Conversational AI Platform Market, By Type (Chatbot, IVA, IVR), Deployment (Cloud, On-Premise), Tech

Published Date: April 2020 | Report Code : IT2064213

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Conversational AI Platform Market, By Type (Chatbot, IVA, IVR), Deployment (Cloud, On-Premise), Technology (Natural Language Processing, Machine Learning, Automated Speech Recognition), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2028

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Report Code : IT2064213

Status : Published April 2020

The Global Conversational AI Platform Market is anticipated to grow from USD 3.4 Bn in 2019 at a CAGR of 30.10% during the forecast period and reach USD 36.3 Bn by 2028. This can be largely attributed to rapid technological advancements, presence of conversational AI vendors like Microsoft Corporation, Google LLC, International Business Machines Corporation, and Oracle Corporation, rising investments concerning the integration of machine learning and NLP, in existing conversational solutions, and continuous focus of government on spending in AI-based technologies.

AI solutions are increasingly being adopted for a customer service application, as AI solutions like chatbots have gained prominence thanks to their ability to resolve customer queries without the guidance of a human agent. These solutions also enable the management of huge volumes of information in a more structured manner. This has resulted in providing effective customer care services and reduced costs for the businesses. AI solutions have witnessed rapid advancements as these systems now possess conversational capabilities compared to their earlier models of speech to text translation. The retail and e-commerce industry is expected to profit the most from the expansion of AI solutions thanks to heavy investments made by these sectors toward customer service. For example, in 2019, Try And Buy Fashion, a Mumbai, Maharashtra based online shopping website patented software for their application that will create a virtual trial room for internet buyers. The module supported augmented reality (AR) is predicted to ease-up the process of online buying their buyers and is predicted to increase sales of the company.

Growing demand for AI-powered customer support services is amongst the key factors supporting the expansion of the global conversational AI market. With the combination of conversational AI solutions like chatbots, IVA and IVR have enabled in the adoption of automated customer support services. The deployment of AI-enabled conversational tools engages customers, gather relevant information about them, before redirecting it to a human agent, which results in enhancing work efficiency and build a customized experience for the user. It also assists users in making better decisions concerning the purchase of products or services.

The implementation of chatbots for employee retention is one of the key opportunities noticed within the market. AI-powered chatbots support in providing insightful information to the businesses regarding the engagement level of an employee, which may lead to reduced churn rate. For example, in August 2019, India-based HR technology company, Squadgain Techlabs Private Limited, launched an AI-enabled chatbot “Amara”. It helps companies by chatting with the staff at various touchpoints and predicts attrition risks. The chatbot is supplied with sentiment analysis and NLP, which analyzes a candidate’s responses and predicts the overall engagement and experience with the organization.

Key Factors Impacting the Growth of Conversational AI Platform Market:

  • Increasing adoption of artificial intelligence (AI) solutions in customer service application is expected to have a positive impact on the market growth
  • Growing demand for AI-powered customer support services is likely to attract more potential consumers
  • Integration of chatbots for employee retention and engagement

The Conversational AI Platform market segmentation is based on type, deployment, Technology, and region.

Type Outlook:

Based on type, the chatbot is the largest category within the conversational AI market and is predicted to hold a significant share within the market. This may be mainly attributed to increasing demand for integration of a chatbot with social media platforms, rising penetration of mobile applications and websites, and growing preference for intelligent customer engagement.

Deployment Outlook:

On the basis of deployment, the cloud category held the biggest share within the market. This can be because of a shift in preference toward cloud-based solutions that provide benefits like complete access, cost-effectiveness, and customization.

Technology Outlook:

On the basis of technology, the fastest growth in the conversational AI market during the forecast period is anticipated from the machine learning category. With the help of this technology, conversational AI solutions are able to learn from previous responses based on different queries, which successively is increasing the potential of the machine in answering questions, and also played a major role in the growth of this category.

Regional Outlook:

Globally, North America was the biggest market for conversational AI solutions during the historical period and is anticipated to keep up the trend during the forecast period also. This is mainly attributed to the rapid technological advancements, presence of conversational AI vendors like Microsoft Corporation, Google LLC, International Business Machine (IBM) Corporation, and Oracle Corporation, rising investments concerning the integration of machine learning and NLP, in existing conversational solutions, and continuous focus of government on spending in AI-based technologies.

Competitive Landscape

The conversational AI market is fragmented in nature, because of the presence of established players including Microsoft Corporation, International Business Machines Corporation, SAP SE, Oracle Corporation, Google LLC, Nuance Communications Inc., Haptik Inc., Conversica Inc., Amazon.com Inc., and Baidu Inc. The market also consists of regional players like Avaamo Inc., Creative Virtual Ltd., Inbenta Technologies Inc., Artificial Solutions International AB, Kore.ai Inc., and Solvvy Inc. In recent years, major players within the conversational AI market have taken several strategic measures like acquisitions and product launches, to achieve a competitive edge in the industry.

This report also includes the profiles of key Conversational AI Platform market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Conversational AI Platform Market:

  • In November 2018, Microsoft Corporation signed an agreement to acquire Xoxco Inc., a U.S. based solution provider for conversational AI and bot development. With this acquisition, the corporate aims to supply accessible software tools to developers, which assist in the creation and deployment of conversational interfaces across platforms.
  • In May 2018, Nuance Communications Inc. acquired U.S.-based providers in conversational voice technology for homes, cars, mobile devices, named Voicebox Technologies Corporation for $82.0 million. With this acquisition, the corporate aims to strengthen its offerings in conversational speech technology and voice assistants, and expand its operations worldwide.
  • In April 2018, Google LLC launched a beta version of its Dialogflow Enterprise Edition, which is a platform that help companies to operate personal intelligent chatbots. It can be used to build virtual assistant skills for Google Assistant, Cortana, and Siri. It enables users to integrate Google cloud services, like Speech-to-Text and Text-to-Speech, and offer technical support for enterprises.

What Does This Report Provide?

This report provides a detailed understanding of the global Conversational AI Platform market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Type

  • Chatbot
  • IVA
  • IVR

By Deployment

  • Cloud
  • On-Premise

By Technology

  • Natural Language Processing
  • Machine Learningd
  • Automated Speech Recognition

By Region:

  • North America Conversational AI Platform Market
    • By Country (US, Canada, Mexico)
    • By Type
    • By Deployment
    • By Technology
  • Europe Conversational AI Platform Market
    • By Country (Germany, Russia,UK, France, Italy, Spain, Rest of Europe)
    • By Type
    • By Deployment
    • By Technology
  • Asia Pacific Conversational AI Platform Market
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Type
    • By Deployment
    • By Technology
  • Middle East & Africa Conversational AI Platform Market
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
    • By Type
    • By Deployment
    • By Technology
  • South America Conversational AI Platform Market
    • By Country (Brazil, Argentina, Colombia, Rest of South America)
    • By Type
    • By Deployment
    • By Technology

Reasons to Buy This Report:

  • Market size estimation of the Conversational AI Platform market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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