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
220.127.116.11.1 Support and maintenance
18.104.22.168.2 Training and consulting
22.214.171.124.3 System integration
4.1.2 By Deployment
4.1.3 By Type
126.96.36.199 Intelligent IVR system
4.1.4 By Industry
188.8.131.52 Retail and e-commerce
184.108.40.206 Media and entertainment
4.1.5 By Technology
220.127.116.11 Machine learning
4.1.6 By Application
18.104.22.168 Customer support
22.214.171.124 Personal assistant
126.96.36.199 Branding and advertisement
188.8.131.52 Customer engagement and retention
184.108.40.206 Onboarding and employee engagement
4.2 Value Chain Analysis
4.3 Market Dynamics
220.127.116.11 Increasing adoption of AI solutions in customer service applications
18.104.22.168 Rising implementation of chatbots and IVAs for healthcare applications
22.214.171.124 Rising number of solution providers
126.96.36.199 Growing demand for AI-powered customer support services
188.8.131.52 Positive return on investment (ROI) for companies deploying conversational AI solutions
184.108.40.206 Impact analysis of drivers on market forecast
220.127.116.11 High deployment cost of AI chatbots hindering their adoption in small and medium enterprises (SMEs)
18.104.22.168 Low accuracy of AI chatbots in handling customer queries
22.214.171.124 Impact analysis of restraints on market forecast
126.96.36.199 Usage of conversational AI chatbots for improved customer engagement
188.8.131.52 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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