(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Conversational Artificial Intelligence Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Conversational Artificial Intelligence Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Market Synopsis
The global market for Conversational Artificial Intelligence (AI) is estimated to reach a market value of USD 15.82 billion by 2024 growing at a CAGR of 30.32% during the forecast period 2019–2024. The market has witnessed growth with the rising adoption of conversational AI-based chatbots among various enterprises to offer enhanced customer support services. Increasing deployment of conversational AI chatbots in connected cars also contributes to the market growth. Additionally, rising investments in the development of conversational AI-powered voice-based solutions by key players such as Facebook Inc., Google LLC, Apple Inc., Amazon Web Services, IBM Corporation, and Microsoft Corporation and their adoption in various countries also contribute significantly towards the market growth.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Artificial intelligence-based conversational interfaces are rapidly transforming customer service interactions across various industries and sectors such as banking, financial services, and insurance, automotive, retail and e-commerce, and healthcare. Conversational AI solutions such as Apple Siri, Amazon Alexa, and Google virtual assistant have seen tremendous adoption among consumers. Chatbot solutions leveraging natural language processing to connect with users and perform tasks have proliferated customer messaging platforms such as Facebook Messenger and WeChat. The development of artificial intelligence in recent years including machine learning, natural language processing, image recognition, and speech recognition have promoted conversational AI applications allowing users to interact with businesses through desktops, laptops, and smartphones.
Conversational AI is capable of accomplishing various tasks such as providing shopping assistance, product recommendations, answering customer queries; booking plane, train, bus, and movie tickets; setting up business meetings; checking booking status; providing information related to weather, local events and news and entertainment. Enterprises are increasingly adopting conversational AI solutions to offer immediate online assistance to improve online sales conversion rates. Various benefits of conversational AI in business-to-business applications, widespread adoption of messaging apps, enterprises focusing on enhanced customer experience, and rising adoption of virtual assistants are other factors promoting the market growth.
In January 2017, Ford Motor Company, an American multinational automotive company integrated Amazon Alexa in its cars enabling drivers to perform tasks like checking tire pressure, gas requirements, and overall maintenance of cars with the help of conversational artificial intelligence. In March 2017, Progressive Corporation, an American insurance company, offers insurance tips to its customers with the help of Google Home.
Another breakthrough in the adoption of conversational artificial intelligence was when Starbucks Corporation, an American coffee company, implemented conversational artificial intelligence based chatbot in its My Starbucks Barista app allowing customers to place orders through messaging or voice commands. In order to stay competitive Domino's Pizza, Inc., an American pizza company, launched a Facebook Messenger chatbot for ordering pizzas.
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However, the inability chatbots in processing complex and large amount of information pose a major challenge for the conversational artificial intelligence (AI) platform and solution providers.
Segmentation
By component, the market has been segmented on the basis of platform and service.By service, the market has been segmented into ssystem integration and deployment, support and maintenance, training, and consulting.By type, the market has been segmented into intelligent virtual assistants and chatbots.By technology, the market has been segmented into machine learning and deep learning, natural language processing, and automated speech recognition.By deployment, the market has been segmented into cloud and on-premise.
By organization size, the market has been segmented into large enterprises and SMEs.By application, the market has been segmented into personal assistants, customer engagement and support, branding and marketing, and others.By vertical, the market has been segmented into BFSI, IT & Telecommunications, retail and e-Commerce, media and entertainment, healthcare, automotive, and others.
Key Players
MRFR recognizes the key market players in Conversational Artificial Intelligence (AI) as Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation, Amazon Web Services, Nuance Communications, Baidu Inc., SAP SE, Facebook Inc., Artificial Solutions, Avaamo Technologies Pvt Ltd., Conversica Inc., Haptik, Solvvy, Pypestream and Creative Virtual Ltd.Global Conversational Artificial Intelligence (AI) Market, 2018-2024 (USD Million)
Regional Analysis
The market for global conversational artificial intelligence (AI) is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis of the market has been studied for North America (the US, Canada, Mexico), Europe (the UK, Germany, France, Spain, Italy, the rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, the rest of Asia-Pacific) and the rest of the world (the Middle East and Africa and South America).
At present, North America accounts for the largest market share in terms of adoption and development of conversational AI solutions. Growing investments in artificial intelligence technologies in terms of machine learning, deep learning, and natural language processing in the US, Canada, and Mexico drive the market growth in this region. Furthermore, the region also has many emerging start-ups offering conversational AI solutions also propels the market growth in this region.
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Europe region accounts for the second-largest market share in the global conversational AI market due to increasing adoption of intelligent virtual assistants in countries such as the UK, Germany, France, Spain, Italy, and other European countries.
Asia-Pacific region accounted for the third-largest market share and is expected to attain the highest growth due to rising adoption of conversational AI solutions in China, Japan, India, Australia, Singapore, South Korea, and the Philippines. The market is also expected to generate revenue from industries and sectors such as retail and e-commerce, automotive, banking, media and entertainment, IT & telecom and healthcare in the Asia-Pacific region.
The conversational AI market in the Middle East and Africa region is expected to achieve a considerable growth with the adoption of chatbots and virtual assistants in countries such as Saudi Arabia, Turkey, Oman, UAE, South Africa, Zimbabwe, Nigeria, and other African countries.
Intended Audience
Conversational Artificial Intelligence (AI) solution providers
Conversational Artificial Intelligence (AI) platform providers
Chatbot software providers
AI powered application developers
Insurance agencies
Connected automotive vendors
Banking enterprises
Intelligent virtual assistant providers
Conversational Artificial Intelligence (AI) service providers
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Darlene Dooley
Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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