Increase in chatbots adoption among numerous industry verticals driving the demand for global conversational AI platform market
The global conversational AI platform market size is expected to surpass USD 17 billion by 2025, at a CAGR of ~30% during the forecast period. Conversational AI platform facilitates the communication between digital world and humans. In addition, with the help of chatbots businesses can rapidly provide customer support and solve their issues and concerns. Also, it can further help businesses in achieving their business goals by addressing the key issues faced by their customers.
The existing and future conversational AI platform market developments are defined to determine the attractiveness of the market. Key impacting factors highlight the conversational AI platform market opportunities throughout the forecast period. Factors such as omnichannel deployment and reduced chatbot development costs are the key factors boosting the demand for conversational AI platform and its market growth. In addition, increasing the adoption of conversational platforms among numerous industry verticals is also fueling the market growth. Moreover, increasing the adoption of social media and messaging apps is also one of the key factors fueling the demand for conversational AI platform solutions. However, growing data privacy concerns among several enterprises are anticipated to hamper the market growth. Furthermore, technological advancements in conversational platforms can be opportunistic for the market growth in upcoming years.
The report also highlights numerous aspects of the global conversational AI platform industry by evaluating the market through value chain analysis. In addition, the report covers numerous qualitative aspects of the conversational AI platform industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a comprehensive assessment of the market competition along with company profiling of local as well as global vendors.
The global conversational AI platform market has strong competition among the new emerging and well-established players. In addition, the conversational AI platform industry players are targeting prospective markets to get a competitive advantage over the other industry players by participating in agreements, mergers, and acquisitions, partnerships, collaboration, and expanding their businesses.
On the basis of technology, the market is categorized into Machine Learning, Automated Speech Recognition, Natural Language Processing, Natural Language Generation, and others. Further, other technologies include natural language understanding and other language technologies. The Machine Learning segment is anticipated to dominate the market in forecast years. On the contrary, the Natural Language Processing segment is anticipated to accumulate the highest CAGR during the forecast period.
North America is dominating the global conversational AI platform market in 2019 and is expected to dominate the market during the forecast period 2020–2025. It is expected to have the largest market revenue with ~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 advancements and their adoption is also propelling the demand for conversational AI platforms in North America. However, the Asia-Pacific region is anticipated to hold the highest market growth during the forecast period.
The major players of the global Conversational AI platform market are Amazon Web Services (AWS), Google (Alphabet, Inc.), IBM, Microsoft, Oracle, SAP, Nuance Communication, Baidu, Jio Haptik, Facebook. Moreover, the other potential players in the Conversational AI platform market are DigitalGenius, Drift.com, Twyla GmbH, SnatchBot, Zendesk, and others. Currently, the conversational AI platform market is semi consolidated with the existence of well-known domestic as well as global players. In addition, the recognized companies are developing new innovative conversational AI platform technologies and solutions. For instance, In April 2019, Nuance Communications, partnered with Avaya, communication, and collaboration service provider to integrate Nuance’s Conversational AI technology into Avaya’s IX Contact Center solutions.
Segment Overview of 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