Global Conversational Artificial Intelligence (AI) Market Overview 

The Global Conversational Artificial Intelligence (AI) Market size is estimated to reach $ 20.1 billion by 2026, thriving at a CAGR of 20.3% over the forecast period of 2021-2026. Conversational artificial intelligence (AI) refers to technology consumers may converse with, such as chatbots or virtual agents. They employ machine learning, big data, and natural language processing to mimic human interactions by identifying speech and text inputs and interpreting their meanings across languages. Natural language processing (NLP) and machine learning are combined in conversational AI. These NLP procedures feed into a continual feedback loop with machine learning processes, allowing AI systems to develop over time. Conversational AI comprises vital components that enable it to process, comprehend, and respond naturally. Conversational AI is also highly scalable since it is cheaper and faster to build infrastructure to support conversational AI than hiring and onboarding additional personnel.

Impact of COVID-19 on Conversational Artificial Intelligence (AI) Market:

COVID-19's outbreak accelerated the expansion of conversational artificial intelligence-based technologies, such as conversational bots, in 2020, and it is anticipated to continue at a speedy pace by the end of 2021. However, various impediments from the COVID-19 epidemic, such as a shortage of qualified labor and global partial or total lockdown, have harmed the business. During the projection period, however, the growth of the conversational AI market will be driven by a spike in the use of chatbot solutions across the healthcare, retail & e-commerce, and telecommunications sectors.

Key Takeaways from Global Conversational Artificial Intelligence (AI) Market Report:

• Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units), and Value ($M) data given at country level – for Component, Types, Deployment mode, Organization Size, Mode of Integration, Technology, Business Function, and by different industry verticals. Understand the various market dynamics – key driving factors, challenges, and hidden opportunities.
• Get in-depth insights on your competitor's performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT, and more.
• Analyze the sales and distribution channels across key geographies to improve top-line revenues.
• Understand the industry supply chain with a deep dive on the value augmentation at each step to optimize value and bring efficiencies in your processes. 
• Get a quick outlook on the market entropy – M&As, deals, partnerships, product launches of all key players for the past four years. 
• Evaluate the supply-demand gaps, import-export statistics, and regulatory landscape for more than the top 20 countries globally for the market

By Component, the market for Services to grow at the highest CAGR during the forecast period

By Technology, Conversational Artificial Intelligence (AI) Market is segmented into Solutions & Services. Services dominated the Conversational Artificial Intelligence (AI) Market in 2020. It is also the fastest-growing, with a CAGR of 21.7% over the forecast period 2021-2026. Conversational AI solutions rely heavily on the services segment to work correctly. Solution and service providers handle these services, which are essential for adopting technological solutions. The need for conversational AI solutions is growing across significant verticals such as BFSI, media and entertainment, and travel and hospitality, as customers expect better customer service.

North America held the hefty share of the Conversational Artificial Intelligence (AI) Market in 2020, with a global market share of 34.9% due to a growing desire for better customer service to boost client retention efforts and an increase in the number of players across North America.

Asia Pacific is the fastest-growing Conversational Artificial Intelligence (AI) Market due to the increasing adoption of conversational AI services in China, India, and South Korea. Moreover, the growing demand for Retail and eCommerce in these countries drives the growth rate in the forecast period.

Market Dynamics

Driver: Rising demand for customer support services due to conservational AI driving the Conversational Artificial Intelligence (AI) Market. 

Enterprises' attention has turned distant from offering customer care via emails or messages and against AI-powered chatbots that help them boost customer experience and engagement. AI-powered chatbots use NLP technology to conduct human-like interactions and provide real-time assistance to clients. They assist businesses in gathering data on consumer preferences, views, and purchasing habits, allowing them to give proactive recommendations and more tailored experiences depending on their account activity. AI-enabled chatbots and virtual agents may also be used to automate repetitive and manual actions, including order placing, balance inquiries, general queries, technical support, and other customer services. As a result, organizations may increase production while reducing human needs by using automation.

Challenge: Lack of Accuracy is restraining the market growth.

