MarketsandMarketsexpects the global Conversational Artificial Intelligence market size to growfrom USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a Compound AnnualGrowth Rate (CAGR) of 30.2% during forecast period (2019–2024). The increasingdemand for AI powered customer support services, omni-channel deployment, andreduced chatbot development cost are expected to drive the globalconversational AI market.
Browse 52market data Tables and 46 Figures spread through 160 Pages and in-depth TOC on"Conversational Artificial Intelligence Market by Component (Platform andServices), Type (IVA and Chatbots), Technology, Application (Customer Support,Personal Assistant, and Customer Engagement and Retention), Deployment Mode,Vertical, and Region - Global Forecast to 2024"
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With theadvancements in AI technology during the last couple of years, organizationsare making use of conversational AI solutions in their customer servicefunction. Enterprises’ focus has shifted from providing customer supportservices through emailing or messages to AI-powered chatbots that helpenterprises enhance customer experience and engagement. The AI-powered chatbotsuse NLP technology to carry out human-like conversation and assist thecustomers in real time. They help enterprises fetch business intelligence aboutcustomers’ preferences, opinions, and purchase behavior and enableorganizations to provide proactive recommendations and more personalizedexperience to users based on their account activity.
The majorvendors of the conversational Artificial Intelligence include IBM (US), Google(US), Microsoft (US), AWS (US), SAP (US), Oracle (US), Baidu (China), Nuance(US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa(Germany), Avaamo (US), Kore.aiI (India), Inbenta (US), Rulai (US), Solvvy(US), Pypestream (US), Creative Virtual (UK) and Saarthi.ai (India). Theseplayers have adopted various growth strategies, such as partnerships,agreements, and collaborations; and new product launches, to further expandtheir presence in the global conversational AI market. The key players haveadopted partnerships and new product launches strategies majorly from 2017 to2018, which have helped them innovate their offerings and broaden their customerbase.
Google is one of the key technology playersin the Conversational AI market. It relies heavily on its organic growthstrategy and continuously aims for coming up with innovative next-gen products.Google is making significant R&D investments in the area of strategicfocus, such as advertising, cloud, Machine Learning (ML), and search, as wellas, in new products and services. Google has made significant investments andadvancements in AI. The company is well-positioned to take advantage of theincreasing demand for AI-enabled applications, AI tools for developers, andcloud-based AI services. Moreover, the company is adopting organic growthstrategies to gain a competitive advantage in the conversational AI market. Forinstance, in April 2018, Google launched an enterprise edition of itsDialogflow platform. The platform would help companies build and run their ownbots, without any AI expertise. These bots use AI-based natural languageunderstanding (NLU) and processing to interact with end users.
Microsoft spent significantly on R&D toenhance its Conversational AI and service offerings. The company is working onthe development of AI, ML, and IoT technologies. The company has madesignificant progress with AI initiatives and is well-positioned to takeadvantage of increasing demand for AI tools, AI-enabled applications, andAI-based solutions. It focuses on organic as well as inorganic growthstrategies to strengthen its market position in the global conversational AImarket. It has various plans to invest in the latest technologies to developinnovations. In 2018, it has acquired 4 companies: Semantic Machines, LobeArtificial Intelligence, GitHub, and Bonsai. These acquisitions would enableMicrosoft to strengthen its imperatives of putting simple and effective AIdevelopments into the hands of non-engineers and non-experts.
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