The Asia Pacific Conversational AI Market would witness market growth of 18.7% CAGR during the forecast period (2021-2027).
Conversational AI is a technology, which could be spoken to like voice assistants or chatbots. This technology is widely adopted by various companies for different purposes. In addition, conversational AI is embedded with machine learning, big data, and natural language processing to copy human interactions by detecting their speech & text inputs and translate their meaning out of them in various languages.
The demand for AI-based chatbots solutions and AI-powered customer support services is directly proportional to the growth of the conversational AI market. In addition, the increase in the adoption of omnichannel methods across the world along with the growing customer commitment via social media platforms is estimated to open new growth avenues for the conversational AI market over the forecast period. Though, several enterprises and individuals are not fully aware of conversational AI-based solutions, which would restrict its market growth. In addition, the absence of skilled professionals in the industry is also estimated to hinder the growth of the market in the coming years.
The surge in number of smartphone users and the high popularity of social media platforms are directly related to the growth & demand for conversational AI in the regional market. Conversation AI is a set of technologies, which enable machines or devices to recognize human language and give response to it in a way that is similar to a human conversation that would enable to comprehend and engage in contextual dialogue. This technology is gaining more traction in this region due to its various features.
Companies are highly adopting conversational AI-based solutions to provide improved customer services. This technology is less-costly as it only includes the deployment cost without incurring any additional maintenance and operational cost, which is motivating more companies to implement conversational AI in their premises. Chatbots and voice assistants are majorly used to establish proper communication between companies and their customers. With better communication, companies can generate more insights and thus, get more revenue.
The China market dominated the Asia Pacific On-premise Conversational AI Market by Country 2020, thereby, achieving a market value of $495.3 million by 2027. The Japan market is showcasing a CAGR of 16.5% during (2021 - 2027). Additionally, The India market is poised to grow at a CAGR of 17.8% during (2021 - 2027).
Based on Component, the market is segmented into Platform and Services. Based on Technology, the market is segmented into Natural Language Processing (NLP), Automated Speech Recognition, Deep Learning and Others. Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Type, the market is segmented into Chatbots and Intelligent Virtual Assistant (IVA). Based on End User, the market is segmented into Retail & eCommerce, BFSI, Travel & Hospitality, Healthcare, Telecom, Media & Entertainment, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Conversational AI Market is Projected to reach USD 15.6 Billion by 2027, at a CAGR of 16.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Baidu, Inc., IBM Corporation, SAP SE, Oracle Corporation, Google, Inc., Amazon.com, Inc., Artificial Solutions, Conversica, Inc. and Inbenta Technologies, Inc.
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