Conversational AI Market to Witness a 30.2% CAGR Over 2019-2024 - Positive ROI for Companies Deploying Conversational AI Solutions
DUBLIN, Feb. 13, 2020 /PRNewswire/ -- 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 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. Conversational AI refers to the application of intelligent virtual assistants (IVA), intelligent interactive voice response (IVR), and chatbots in different industries for automating interactions with the customer and creating a personalized customer experience.
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%, 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
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Component
1.3.2 Market Segmentation by Deployment
1.3.3 Market Segmentation by Type
1.3.4 Market Segmentation by Industry
1.3.5 Market Segmentation by Technology
1.3.6 Market Segmentation by Application
1.3.7 Market Segmentation by Region
1.3.8 Analysis Period
1.3.9 Market Data Reporting Unit
1.3.9.1 Value
1.4 Key Stakeholders
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Component
4.1.1.1 Platform
4.1.1.2 Service
4.1.1.2.1 Support and maintenance
4.1.1.2.2 Training and consulting
4.1.1.2.3 System integration
4.1.2 By Deployment
4.1.2.1 Cloud
4.1.2.2 On-premises
4.1.3 By Type
4.1.3.1 Chatbot
4.1.3.2 IVA
4.1.3.3 Intelligent IVR system
4.1.4 By Industry
4.1.4.1 BFSI
4.1.4.2 Retail and e-commerce
4.1.4.3 Healthcare
4.1.4.4 Hospitality
4.1.4.5 Telecom
4.1.4.6 Media and entertainment
4.1.4.7 Others
4.1.5 By Technology
4.1.5.1 NLP
4.1.5.2 Machine learning
4.1.5.3 ASR
4.1.5.4 Others
4.1.6 By Application
4.1.6.1 Customer Support
4.1.6.2 Personal Assistant
4.1.6.3 Branding and Advertisement
4.1.6.4 Customer Engagement and Retention
4.1.6.5 Onboarding and Employee Engagement
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Increasing Adoption of AI Solutions in Customer Service Applications
4.3.1.2 Rising Implementation of Chatbots and IVAs for Healthcare Applications
4.3.2 Drivers
4.3.2.1 Rising Number of Solution Providers
4.3.2.2 Growing Demand for AI-Powered Customer Support Services
4.3.2.3 Positive Return on Investment (ROI) for Companies Deploying Conversational AI Solutions
4.3.2.4 Impact Analysis of Drivers on Market Forecast
4.3.3 Restraints
4.3.3.1 High Deployment Cost of AI Chatbots Hindering Their Adoption in Small and Medium Enterprises (SMEs)
4.3.3.2 Low Accuracy of AI Chatbots in Handling Customer Queries
4.3.3.3 Impact Analysis of Restraints on Market Forecast
4.3.4 Opportunities
4.3.4.1 Usage of Conversational AI Chatbots for Improved Customer Engagement
4.3.4.2 Integration of Conversational AI Chatbots for Employee Retention and Engagement
4.4 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Component
5.1.1 Service, by Type
5.2 By Deployment
5.3 By Type
5.4 By Industry
5.5 By Technology
5.6 By Application
5.7 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. MEA Market Size and Forecast
Chapter 10. LATAM Market Size and Forecast
Chapter 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
11.5.1 Product Launches
11.5.2 Partnerships
11.5.3 Mergers and Acquisitions
11.5.4 Client Wins
11.5.5 Other Developments
Chapter 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
12.10 Baidu Inc.
For more information about this report visit https://www.researchandmarkets.com/r/qeaz3c
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