Information Technology

Conversational AI Market will grow at CAGR of 30.25% to hit $27.08 Billion by 2026 with top Key players like SAP SE, Artificial Solutions, Haptik, Inc., ai, Inc., Solvvy, Pypestream Inc., Baidu, Microsoft

Global Conversational AI Market

People today expect 24×7 access to online stores, along with personalized customer support available instantly and on demand. Fortunately, advances in Natural Language Understanding and other artificial intelligence (AI) technologies like machine learning are creating digital opportunities to do just that. Cognizant’s Conversational AI practice helps organizations envision and create transformative voice-based solutions for customer service, digital commerce, contact centers and more.

Businesses can use Conversational AI to automate customer-facing touchpoints everywhere – on social media platforms like Facebook and Twitter, on their website, their app or even on voice assistants like Google Home. Conversational AI systems offer a more straightforward and direct pipeline for customers sort problems out, address concerns and reach goals. Conversational AI refers to the use of messaging apps, speech-based assistants and chatbots to automate communication and create personalized customer experiences at scale. On this page, you’ll find a deeper explanation of conversational AI as well as links to additional resources.

Global Conversational AI Market is expected to rise from its initial estimated value of USD 3.27 billion to an estimated value of USD 27.08 billion by 2026, registering a CAGR of 30.25% in the forecast period of 2019-2026. Rising demand for AI- powered customer support services is the major factor for the growth of this market.

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Top Competitors/Players:

  • SAP SE,
  • Artificial Solutions,
  • Haptik, Inc.,
  • ai, Inc.,
  • Solvvy, Pypestream Inc.,
  • Baidu,
  • Microsoft,
  • Avaamo,
  • IBM Corporation,
  • Nuance Communications, Inc.,
  • Conversica, Inc.,
  • Rasa Technologies Inc.,
  • Google LLC
  • Oracle,
  • Amazon Web Services, Inc.,
  • Inbenta Technologies Inc.,
  • Rulai, Creative Virtual Ltd.

To achieve noteworthy business growth and maximum return on investment (ROI), adopting finest market research report like Conversational AI Market is truly beneficial. Massive data and information of this report is collected from a multiple trustworthy sources such as journals, websites, white papers, annual reports of the companies, and mergers. The analysis and estimations carried out via this report helps to get the details about the product launches, future products, joint ventures, marketing strategy, developments, mergers and acquisitions and effect of the same on sales, marketing, promotions, revenue, import, export, and CAGR values.

Market Drivers:

  • Less development cost of the chat bot is driving the growth of this market
  • Technological advancement and development in the conversional AI is another factor driving the market.

Market Restraints:

  • Less information about the conversational AI is restraining the market
  • Lack of efficiency in chat bot is another factor restraining the growth of this market.

Table of Contents

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 Product Conversational AI Market, By Type

7 Product Conversational AI Market, By Organization Size

8 Product Conversational AI Market Analysis, By Region

9 Competitive Landscape

10 Company Profiles

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Segmentation: Global Conversational AI Market

  • By Component
    • Platform
    • Services
    • Training and Consulting
    • System Integration and Deployment
    • Support and Maintenance
  • By Type
    • Intelligent Virtual Assistants
    • Chat bots
  • By Technology
    • Machine Learning and Deep Learning
    • Natural Language Processing
    • Automated Speech Recognition
  • By Deployment Mode
    • Cloud
    • On- Premises
  • By Application
    • Customer Support
    • Personal Assistant
    • Branding and Advertisement
    • Customer Engagement and Retention
    • Onboarding and Employee Engagement
    • Data Privacy and Compliance
    • Others
  • By Vertical
    • Banking
    • Financial Services, and Insurance
    • Retail and Ecommerce,
    • Healthcare and Life Sciences
    • Travel and Hospitality
    • Telecom
    • Media and Entertainment
    • Others
  • By Geography
    • North America
      • US
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Europe
      • Germany
      • France
      • United Kingdom
      • Italy
      • Spain
      • Russia
      • Turkey
      • Belgium
      • Netherlands
      • Switzerland
      • Rest of Europe
    • Asia-Pacific
      • Japan
      • China
      • South Korea
      • India
      • Australia
      • Singapore
      • Thailand
      • Malaysia
      • Indonesia
      • Philippines
      • Rest of Asia Pacific
    • Middle East & Africa
      • South Africa
      • Egypt
      • Saudi Arabia
      • United Arab Emirates
      • Israel
      • Rest of Middle East & Africa

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Key Developments in the Market:

  • In March 2019, announced the launch of their new software which is specially designed to build, implement and operate the virtual agents to the U.S. The main aim is to create software that can improve the relationship between customer and business and help the customer to get high level of accuracy. This new technology will be available on both on premise deployments.
  • In October 2017, TD Bank Group (TD) announced their agreement with Kasisto so that they can combine the KAI Banking platform into the TD’s mobile app which can help the customer to get instant help and support whenever they want. This will also help the customer to get information related to their account, their transaction history and their spending level.

Competitive Analysis

Global conversational AI market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of conversational AI market for global, Europe, North America, Asia-Pacific and South America.


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