Dublin, March 25, 2019 (GLOBE NEWSWIRE) -- The "Conversational AI Market by Component (Platform and Services), Type (IVA and Chatbots), Technology, Application (Customer Support, Personal Assistant, Customer Engagement, Retention), Deployment Mode, Vertical, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering
The global conversational AI market size to grow from USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a CAGR of 30.2% during 2019-2024.
The major growth drivers for the market include the increasing demand for AI-powered customer support services, omni-channel deployment, and reduced chatbot development cost. Lack of awareness may restrain market growth.
Conversational AI is a form of technology that utilizes speech-based assistants and facilitates stronger interactions and greater engagement at scale across users and platforms. It combines the speech-based technology, Natural Language Processing (NLP), and machine learning into a single platform to develop and build applications for specific as well as multiple use cases across verticals.
Most of the vendors in the market offer the conversational AI platform to organizations seeking to know their customers and build a strong customer base. The platform centralizes fragmented customer interaction data from across channels and leverages the benefits of AI to power action-ready insights from throughout customers' journey for driving an immediate lift in customer conversion, upsell, and retention. The vendors in the market offer the conversational AI platform as a proprietary NLP engine and conversational middleware that focuses on orchestration and Product Life Cycle (PLC).
Conversational AI is secure and can support sophisticated enterprise-security considerations. It can be used to complete complex transactions, replacing humans beyond a mere shopping cart click. Conversational AI platforms can be used to build intelligent conversational interfaces so that businesses can easily interact with devices, services, customers, suppliers, and employees in real time Conversational AI has high adoption rates in retail and eCommerce, telecom, and media and entertainment verticals, owing to the increasing application areas of conversational AI in these verticals.
Some of the major players in the conversational AI market include Alphabet Inc. (Google), Microsoft Corporation (Microsoft), IBM Corporation (IBM), Amazon Web Services, Inc. (AWS), Baidu, Inc. (Baidu), Oracle Corporation (Oracle), SAP SE (SAP), Nuance Communications, Inc. (Nuance), Artificial Solutions, Conversica, Inc. (Conversica), Haptik, Rasa Technologies GmbH (RASA), Rulai, Avaamo, Kore.ai, Solvvy, Pypestream, Inbenta Technologies Inc. (Inbenta), Creative Virtual Ltd (Creative Virtual), and Saarthi.ai.
Acquisitions, partnerships, and new product developments are some of the key strategies implemented by the major vendors in the conversational AI market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Conversational AI Market
4.2 Market: Top 3 Applications
4.3 Market, By Region
4.4 Market in North America, By Services and Technology
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for AI-Powered Customer Support Services
5.2.1.2 Omnichannel Deployment and Reduced Chatbot Development Cost
5.2.2 Restraints
5.2.2.1 Lack of Awareness
5.2.3 Opportunities
5.2.3.1 Rise in Customer Engagement Through Social Media Platforms
5.2.3.2 Integration of Advanced AI Capabilities Adding Value to the Conversational AI Offering
5.2.4 Challenges
5.2.4.1 Lack of Accuracy in Chatbots and Virtual Assistants
5.3 Use Cases
5.3.1 Introduction
5.4 Regulatory Implications
5.4.1 Introduction
5.4.2 General Data Protection Regulation (GDPR)
5.4.3 Health Insurance Portability and Accountability Act (HIPAA)
5.4.4 Payment Card Industry Data Security Standard (PCI DSS)
5.4.5 Financial Industry Regulatory Authority (FINRA)
5.4.6 Service Organizational Control (SOC) 2
5.4.7 Markets in Financial Instruments Directive (MIFID) II
6 Market, By Component
6.1 Introduction
6.2 Platform
6.2.1 Platforms Provide A Complete Foundation to Create Various Conversational AI Applications
6.3 Services
