grow at an impressive rate in the coming years. The key players in the conversational AI platform market are adopting various organic as well as inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to be in the strong position in the market.
Few of the Key Vendors in the Conversational AI Platform Market Research
- Artificial Solutions
Microsoft and IBM are focusing more on the conversational AI applications in an enterprise environment; while Google and Amazon are focusing on how people can use it in their daily lives. These companies are creating AI-based chatbots and are also offering conversational AI tools that allow developers to build, connect, and manage intelligent bots.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
Conversational AI Platform Market Research By Types
- Intelligent Virtual Assistant
Intelligent virtual assistant is expected to grow at the highest rate during the forecast period 2019-2025.
Conversational AI Platform Market Research By Applications
- Personal Assistant
- Customer Support
- Branding & Marketing
- Employee Engagement & Support
Customer support is estimated to hold the largest market share in 2019, and personal assistant is expected to grow at the highest rate during the forecast period 2019-2025.
Conversational AI Platform Market Research By Verticals
- Retail & e-Commerce
- Travel & Hospitality
- Telecom & ITES
- Healthcare & Life Sciences
- Media & Entertainment
The retail & e-commerce market is expected to grow at the highest rate for driving profitability, soothing customer concerns with seamless omnichannel experience, and enhancing customer engagement.
Conversational AI Platform Market Research Benefits
The report provides an in-depth analysis of the conversational AI platform market. Conversational AI platforms, by delivering exceptional customer services, make it possible for any company to enhance customer satisfaction and retention rate. AI-powered chatbots can automate repetitive customer service tasks and are delivering a high level of responsiveness when compared to humans. These chatbots help the companies in reducing time and efforts on rigorous training being provided to customer desk employees, resulting in improved return on investment.
A virtual agent in the form of a chatbot offers cost and time savings by swiftly responding to customer queries. Conversational AI is also impacting the personal lives where virtual assistants are helping in managing to-do lists, setting alarms, reminding for meetings, taking down notes, and so on. The report discusses the market in terms of types, applications, verticals, and regions. Further, the report provides details about the major challenges impacting the market growth.