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Global Conversational AI Market Report 2021: Market is Estimated to be Worth $5.1 Billion in 2020 and is Expected to Reach $12.12 Billion by 2025, Growing at a CAGR of 18.9%

·4-min read

Dublin, July 09, 2021 (GLOBE NEWSWIRE) -- The "Global Conversational AI Market (2021-2026) by Type, Distribution Channel, Application and Geography - Competitive Analysis, Impact of COVID-19, Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Conversational Artificial Intelligence Market is estimated to be worth USD 5.1 Billion in 2020 and is expected to reach USD 12.12 Billion by 2025, growing at a CAGR of 18.9%.

Market Dynamics

Rising digitalization and e-commerce have encouraged the need for customer support services. Conversational artificial intelligence offers effective customer care 24/7, real-time personalized service, and omnichannel Deployment.

In addition, low-cost chatbox development and reduced cost to serve customer factors propel market growth globally. Technological advancements such as natural language processing and the rising 'Chat first' strategy by the service industry are expected to boost market growth.

However, a lack of awareness of conversation AI and the requirement of skilled professionals to access conversational AI is expected to hamper market development.

Recent Developments

  • Microsoft acquired Nuance, a pioneer company with natural language processing and speech recognition technology. - 12th April 2021

  • Axis Bank Launches AI-powered Conversational Voice BOT for IVR, in India. -30th July 2020

Company Profiles

Some of the companies covered in this report International Business Machines Corporation, Microsoft Corporation, Intel Corporation, Google LLC, Cisco Systems, Inc., Nuance Communications, Inc., Evolv Technology Solutions, Inc, Infosys Limited, Salesforce.com, Inc., etc

Competitive Quadrant

The report includes the Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Key Topics Covered:

1 Report Description
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Shareholders

2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.3 Market Size Estimation
2.4 Assumptions of the Study
2.5 Limitations of the Study

3 Executive Summary
3.1 Introduction
3.2 Market Size and Segmentation
3.3 Market Outlook

4 Market Influencers
4.1 Drivers
4.1.1 Growing E-Commerce and Digitalization
4.1.2 Rising Demand for Customer Support Services
4.1.3 Omnichannel Development
4.2 Restraints
4.2.1 Lack of Awareness in Emerging Countries
4.2.2 Inaccuracy of Chatbox and Virtual Assistance
4.3 Opportunities
4.3.1 New Innovative Product Portfolio
4.4 Challenges
4.4.1 Requirement of Skilled Professional
4.4.2 Data Security Issues
4.5 Trends

5 Market Analysis
5.1 Regulatory Scenario
5.2 Porter's Five Forces Analysis
5.3 Impact of COVID-19
5.4 Ansoff Matrix Analysis

6 Global Conversational Artificial Intelligence Market, By Type
6.1 Introduction
6.2 Platform
6.3 Service
6.3.1 Consulting Services
6.3.2 Managed Services
6.3.3 Professional Services
6.3.4 Support & Maintenance
6.3.5 Training & Education

7 Global Conversational Artificial Intelligence Market, By Technology
7.1 Introduction
7.2 Machine Learning & Deep Learning
7.3 Natural Language Processing
7.4 Automated Speech Recognition

8 Global Conversational Artificial Intelligence Market, By Deployment
8.1 Introduction
8.2 Intelligent Virtual Assistants
8.3 Chat box

9 Global Conversational Artificial Intelligence Market, By Type
9.1 Introduction
9.2 On-Cloud
9.3 On-Premises

10 Global Conversational Artificial Intelligence Market, By End User
10.1 Introduction
10.2 Banking, Financial Services, and Insurance (BFSI)
10.3 Retail and Ecommerce
10.4 Healthcare and Life Sciences
10.5 Travel and Hospitality
10.6 Telecom
10.7 Media and Entertainment
10.8 Others

11 Global Conversational Artificial Intelligence Market, By Geography
11.1 Introduction

12 Competitive Landscape
12.1 Competitive Quadrant
12.2 Market Share Analysis
12.3 Strategic Initiatives
12.3.1 M&A and Investments
12.3.2 Partnerships and Collaborations
12.3.3 Product Developments and Improvements

13 Company Profiles

  • Salesforce.co. Inc.

  • Amazon.co. Inc.

  • Artificial Solutions

  • Baid. Inc.

  • BotXO AI

  • Cisco System. Inc.

  • Conversica

  • Creative Virtual

  • Deloitte Touche Tohmatsu Limited

  • Evolv Technology Solution. Inc

  • Google LLC

  • Haptik

  • Infosys Limited

  • Intel Corporation

  • International Business Machines Corporation

  • Microsoft Corporation

  • Apple Inc.

  • NVIDIA Corporation

  • Oracle Corporation

  • SAP ERP

For more information about this report visit https://www.researchandmarkets.com/r/5y524q

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