Conversational AI Market Research Report, Global Industry Analysis and Forecast (2018 to 2024) - In 2018 the Market Generated $3.2 Billion and is Predicted to Reach $15.0 Billion in 2024 -

DUBLIN--()--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'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. Introduction

4.1 Definition of Market Segments

4.1.1 By Component Platform Service Support and maintenance Training and consulting System integration

4.1.2 By Deployment Cloud On-premises

4.1.3 By Type Chatbot IVA Intelligent IVR system

4.1.4 By Industry BFSI Retail and e-commerce Healthcare Hospitality Telecom Media and entertainment Others

4.1.5 By Technology NLP Machine learning ASR Others

4.1.6 By Application Customer support Personal assistant Branding and advertisement Customer engagement and retention Onboarding and employee engagement

4.2 Value Chain Analysis

4.3 Market Dynamics

4.3.1 Trends Increasing adoption of AI solutions in customer service applications Rising implementation of chatbots and IVAs for healthcare applications

4.3.2 Drivers Rising number of solution providers Growing demand for AI-powered customer support services Positive return on investment (ROI) for companies deploying conversational AI solutions Impact analysis of drivers on market forecast

4.3.3 Restraints High deployment cost of AI chatbots hindering their adoption in small and medium enterprises (SMEs) Low accuracy of AI chatbots in handling customer queries Impact analysis of restraints on market forecast

4.3.4 Opportunities Usage of conversational AI chatbots for improved customer engagement 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.

For more information about this report visit

Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900