The lack of accuracy in the conversational artificial intelligence business is a challenge. These APIs are supplied a collection of instructions. In this industry, less precision is anticipated. The AI Chabot is capable of repeating responses. It simply responds to the reactions that are supplied to them. The AI Chabot is becoming more realistic thanks to the important actors. In the future years, honest discussions will occur in the conversational AI industry. However, the market for conversational artificial intelligence is challenging, which may slow adoption. Any business with less feed can have an impact on the client experience. Market problems hamper the inefficiency of these chatbots.

Key Market Players

Key Players in the Global Conversational Artificial Intelligence (AI) Market consist of Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, FIS, Artificial Solutions, Kore.ai, etc.

Report Coverage and Scope

The report "Global Conversational Artificial Intelligence (AI) Market" by Research Informatic covers an in-depth detailed analysis for the following segment, hidden under the scope.

By Component

• Solution
• Services
• Training and Consulting Services
• System Integration and Implementation
• Support & Maintenance

By Type

• Intelligent Virtuals Assistants
• Chatbots

By Deployment Mode

• Cloud
• On-Premise

By Organization Size

• Large Enterprises
• SOME

By Mode of Integration

• Web-Based
• App-based
• Telephonic

By Technology

• Machine Learning & Deep Learning
• Natural Language Processing
• Automatic Speech Recognition
• By Business Function
• Sales and Marketing
• Human Resources
• Finance
• Operations
• IT Service Management

By End Users

• BFSI
• Retail & Ecommerce
• Media & Entertainment
• Healthcare & Life Science
• IT & Telecom
• Travel & Hospitality
• Automotive
• Others

By Geography

• North America
• Europe
• APAC
• RoW

Global Conversational Artificial Intelligence (AI) Market Growth, Trend and Forecast 2020-2028

Chapter 1 Conversational Artificial Intelligence (AI) Market Overview
1.1 Product Overview and Scope of Conversational Artificial Intelligence (AI)
1.2 Conversational Artificial Intelligence (AI) Market Segmentation by Type
1.2.1 Global Production Market Share of Conversational Artificial Intelligence (AI) by Type in 2019
1.2.1 Type 1
1.2.2 Type 2
1.2.3 Type 3
1.3 Conversational Artificial Intelligence (AI) Market Segmentation by Application
1.3.1 Conversational Artificial Intelligence (AI) Consumption Market Share by Application in 2019
1.3.2 Application 1
1.3.3 Application 2
1.3.4 Application 3
1.4 Conversational Artificial Intelligence (AI) Market Segmentation by Regions
1.4.1 North America
1.4.2 China
1.4.3 Europe
1.4.4 Southeast Asia
1.4.5 Japan
1.4.6 India
1.5 Global Market Size (Value) of Conversational Artificial Intelligence (AI) (2014-2028)

Chapter 2 Global Economic Impact on Conversational Artificial Intelligence (AI) Industry
2.1 Global Macroeconomic Environment Analysis
2.1.1 Global Macroeconomic Analysis
2.1.2 Global Macroeconomic Environment Development Trend
2.2 Global Macroeconomic Environment Analysis by Regions

Chapter 3 Global Conversational Artificial Intelligence (AI) Market Competition by Manufacturers
3.1 Global Conversational Artificial Intelligence (AI) Production and Share by Manufacturers (2019 and 2019)
3.2 Global Conversational Artificial Intelligence (AI) Revenue and Share by Manufacturers (2019 and 2019)
3.3 Global Conversational Artificial Intelligence (AI) Average Price by Manufacturers (2019 and 2019)
3.4 Manufacturers Conversational Artificial Intelligence (AI) Manufacturing Base Distribution, Production Area and Product Type
3.5 Conversational Artificial Intelligence (AI) Market Competitive Situation and Trends
3.5.1 Conversational Artificial Intelligence (AI) Market Concentration Rate
3.5.2 Conversational Artificial Intelligence (AI) Market Share of Top 3 and Top 5 Manufacturers
3.5.3 Mergers & Acquisitions, Expansion

