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Nov 22, 2019 11:53 AM ET

Global Conversational AI Market is Set to Reach USD 16.2 billion by 2024, Observing a CAGR of 29.2% during 2019–2024: VynZ Research

iCrowd Newswire - Nov 22, 2019

The global conversational AI market is expected to grow at a CAGR of 29.2% during the forecast period with its market size predicted to reach USD 16.2 billion by 2024.

Insights by Component (Platform, Service [Support & Maintenance, Training & Consulting, System Integration]), by Deployment (Cloud-Based, On-Premises), by Type (Chatbot, Intelligent Virtual Assistant {IVA}, Intelligent Interactive Voice Response {IVR} System), by Industry (BFSI, Retail & E-Commerce, Healthcare, Hospitality, Telecom, Media & Entertainment, Energy & Utilities, Oil & Gas, Government, Others), Technology (Natural Language Processing, Machine Learning, Automated Speech Recognition, Computer Vision, Video Recognition, Others), by Application (Customer Support , Personal Assistant, Branding & Advertisement, Customer Engagement & Retention, Onboarding & Employee Engagement)

Globally, conversational AI industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in November 2018, Microsoft Corporation signed an agreement to acquire Xoxco Inc.

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Machine learning category is expected to witness fastest growth in the conversational AI market during the forecast period

On the basis of technology, the conversational AI market is segmented into natural language processing, machine learning, automatic speech recognition, computer vision, video recognition, and others. Of all, machine learning category is expected to witness fastest growth in the conversational AI market during the forecast period. The growth of this segment is attributed to the fact that with the help of machine learning, conversational AI solutions are able to learn from previous responses based on different queries, which in turn is growing the capability of the machine in answering questions.

Based on application, the conversational AI market is categorized into customer support, personal assistant, branding & advertisement, customer engagement and retention, onboarding & employee engagement. Of all, personal assistant category is expected to witness fastest growth in the conversational AI market during the forecast period.

Geography Insight

Geographically, North America has accounted for the largest share in conversational AI market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of established players such as Google LLC, International Business Machines Corporation, Oracle Corporation, and Microsoft Corporation, increasing number of investments related to  integration of machine learning and NLP, rapid technological advancements, and continuous focus of government on spending in AI-based technologies in the region.

Competitive Insight

Some of the key players operating in the global conversational AI market are Nuance Communications Inc., Haptik Inc., Oracle Corporation, Google LLC, Microsoft Corporation, International Business Machines Corporation, SAP SE, Baidu Inc., Conversica Inc., Inc., Solvvy Inc., Creative Virtual Ltd., Avaamo Inc., Inbenta Technologies Inc., Artificial Solutions International AB, and Inc.

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Primary Research

In the primary data collection process, there are several sources interviewed in order to obtain precise quantitative and qualitative information for this study. The primary sources those are included for the data collection of this study comprises of providers, commercial growers, industry consultants and others key industry experts. There are several others sources that helped in gaining insightful information about this market are CEOs, marketing and sales directors, vice presidents, and key opinion leaders from various key companies operating in the global conversational AI market. Primary research in this report has been conducted for estimating market size, market dynamics and strategies adopted by the key players in this market.

Secondary Research

Secondary sources referred for this research report includes association for conversational AI, business filings such as financial statements, annual reports, investor presentations and trade associations. The secondary data has been used for estimating overall market size and growth of conversational AI market that has been authenticated with the supporting facts gathered through primary data collection.

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Global Conversational AI Market Coverage

Component Insight and Forecast 2014-2024

Type Insight and Forecast 2014-2024

Deployment Insight and Forecast 2014-2024

Industry Insight and Forecast 2014-2024

Technology Insight and Forecast 2014-2024

Application Insight and Forecast 2014-2024

Geographical Segmentation

Conversational AI Market by Region

North America


Asia-Pacific (APAC)

Rest of the World (RoW)

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VynZ Research
Call: +91-996-028-8381
Toll Free (U.S. and Canada): +1-888-253-3960

Keywords:    Conversational AI Market, Conversational AI, Conversational Artificial Intelligence Market, Conversational AI Market Size, Conversational AI Market Share

Tags:    Extended Distribution, Research Newswire, English