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Conversational AI Market Size Worth USD 25.04 Billion in 2028, Market Trends – Increasing application of chatbots for customer retention

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Conversational AI Market Size Worth USD 25.04 Billion in 2028, Market Trends – Increasing application of chatbots for customer retention

May 04
15:06 2021
The global conversational Artificial Intelligence (AI) market size reached USD 4.91 Billion in 2020 and is expected to register a CAGR of 22.6% during the forecast period

The global conversational Artificial Intelligence (AI) market size reached USD 4.91 Billion in 2020 and is expected to register a CAGR of 22.6%, during the forecast period, according to latest analysis by Emergen Research. Rising demand for Artificial Intelligence-driven customer support services is expected to drive global conversational AI market revenue growth over the forecast period. Increasing implementation of conversational AI chatbots in the automotive industry is expected to augment global conversational AI market growth going ahead. One of the most prominent trends in the market is increasing application of chatbots to retain employees. AI-powered chatbots assist businesses in delivering useful details about an employee’s level of engagement that can result in a lower churn rate, which is expected to boost the market growth going ahead.

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Some Key Highlights From the Report

Factors such as high presence of conversational AI service and platform providers such as Google LLC, Microsoft Corporation, and Oracle Corporation among others in countries in North America are expected to drive growth of the market in the region during the forecast period.

Key players in the market include Google LLC, Microsoft Corporation, Oracle Corporation, International Business Machines Corporation, Baidu Inc., Nuance Communications Inc., SAP SE, Conversica Inc., Inbenta Technologies Inc., and Avaamo Inc.

In April 2018, Google LLC released a beta version of the Dialog flow Enterprise Edition, which is a platform that enables businesses to function personal insightful chatbots. This is possible to use it to create virtual assistant abilities for Google Assistant, Siri, and Alexa. It allows companies to connect Google cloud services including Text to Speech, as well as provide technical support to businesses.

Key Benefits of the Report:

  • Comprehensive analysis of the competitive scenario and its changing dynamics
  • Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
  • In-depth 8-year analysis of the Global Conversational Artificial Intelligence (AI) Market
  • Critical understanding of the key market segments 
  • Comprehensive analysis of the drivers, restraints, trends, and opportunities
  • Detailed regional analysis and extensive company profiling
  • Extensive assessment of current and emerging trends of the market

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Emergen Research has segmented the global conversational AI market on the basis of deployment, component, type, technology, end-use, and region:

  • Deployment Outlook (Revenue, USD Billion; 2018–2028)
    • On-Premises
    • Cloud
  • Component Outlook (Revenue, USD Billion; 2018–2028)
    • Service
    • Platform
  • Type Outlook (Revenue, USD Billion; 2018–2028)
    • Intelligent Virtual Assistants
    • Chatbots
  • Technology Outlook (Revenue, USD Billion; 2018–2028)
    • Natural Language Processing
    • Automated Speech Recognition
    • Machine Learning
    • Deep Learning
  • End-use Outlook (Revenue, USD Billion; 2018–2028)
    • Healthcare
    • Media & Entertainment
    • Automotive
    • E-Commerce
    • Retail
    • BFSI
    • Telecom
    • Others

Regional Analysis Covers:

  • North America (U.S., Canada)
  • Europe (U.K., Italy, Germany, France, Rest of EU)
  • Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
  • Latin America (Chile, Brazil, Argentina, Rest of Latin America)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

The report is an investigative study of the technological developments and product advancements, along with a regional analysis for each product and application offered in the market. The fundamental objective of the report is to give an insight into the workings of the Conversational Artificial Intelligence (AI) industry. It provides an accurate and strategic outlook of the market with a thorough assessment of the segments and sub-segments of the market. It provides a panoramic view of the industry to offer a deeper understanding of the global industry.

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Table of Content

Chapter 1. Methodology & Sources

    1.1. Market Definition

    1.2. Research Scope 

    1.3. Methodology

    1.4. Research Sources

          1.4.1. Primary

          1.4.2. Secondary

          1.4.3. Paid Sources

    1.5. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2021–2028

Chapter 3. Key Insights

Chapter 4. Conversational AI Market Segmentation & Impact Analysis

    4.1. Conversational AI Market Material Segmentation Analysis

    4.2. Industrial Outlook

          4.2.1. Market indicators analysis

          4.2.2. Market drivers analysis

           Growing demand for artificial intelligence driven customer support services

           Increasing customer engagement through social networking sites

           Rising implementation of conversational AI chatbots in automotive industry

           Increasing demand for virtual assistance to improve customer experience

          4.2.3. Market restraints analysis

           Dearth of awareness of conversational AI platforms

           Lack of skilled professionals

    4.3. Technological Insights

    4.4. Regulatory Framework

    4.5. Porter’s Five Forces Analysis

    4.6. Competitive Metric Space Analysis

    4.7. Price trend Analysis

    4.8. Covid-19 Impact Analysis

Chapter 5. Conversational AI Market By Deployment Insights & Trends, Revenue (USD Billion)

    5.1. Deployment Dynamics & Market Share, 2021–2028

          5.1.1. On-Premises

          5.1.2. Cloud

Chapter 6. Conversational AI Market By Component Insights & Trends, Revenue (USD Billion)

    6.1. Component Dynamics & Market Share, 2021–2028

          6.1.1. Service

          6.1.2. Platform

Chapter 7. Conversational AI Market By Type Insights & Trends, Revenue (USD Billion)

    7.1. Type Dynamics & Market Share, 2021–2028

          7.1.1. Intelligent Virtual Assistants

          7.1.2. Chatbots


Thank you for reading our report. Customization of the report is available. To know more, please connect with us, and our team will ensure the report is customized as per your requirements.

Media Contact
Company Name: Emergen Research
Contact Person: Eric Lee
Email: Send Email
Phone: +1 (604) 757-9756
Address:14671 110 Avenue Surrey, British Columbia, V3R2A9
City: Surrey
State: British Columbia
Country: Canada

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