DUBLIN--(BUSINESS WIRE)--The "Conversational AI Market Research Report: By Component, Deployment, Type, Industry, Technology, Application, Geographical Outlook - Global Industry Analysis and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
In 2018, the conversational artificial intelligence (AI) market generated $3.2 billion and is predicted to reach $15.0 billion in 2024, advancing at a 30.2% CAGR during 2019-2024.
The market is growing due to the rising demand for AI-powered customer support services, positive return on investment (ROI) for companies deploying conversational AI solutions, and increasing number of solution providers in the market.
On the basis of technology, the conversational AI market is divided into automated speech recognition, natural language processing, machine learning, and others (which include cognitive computing, computer vision, image processing, and video recognition).
During the forecast period, the machine learning division is predicted to witness the fastest growth. The reason for this is that the conversational AI solutions are able to learn from previous responses to several queries, with the help of this technology, which further increases the ability of machines in answering questions.
In terms of application, the conversational AI market is categorized into onboarding and employee engagement, branding and advertisement, customer support, customer engagement and retention, and personal assistant. The personal assistant category is predicted to grow at the fastest CAGR, of 31.0%, during the forecast period.
This is because of the conversational AI solutions, such as IVA and chatbots, that act as a personal assistant and are able to control one's schedule and organize social and business meetings on behalf of the person. The technology further conveys such details to the person through webpage, calendar, and inbox.
Key Topics Covered:
1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
3. Executive Summary
4.1 Definition of Market Segments
4.1.1 By Component
184.108.40.206.1 Support and maintenance
220.127.116.11.2 Training and consulting
18.104.22.168.3 System integration
4.1.2 By Deployment
4.1.3 By Type
22.214.171.124 Intelligent IVR system
4.1.4 By Industry
126.96.36.199 Retail and e-commerce
188.8.131.52 Media and entertainment
4.1.5 By Technology
184.108.40.206 Machine learning
4.1.6 By Application
220.127.116.11 Customer support
18.104.22.168 Personal assistant
22.214.171.124 Branding and advertisement
126.96.36.199 Customer engagement and retention
188.8.131.52 Onboarding and employee engagement
4.2 Value Chain Analysis
4.3 Market Dynamics
184.108.40.206 Increasing adoption of AI solutions in customer service applications
220.127.116.11 Rising implementation of chatbots and IVAs for healthcare applications
18.104.22.168 Rising number of solution providers
22.214.171.124 Growing demand for AI-powered customer support services
126.96.36.199 Positive return on investment (ROI) for companies deploying conversational AI solutions
188.8.131.52 Impact analysis of drivers on market forecast
184.108.40.206 High deployment cost of AI chatbots hindering their adoption in small and medium enterprises (SMEs)
220.127.116.11 Low accuracy of AI chatbots in handling customer queries
18.104.22.168 Impact analysis of restraints on market forecast
22.214.171.124 Usage of conversational AI chatbots for improved customer engagement
126.96.36.199 Integration of conversational AI chatbots for employee retention and engagement
4.4 Porter's Five Forces Analysis
5. Global Market Size and Forecast
5.1 By Component
5.2 By Deployment
5.3 By Type
5.4 By Industry
5.5 By Technology
5.6 By Application
5.7 By Region
6. North America Market Size and Forecast
7. Europe Market Size and Forecast
8. APAC Market Size and Forecast
9. MEA Market Size and Forecast
10. LATAM Market Size and Forecast
11. Competitive Landscape
11.1 List of Key Players and Their Offering
11.2 Competitive Analysis of Key Players
11.3 Competitive Benchmarking of Key Players
11.4 Recent Activities of Key Players
11.5 Strategic Developments of Key Players
12. Company Profiles
12.1 International Business Machines (IBM) Corporation
12.1.1 Business Overview
12.1.2 Product and Service Offerings
12.1.3 Key Financial Summary
12.2 Nuance Communications Inc.
12.3 Conversica Inc.
12.4 Haptik Inc.
12.5 Amazon Web Services Inc.
12.6 Microsoft Corporation
12.7 SAP SE
12.8 Oracle Corporation
12.9 Google LLC
12.1 Baidu Inc.
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