CHICAGO, March 13, 2019 /PRNewswire/ -- According to a new market research report "Conversational AI Market by Component (Platform and Services), Type (IVA and Chatbots), Technology, Application (Customer Support, Personal Assistant, and Customer Engagement and Retention), Deployment Mode, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Conversational AI Market size is expected to grow from USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.2% during the forecast period.
The major factors fueling the market growth include the increasing demand for AI powered customer support services and omni-channel deployment, and reduced chatbot development costs. The rise in customer engagement through social media platforms and integration of advanced AI capabilities will add value to the conversational AI offering would provide opportunities in the Conversational AI Market.
Chatbots segment to hold a larger market size during the forecast period
Vendors offer conversational AI based on interfaces used. Intelligent Virtual Assistants (IVA) and chatbots are 2 types of conversational AI. The chatbots segment is estimated to hold a larger market size, owing to the increasing demand for AI-powered chatbots to analyze customer insights in real time. The AI-based chatbots can be used by the enterprises to understand user behavior, purchasing habits, and preference over time and accordingly can answer queries.
Retail and eCommerce vertical to grow at the highest CAGR during the forecast period
For the retail and eCommerce vertical, better customer service leads to customer loyalty, customer retention, increased conversion rate, and reduced shopping cart abandonment. The vertical has to strategize customer engagement channels to fulfill the demand of tech-savvy consumers. Due to a rapid increase in the number of mobile subscribers, mCommerce has played a vital role in the retail and eCommerce industry. It helps in enhancing the customer experience, employee efficiency, and the overall functioning of the business.
North America to hold the largest market size during the forecast period
North America is the major revenue-generating region in the global Conversational AI Market. The region is witnessing major developments in the conversational AI platform space. Many AI solution providers in North America are experimenting in the Conversational AI Market by integrating AI and ML functionalities with their existing conversational platforms. They are also adopting various growth strategies to strengthen their position in the Conversational AI Market.
Major vendors in the global Conversational AI Market include Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), Creative Virtual (UK) and Saarthi.ai (India).
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