The Global Conversational AI Market is Estimated to reach $15.6 Billion by 2027, at a CAGR of 16.8%

Published Date: 18-Nov-2021

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Conversational AI Market Growth, Trends and Report Highlights

According to a new report Global Conversational AI Market, published by KBV research, The Global Conversational AI Market size is expected to reach $15.6 billion by 2027, rising at a market growth of 16.8% CAGR during the forecast period.

The service segment is anticipated to showcase a significant growth rate over the forecast period. It is owing to the high adoption of conversational AI solutions across key industrial verticals for providing improved customer support, thus creating more demand for professional & managed services around the world.

The Machine Learning and deep learning segment is estimated to exhibit the highest growth rate over the forecast period. In addition, this conversational AI market consists of three main technologies including NLP, ML & deep learning, and ASR. By using AI technology, machines can perform activities just like human beings, which would further create lucrative opportunities for the key market players over various application areas. In AI technology, the major advancement has occurred in the area of deep learning that includes the usage of crude-simulated neurons to process information.

North America is estimated to acquire the largest market share over the forecast period. The high demand for improving customer support service to support customer retention initiatives is among the key factors fueling the growth of the regional market. In addition, the increasing number of market players across various countries is anticipated to spur the growth of the regional market. The Asia Pacific region would exhibit the fastest CAGR over the forecast period. Furthermore, this regional market would witness substantial developments and high adoption of solutions over the forecast period.

Full Report: https://www.kbvresearch.com/conversational-ai-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Microsoft Corporation, Baidu, Inc., IBM Corporation, SAP SE, Oracle Corporation, Google, Inc., Amazon.com, Inc., Artificial Solutions, Conversica, Inc. and Inbenta Technologies, Inc.

Global Conversational AI Market Segmentation

By Component

  • Platform
  • Services

By Technology

  • Natural Language Processing (NLP)
  • Automated Speech Recognition
  • Deep Learning
  • Others

By Deployment Type

  • Cloud
  • On-premise

By Type

  • Chatbots
  • Intelligent Virtual Assistant (IVA)

By End User

  • Retail & eCommerce
  • BFSI
  • Travel & Hospitality
  • Healthcare
  • Telecom
  • Media & Entertainment
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • Microsoft Corporation
  • Baidu, Inc.
  • IBM Corporation
  • SAP SE
  • Oracle Corporation
  • Google, Inc.
  • Amazon.com, Inc.
  • Artificial Solutions
  • Conversica, Inc.
  • Inbenta Technologies, Inc.

Unique Offerings from KBV Research

  • Exhaustive coverage
  • The highest number of market tables and figures
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  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Related Reports:

North America Conversational AI Market, Future Scope & Opportunities 2021-2027

Europe Conversational AI Market, Size & Growth Forecast 2021-2027

Asia Pacific Conversational AI Market, Size, Share & Industry Outlook to 2027

LAMEA Conversational AI Market, Growth, Trends and Forecasts 2021-2027

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