$ 6.8 Billion Conversational AI Market by Component, Type, Technology, Business Function, and Region

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DUBLIN, November 26, 2021 / PRNewswire / – The “conversational AI market by component (solutions and services), type (chatbots and IVA), technology (NLP and ASR), sales function (sales and marketing and operations), mode of integration, vertical and The Region report – Global Forecast to 2026 “has been added to ResearchAndMarkets.com offer.

The global conversational AI market size is expected to grow from $ 6.8 billion in 2021 to $ 18.4 billion by 2026, at a compound annual growth rate (CAGR) of 21.8% over the forecast period. Various factors such as the growing demand for AI-based customer services, omnichannel deployment and reduction in chatbot deployment costs, and the growing demand for

AI-Based Chatbots to Stay Informed and Connected During Covid-19 to Drive Conversational AI Market Growth

The COVID-19 pandemic has impacted business activities in all regions. It had a moderate impact on all elements of the technology sector. The computer hardware sector is expected to be the most affected in the computer industry. Due to the slowdown in hardware supply and shrinking manufacturing capacity, the growth of IT infrastructure has slowed down. Businesses providing solutions and services are also expected to slow down for a short time. However, adoption of collaborative applications, analytics, security and AI solutions is expected to increase over the remainder of the year. Verticals such as manufacturing, retail, energy and utilities experienced a moderate slowdown, while verticals such as BFSI, government, health and life sciences experienced a minimal impact.

Cloud segment will have the largest market size during the forecast period

The conversational AI market is segmented on the basis of mode of deployment which includes on-premises and cloud. The cloud segment is expected to represent a larger market share during the forecast period. Using cloud-based applications, SMBs can easily collect and analyze data to improve their customer experience. Organizations that rely more on data security and privacy are turning to on-premises deployment mode to gain more control over their data and security.

The SME segment will maintain a higher CAGR over the forecast period

Based on the size of the organization, the conversational AI market has been segmented into large enterprises and SMBs. The SME segment is expected to register a higher CAGR during the forecast period. Verticals focusing on adopting technologically advanced solutions and processes at lower cost would drive the adoption of conversational AI solutions and services among SMBs. The availability of conversational AI technologies such as AI, ML, and deep learning will enable large organizations to provide employees with insights into customer buying behavior for a better customer experience.

The web segment that will have the largest market size during the forecast period

Based on the mode of integration, the conversational AI market has been segmented into web-based, application-based, and phone-based segment. The web segment is estimated to hold the largest market size during the forecast period. Conversational AI provides 24-hour customer service as it answers frequently asked questions from customers, troubleshoots issues, and delivers real-time solutions. The app-based segment is expected to have the highest CAGR during the forecast period, as conversational AI enables brands to detect consumer intentions in real time, build chatbots to respond to those intentions at large. scale alongside human experts and deploy those AI-powered engagements across popular messaging channels.

Among the regions, North America maintain a higher CAGR during the forecast period

North America is expected to hold a higher CAGR during the forecast period. In North America, Conversational AI solutions and services are highly effective in most organizations and verticals due to the growing need to address customer queries and improve user experience. Europe is progressively progressing towards the integration of conversational AI in its market. APAC shows a substantial increase in the adoption of conversational AI solutions and services during the forecast period, while Latin America and MEA are slowly adopting conversational AI due to its benefits for various industries in obtaining user information.

Premium previews

  • Attractive market opportunities in the conversational AI market
  • Growing demand for AI-based customer support services to drive market growth
  • Operational function of operations will grow at the highest CAGR over the forecast period
  • North America hold the largest market share in 2021
  • Web-based integration mode and sales and marketing business function to represent the largest market shares in 2021

Market Snapshot

Conductors

  • Growing demand for AI-powered customer support services
  • Omnichannel deployment and reduced chatbot development cost
  • Growing demand for AI-powered chatbots to stay connected and informed during COVID-19
  • Focus on customer engagement

Constraints

  • Lack of awareness of conversational AI solutions
  • Inability to recognize customer intent and respond effectively

Opportunities

  • Integration of advanced AI capabilities to add value to existing conversational AI offerings
  • Growing demand for online shopping during the onset of COVID-19

Challenges

  • Lack of precision in chatbots and virtual assistants
  • Maintain business continuity during the COVID-19 pandemic

Cumulative growth analysis

  • Conversational AI market: impact of COVID-19

Industry Trends / Case Study Analysis

Banking, financial services and insurance: use cases

  • Use Case 1: Global Financial Services Company Implemented Kore.AI Conversational AI Platform to Solve Customer Queries
  • Use case 2: Insuretech adopted the Teneo conversational AI platform for better customer experience and better services
  • Use case 3: Mutual of Omaha modernizes its legacy contact center technology with help from Amazon Lex
  • Use case 4: Remain deployed a virtual agent V-PersonT on their website to enrich the customer experience and improve customer engagement
  • Use case 5: Zurich Middle East enables faster resolution of queries and service requests with implementation of Haptik’s Iva named Zuri

Retail and e-commerce: use cases

  • Use case 1: Microsoft offers Dixons Carphone a Bot Framework platform to build Cami to optimize their workloads
  • Use case 2: Google supports Dominoes to scale and adapt to the number of simple customer intentions and interactions
  • Use Case 3: Tata Cliq Deployed Haptik’s Cliq Genie Purchase Assistant to Automate Customer Interactions and Improve Personalization

Media and Entertainment: Use Cases

  • Use Case 1: Google Support Ticketmaster by providing faster, more personalized services to ticket buyers
  • Use case 2: Kindred deployed the Teneo conversational AI platform to simplify the betting process

Health and Life Sciences: Use Cases

  • Use case 1: Artificial solutions provide Global Med Tech with an enhanced conversational AI solution to enable the automation of complex and resource-intensive tasks
  • Use Case 2: Creative Virtual Healthcare Providers Supported During The Pandemic To Improve Operational Efficiency

Automotive: use cases

  • Use case 1: Skoda deployed Teneo to deliver a superior customer service experience, improve the customer journey and improve website conversion rates

Energy and utilities: use cases

  • Use case 1: Shell implemented the Teneo platform from artificial solutions to train digital employees able to answer complex questions
  • Use case 2: Engie implemented to improve communication between HR and other stakeholders

IT and telecommunications: use cases

  • Use case 1: Creative Virtual helps telecom company improve user experience and manage multiple transactions per day
  • Use case 2: Telenor Group deployed artificial solutions virtual assistants to reduce customer service traffic and overall costs
  • Use Case 3: AWS Supports Citibot to Quickly Get Real-Time City Questions Answered
  • Use Case 4: Starhub Deployed Haptik Conversational AI Solutions to Provide Rapid Support and Improve Cx on Messaging Channels

Travel and hospitality: use cases

  • Use case 1: Aws proposes to reinvent an Amazon Lex conversational AI solution for a better customer experience

Companies mentioned

  • AmplifyReach
  • Artificial solutions
  • Avaamo
  • AWS
  • Baidu
  • Clinical
  • Cognigy
  • Converse
  • Virtual Creative
  • Exceed.ai
  • FIS
  • Google
  • Gupshup
  • Haptik
  • IBM
  • Inbenta
  • Kasíto
  • Kore.ai
  • Microsoft
  • Mental fusion
  • Mindsay
  • Oracle
  • Pypestream
  • Rasa
  • Rulai
  • Saarthi.ai
  • SAP
  • Senseforth.ai
  • Solvvy
  • SoundHound

For more information on this report, visit https://www.researchandmarkets.com/r/k105lv

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