Conversational Artificial Intelligence (AI) Market Overview, Dynamics, Segments, Size and Scope By 2026

Kenneth Research has published a detailed report on Conversational Artificial Intelligence (AI) Market which has been categorized by market size, growth indicators and encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2019-2026.

The report covers the forecast and analysis of the Conversational Artificial Intelligence (AI) Market on a global and regional level. The study provides historical data from 2015 to 2019 along with a forecast from 2019-2026 based on revenue (USD Million). In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Conversational Artificial Intelligence (AI) Market over the period 2019-2026.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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The primary way of communication has changed drastically since the past few years. From face to face communication to communicating over calls, technology has brought us in the age of AI that enables the communication between machines and humans. In addition, the growing adoption of smartphones messaging and social media applications are also growing which are in turn fuelling the demand for chatbots. Moreover, the conversational AI platform comprises technologies that allow machines to understand human languages in the form of text, gesture, and speech.

The personal assistant application to grow at the highest rate during the forecast period
Conversational AI plays a crucial role in personal assistant. Personal assistants are capable of comprehending open conversations while contextualizing them to a particular case or scenario. Enterprises are leveraging AI technology by utilizing a combination of ML and NLU which enables the assistants to be trained with industry-specific knowledge and unique business data for a faster time to market

Growing demand for AI-powered customer support services

Growing demand for AI-powered customer support services is amongst the major factors supporting the growth of the global conversational AI market. With the combination of conversational AI solutions such as chatbots, IVA and IVR has enabled in the adoption of automated customer support services. The deployment of AI-enabled conversational tools engages customers, gather relevant information about them, before redirecting it to a human agent, which results in enhancing work efficiency and create a personalized experience for the user. It also assists users in taking better decisions related to the purchase of product or service.

Based on Type
IVA
Chatbots
Based on Technology
ML and Deep Learning
NLP
ASR

Based on Components
Platform
Services
Training and Consulting
System Integration and Testing
Support and Maintenance

Based on Deployment Mode
On-premise
Cloud

Based on Applications
Customer Support
Personal Assistant
Branding and Advertisement
Customer Engagement and Retention
Data Privacy and Compliance

By Regional Ananlysis
North America
*U.S.
*Canada

Europe
*Germany
*UK
*France
*Italy
*Spain
*Belgium
*Russia
*Netherlands
*Rest of Europe

Asia-Pacific
*China
*India
*Japan
*Korea
*Singapore
*Malaysia
*Indonesia
*Thailand
*Philippines
*Rest of Asia-Pacific

Latin America
*Brazil
*Mexico
*Argentina
*Rest of LATAM

Middle East & Africa
*UAE
*Saudi Arabia
*South Africa
*Rest of MEA

Key Players

The conversational AI market is fragmented in nature, owing to the presence of established players including Microsoft Corporation, International Business Machines Corporation, SAP SE, Oracle Corporation, Google LLC, Nuance Communications Inc., Haptik Inc., Conversica Inc., Amazon.com Inc., and Baidu Inc. The market also consists of regional players such as Avaamo Inc., Creative Virtual Ltd., Inbenta Technologies Inc., Artificial Solutions International AB, Kore.ai Inc., and Solvvy Inc.

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Competitive Analysis:
The Conversational Artificial Intelligence (AI) Market report examines competitive scenario by analyzing key players in the market. The company profiling of leading market players is included in this report with Porter’s five forces analysis and Value Chain analysis. Further, the strategies exercised by the companies for expansion of business through mergers, acquisitions, and other business development measures are discussed in the report. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of Market.

Key points covered in this report:
• The historical and current data is provided in the report based on which the future projections are made and the industry analysis is performed.
• The import and export details along with consumption value and production capability of every region is mentioned in the report.
• Porter’s five forces analysis, value chain analysis, SWOT analysis are some additional important parameters used for the analysis of market growth.
• The report provides the clients with the facts and figures about the market on the basis of evaluation of the industry through primary and secondary research methodologies.

The Conversational Artificial Intelligence (AI) Market report highlight the economy, past and emerging trend of industry, and availability of basic resources. Furthermore, the market report explains development trend, analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out. In the end, the report makes some important proposals for a new project of Conversational Artificial Intelligence (AI) Market before evaluating its possibility.

About Kenneth Research:
Kenneth Research is a reselling agency which focuses on multi-client market research database. The primary goal of the agency is to help industry professionals including various individuals and organizations gain an extra edge of competitiveness and help them identify the market trends and scope. The quality reports provided by the agency aims to make decision making easier for industry professionals and take firm decisions which helps them to form strategies after complete assessment of the market. Some of the industries under focus include healthcare & pharmaceuticals, ICT & Telecom, automotive and transportation, energy and power, chemicals, FMCG, food and beverages, aerospace and defense and others. Kenneth Research also focuses on strategic business consultancy services and offers a single platform for the best industry market research reports.

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Eli is a freelance writer and possess double graduation degree in physics and chemistry. She is an intense writer covering everything for Science and Tech to Business, Entertainment, Sports and Lifestyle.

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