The Europe Conversational AI Market would witness market growth of 15.9% CAGR during the forecast period (2021-2027).
The increase in demand for AI-based customer support services is projected to drive the growth of the conversational AI market during the forecast period. Additionally, the growth of conversational AI market would witness bright prospects due to the growing deployment of omnichannel methods. Along with that, increasing customer engagement via social media platforms is estimated to create lucrative growth opportunities for the key market players in the conversational AI market over the forecast period. Though, the low level of awareness regarding conversational AI solutions would hamper the growth of the market.
There are several benefits offered by conversational AI technology to the enterprises like reduction in cost, more efficiency, better customer experience, and many more. These benefits are attracting more companies towards its adoption and thus, fueling the growth of the regional conversational AI market. By using conversational AI, companies can enhance their interaction with the customer and provide a better customer experience.
The automotive industry is one of the major industries using conversational AI-based solutions to improve their products and the strong automotive sector of this region is escalating the growth of the regional market over the forecast period. Along with that, the increasing customer engagement on social media platforms is also paving way for the companies to expand their business and outreach more consumers. This would further accelerate the growth of the regional conversational AI market.
Additionally, conversational AI consists of elements that are developed to enable Gartner chatbot or virtual agents to process, understand and create a response. In addition, conversational AI is further advanced by the improvements in artificial technology which would surge the growth of the conversational AI market in the coming years.
The Germany market dominated the Europe Conversational AI Automated Speech Recognition Market by Country 2020, thereby, achieving a market value of $202.8 million by 2027. The UK market is exhibiting a CAGR of 14.1% during (2021 - 2027). Additionally, The France market is anticipated to witness a CAGR of 15.8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Conversational AI Market Size will Hit $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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