6.3.1 Training and Consulting
6.3.1.1 Technicalities Involved in Implementing Conversational AI Solutions to Boost the Growth of Training and Consulting Services
6.3.2 System Integration and Deployment
6.3.2.1 Conversational AI Vendors to Offer System Integration and Testing Services to Effectively Overcome System-Related Issues
6.3.3 Support and Maintenance
6.3.3.1 Growing Deployment of Conversational AI Platform to Increase Demand for Support and Maintenance Services
7 Market, By Type
7.1 Introduction
7.2 Intelligent Virtual Assistants
7.2.1 Increasing Demand for Personal Assistant Application to Pave the Way for the Conversational AI Market in Different Verticals
7.3 Chatbots
7.3.1 AI-Based Chatbots to Automate Conversation Across Channels to Grow at A Rapid Pace in the Coming Years
8 Market, By Technology
8.1 Introduction
8.2 Machine Learning and Deep Learning
8.2.1 Growing Demand to Automate Communication and Create Personalized Customer Experiences to Increase Adoption of Conversational AI Among Enterprises
8.3 Natural Language Processing
8.3.1 Natural Language Processing Technology to Grow at A Rapid Pace in the Coming Years
8.4 Automated Speech Recognition
8.4.1 Growing Need to Recognize Human Voice By Machines to Handle Queries Or Response Effectively
9 Market, By Deployment Mode
9.1 Introduction
9.2 Cloud
9.2.1 Benefits Such as Scalability and Ease of Implementation to Boost Growth of Cloud Deployment Model
9.3 On-Premises
9.3.1 Data-Sensitive Organizations to Adopt On-Premises Deployment Model to Deploy Conversational AI Solutions
10 Market, By Application
10.1 Introduction
10.2 Customer Support
10.2.1 Increasing Demand for Handling Customer Queries to Pave the Way for the Conversational AI Market in Various Verticals
10.3 Personal Assistant
10.3.1 Personal Assistant Application to Grow at A Rapid Pace in the Coming Years
10.4 Branding and Advertisement
10.4.1 Need to Create Awareness and Perform Effective Branding Activities to Boost Growth of Conversational AI Market
10.5 Customer Engagement and Retention
10.5.1 Need to Provide Omnichannel Customer Experience to Fuel the Growth of Customer Engagement and Retention Application
10.6 Onboarding and Employee Engagement
10.6.1 Growing Demand for Employee Retention and Engagement for Organizational Growth and Development
10.7 Data Privacy and Compliance
10.7.1 Need to Secure Customers' Data and Stringent Regulatory Compliance to Pave Way for Adoption of Conversational AI
10.8 Others
11 Conversational AI Market, By Vertical
11.1 Introduction
11.1.1 Major Use Cases: By Industry
11.2 Banking, Financial Services, and Insurance
11.2.1 Conversational AI Solutions Help Financial Institutions Effortlessly Connect With Customers to Provide Enhanced Customer Experience
11.3 Retail and E-commerce
11.3.1 Increasing Deployment of Conversational AI Solutions By Retail and E-commerce Vertical on Various Channels for Greater Customer Engagement
11.4 Healthcare and Life Sciences
11.4.1 Conversational AI Solutions to Improve Patient Management, Monitoring, and Experience and Engagement
11.5 Travel and Hospitality
11.5.1 Automation of Booking Process Through Various Platforms to Increase Adoption of Chatbots and Intelligent Virtual Assistants
11.6 Telecom
11.6.1 Growing Demand for Effective Contact Centre and Operational Cost Reduction Will Give A Boost to the Growth of Conversational AI in the Telecom Vertical
11.7 Media and Entertainment
11.7.1 Demand for Personalized and Enhanced Customer Experience to Increase Adoption of Conversational AI Solutions
11.8 Others
12 Market, By Region
13 Competitive Landscape
13.1 Competitive Leadership Mapping
13.1.1 Visionary Leaders
13.1.2 Innovators
13.1.3 Dynamic Differentiators
13.1.4 Emerging Companies
13.2 Strength of Product Portfolio
13.3 Business Strategy Excellence
14 Company Profiles
14.1 Google
14.2 Microsoft
14.3 AWS
14.4 IBM
14.5 Oracle
14.6 Nuance
14.7 Baidu
14.8 SAP
14.9 Artificial Solutions
14.10 Kore.AI
14.11 Avaamo
14.12 Conversica
14.13 Haptik
14.14 Rasa
14.15 Solvvy
14.16 Pypestream
14.17 Inbenta
14.18 Rulai
14.19 Creative Virtual
14.20 Saarthi.AI
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