The primary way of communication has changed drastically since the past few years. From face to face communication to communicating over calls, technology has brought us in the age of AI that enables the communication between machines and humans. In addition, the growing adoption of smartphones messaging and social media applications are also growing which are in turn fuelling the demand for chatbots. Moreover, the conversational AI platform comprises technologies that allow machines to understand human languages in the form of text, gesture, and speech.
The global conversational AI platform market size is anticipated to surpass USD 17 billion by 2025. This can be attributed to the reduced chatbot development costs and the increasing adoption of conversational platforms among numerous industry verticals. In addition, increasing the adoption of social media and messaging apps is also one of the key factors fueling the demand for conversational AI platform solutions
Furthermore, technological advancements in conversational platforms are anticipated to provide major opportunities for market growth in forthcoming years. However, growing data privacy concerns are expected to hinder the overall market growth.
Key Segments of the Global Conversational AI platform Market
Technology Overview, 2018-2025 (USD Billion)
• Machine Learning
• Automated Speech Recognition
• Natural Language Processing
• Natural Language Generation
Type Overview, 2018-2025 (USD Billion)
Application Overview, 2018-2025 (USD Billion)
• IT Services
• Customer Service
• Administrative/Business Management
Regional Overview, 2018-2025 (USD Billion)
• North America
• Rest of Europe
• Asia Pacific
• Rest of Asia-Pacific
• Middle East and Africa
• South Africa
• Rest of Middle East and Africa
• South America
• Rest of South America
Reasons for the study
• The purpose of the study is to give an exhaustive outlook of the global conversational AI platform. Benchmark yourself against the rest of the market.
• Ensure you remain competitive as new innovations by existing key players boost the market.
What does the report include?
• The study on the global conversational AI platform includes qualitative factors such as drivers, restraints, and opportunities
• The study covers the competitive landscape of existing/prospective players in the conversational platform systems industry and their strategic initiatives for the product development
• The study covers a qualitative and quantitative analysis of the market segmented on the basis of technology, type, and application. Moreover, the study provides similar information for the key geographies.
• Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
• This study is suitable for industry participants and stakeholders in the global conversational AI platform. The report will benefit:
• Every stakeholder involved in the conversational AI platform market.
• Managers within the gaming industry looking to publish recent and forecasted statistics pertaining to the global conversational AI platform.
• Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global conversational AI platform.
• Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
With the emergence of the internet of things (IoT) and the evolving digital landscape, the conversational AI platform market is experiencing a huge demand globally. Growing penetration of smartphones especially in developing countries including India, China, Japan, is resulting in increased adoption of messaging and social media apps which in turn fuelling the demand for conversational AI platforms. Furthermore, numerous major players functioning in the Information & Communication Technology (ICT) sector and businesses are investing heavily in AI integrated conversational platforms. With such heavy investments, businesses are simplifying their business processes at the same time reducing human efforts to provide customer support and solve queries.
On the basis of technology, the market is categorized into Machine Learning, Automated Speech Recognition, Natural Language Processing, Natural Language Generation, and others. The Machine Learning segment dominated the overall conversational AI platform which occupied close to 40% share in 2019 and is expected to maintain its position over the forecast period 2020 -2025. Moreover, the Natural Language Processing segment is anticipated to accumulate the highest CAGR of 34% during the forecast period.
Based on the type, the market is segmented into text-based and voice-based segments. In 2019, the market for text-based had the highest revenue valuing at nearly 3 billion and is expected to dominate the conversational AI platform market throughout the forecast period.
On the basis of application, the market is bifurcated into IT, customer service, administrative/business management, marketing/advertising, and others. In 2019, the IT segment had the highest revenue and it is anticipated to dominate the conversational AI platform market throughout the forecast period. However, customer service is projected to gather the highest CAGR of close to 32% during the forecast period.
Based on the geographical front, North America dominated the global conversational AI platform market in 2019 and is expected to dominate the market throughout the forecast period 2020–2025. It is expected to have the largest market revenue with over 1 billion, in 2019. The growth of this region is mainly accredited to the presence of major market players such as Google, Microsoft, Oracle, IBM, and others in this region. In addition, the rapid technological adoption and advancements are also one of the prime reasons behind the propelled demand for a conversational AI platform in North America.
Moreover, followed by North America, Europe is expected to hold the major market share. On the contrary, the Asia-pacific region is anticipated to gather the highest CAGR close to 34% during the forecast period.
The major players of the global Conversational AI platform market are Amazon Web Services (AWS), Google (Alphabet, Inc.), IBM, Microsoft Corporation, Oracle Corporation, SAP, Nuance Communication Inc., Baidu, Haptik, Facebook. Moreover, the other potential players in the Conversational AI platform market are DigitalGenius, Drift.com, Inc., Twyla GmbH, SnatchBot, Zendesk, and others. As of 2019, the conversational AI platform market is consolidated with the existence of established global and domestic players across the globe. In addition, the established companies are coming up with new innovative conversational AI platform solutions and services. For instance, In April 2019, Nuance Communications Inc., partnered with Avaya, communication, and collaboration service provider to integrate Nuance’s Conversational AI technology into Avaya’s IX Contact Center solutions.