Worldwide Conversational AI Industry to 2027 - Strategic Recommendations for New Entrants - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Conversational AI - Global Market Outlook (2019-2027)" report has been added to ResearchAndMarkets.com's offering.

According to this report, the Global Conversational AI market accounted for $3.81 billion in 2019 and is expected to reach $18.37 billion by 2027 growing at a CAGR of 21.7% during the forecast period.

Rise in customer engagement through social media platforms, and increasing adoption of AI solutions in customer service applications are the major factors propelling market growth. However, the lack of awareness about conversational AI solutions is hampering market growth.

Conversational AI is the utilization of speech-based assistance, messaging apps, chatbots to make the content to be automated. It also personalizes the user experience at a level. Conversational AI accounts for an important place in the personal assistance activities. It can analyze the open interactions when relating it with the scenario or case. Companies are utilizing AI innovation by using a blend of NLU and ML, which empowers the assistants to be trained with industry-explicit information and extraordinary business information for an increased time to market.

Based on the component, the services segment is going to have lucrative growth during the forecast period due to the wide adoption of conversational AI solutions across major verticals for offering enhanced customer support, thereby generating demand for professional and managed services across the globe. By geography, Europe is going to have lucrative growth during the forecast period due to the growing demand to reduce enterprise workloads regarding customer engagement and retention is the key factor in adopting conversational AI solutions in Europe.

Companies Mentioned

• Google
• Kore.AI
• Avaamo
• Conversica
• Haptik
• Rasa
• Solvvy
• Pypestream
• Inbenta
• Microsoft
• AWS
• IBM
• Oracle
• Nuance
• Baidu
• SAP
• Artificial Solutions

What the report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2018, 2019 2020, 2024, and 2027
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Key Topics Covered:

1 Executive Summary

2 Preface

3 Market Trend Analysis

3.1 Introduction

3.2 Drivers

3.3 Restraints

3.4 Opportunities

3.5 Threats

3.6 Technology Analysis

3.7 Application Analysis

3.8 End User Analysis

3.9 Emerging Markets

3.10 Impact of Covid-19

4 Porters Five Force Analysis

4.1 Bargaining power of suppliers

4.2 Bargaining power of buyers

4.3 Threat of substitutes

4.4 Threat of new entrants

4.5 Competitive rivalry

5 Global Conversational AI Market, By Technology

5.1 Introduction

5.2 Automated Speech Recognition (ASR)

5.3 Machine Learning and Deep Learning

5.4 Natural Language Processing (NLP)

6 Global Conversational AI Market, By Deployment Mode

6.1 Introduction

6.2 Cloud

6.3 On-Premises

7 Global Conversational AI Market, By Type

7.1 Introduction

7.2 Intelligent IVR system

7.3 Intelligent Virtual Assistants (IVA)

7.4 Chatbots

8 Global Conversational AI Market, By Component

8.1 Introduction

8.2 Services

8.2.1 Support and Maintenance

8.2.2 Training and Consulting

8.2.3 System Integration and Testing

8.3 Platform

9 Global Conversational AI Market, By Organization Size

9.1 Introduction

9.2 Small and Medium-sized Enterprises (SMEs)

9.3 Large Enterprises

10 Global Conversational AI Market, By Application

10.1 Introduction

10.2 Onboarding and Employee Engagement

10.3 Customer Support

10.4 Customer Engagement and Retention

10.5 Branding and Advertisement

10.6 Personal Assistant

10.7 Data Privacy and Compliance

10.8 Other Applications

10.8.1 Campaign Analysis and Data Aggregation

11 Global Conversational AI Market, By End User

11.1 Introduction

11.2 Media and Entertainment

11.3 IT & Telecommunications

11.4 Retail and E-commerce

11.5 Healthcare and Life Sciences

11.6 Travel and Hospitality

11.7 Banking, Financial Services and Insurance (BFSI)

11.8 Other End Users

11.8.1 Energy and Utilities

11.8.2 Government

11.8.3 Manufacturing

11.8.4 Education

11.8.5 Automotive

12 Global Conversational AI Market, By Geography

12.1 Introduction

12.2 North America

12.2.1 US

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 Italy

12.3.4 France

12.3.5 Spain

12.3.6 Rest of Europe

12.4 Asia Pacific

12.4.1 Japan

12.4.2 China

12.4.3 India

12.4.4 Australia

12.4.5 New Zealand

12.4.6 South Korea

12.4.7 Rest of Asia Pacific

12.5 South America

12.5.1 Argentina

12.5.2 Brazil

12.5.3 Chile

12.5.4 Rest of South America

12.6 Middle East & Africa

12.6.1 Saudi Arabia

12.6.2 UAE

12.6.3 Qatar

12.6.4 South Africa

12.6.5 Rest of Middle East & Africa

13 Key Developments

13.1 Agreements, Partnerships, Collaborations and Joint Ventures

13.2 Acquisitions & Mergers

13.3 New Product Launch

13.4 Expansions

13.5 Other Key Strategies

14 Company Profiling

For more information about this report visit https://www.researchandmarkets.com/r/ck8yp3