Chapter 4 Global Conversational Artificial Intelligence (AI) Production, Revenue (Value) by Region (2014-2020)
4.1 Global Conversational Artificial Intelligence (AI) Production by Region (2014-2020)
4.2 Global Conversational Artificial Intelligence (AI) Production Market Share by Region (2014-2020)
4.3 Global Conversational Artificial Intelligence (AI) Revenue (Value) and Market Share by Region (2014-2020)
4.4 Global Conversational Artificial Intelligence (AI) Production, Revenue, Price and Gross Margin (2014-2020)
4.5 North America Conversational Artificial Intelligence (AI) Production, Revenue, Price and Gross Margin (2014-2020)
4.6 Europe Conversational Artificial Intelligence (AI) Production, Revenue, Price and Gross Margin (2014-2020)
4.7 China Conversational Artificial Intelligence (AI) Production, Revenue, Price and Gross Margin (2014-2020)
4.8 Japan Conversational Artificial Intelligence (AI) Production, Revenue, Price and Gross Margin (2014-2020)
4.9 Southeast Asia Conversational Artificial Intelligence (AI) Production, Revenue, Price and Gross Margin (2014-2020)
4.10 India Conversational Artificial Intelligence (AI) Production, Revenue, Price and Gross Margin (2014-2020)

Chapter 5 Global Conversational Artificial Intelligence (AI) Supply (Production), Consumption, Export, Import by Regions (2014-2020)
5.1 Global Conversational Artificial Intelligence (AI) Consumption by Regions (2014-2020)
5.2 North America Conversational Artificial Intelligence (AI) Production, Consumption, Export, Import by Regions (2014-2020)
5.3 Europe Conversational Artificial Intelligence (AI) Production, Consumption, Export, Import by Regions (2014-2020)
5.4 China Conversational Artificial Intelligence (AI) Production, Consumption, Export, Import by Regions (2014-2020)
5.5 Japan Conversational Artificial Intelligence (AI) Production, Consumption, Export, Import by Regions (2014-2020)
5.6 Southeast Asia Conversational Artificial Intelligence (AI) Production, Consumption, Export, Import by Regions (2014-2020)
5.7 India Conversational Artificial Intelligence (AI) Production, Consumption, Export, Import by Regions (2014-2020)

Chapter 6 Global Conversational Artificial Intelligence (AI) Production, Revenue (Value), Price Trend by Type
6.1 Global Conversational Artificial Intelligence (AI) Production and Market Share by Type (2014-2020)
6.2 Global Conversational Artificial Intelligence (AI) Revenue and Market Share by Type (2014-2020)
6.3 Global Conversational Artificial Intelligence (AI) Price by Type (2014-2020)
6.4 Global Conversational Artificial Intelligence (AI) Production Growth by Type (2014-2020)

Chapter 7 Global Conversational Artificial Intelligence (AI) Market Analysis by Application
7.1 Global Conversational Artificial Intelligence (AI) Consumption and Market Share by Application (2014-2020)
7.2 Global Conversational Artificial Intelligence (AI) Consumption Growth Rate by Application (2014-2020)
7.3 Market Drivers and Opportunities
7.3.1 Potential Applications
7.3.2 Emerging Markets/Countries

Chapter 8 Conversational Artificial Intelligence (AI) Manufacturing Cost Analysis
8.1 Conversational Artificial Intelligence (AI) Key Raw Materials Analysis
8.1.1 Key Raw Materials
8.1.2 Price Trend of Key Raw Materials
8.1.3 Key Suppliers of Raw Materials
8.1.4 Market Concentration Rate of Raw Materials
8.2 Proportion of Manufacturing Cost Structure
8.2.1 Raw Materials
8.2.2 Labor Cost
8.2.3 Manufacturing Expenses
8.3 Manufacturing Process Analysis of Conversational Artificial Intelligence (AI)

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
9.1 Conversational Artificial Intelligence (AI) Industrial Chain Analysis
9.2 Upstream Raw Materials Sourcing
9.3 Raw Materials Sources of Conversational Artificial Intelligence (AI) Major Manufacturers in 2019
9.4 Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders
10.1 Marketing Channel
10.1.1 Direct Marketing
10.1.2 Indirect Marketing
10.1.3 Marketing Channel Development Trend
10.2 Market Positioning
10.2.1 Pricing Strategy
10.2.2 Brand Strategy
10.2.3 Target Client
10.3 Distributors/Traders List

Chapter 11 Market Effect Factors Analysis
11.1 Technology Progress/Risk
11.1.1 Substitutes Threat
11.1.2 Technology Progress in Related Industry
11.2 Consumer Needs/Customer Preference Change
11.3 Economic/Political Environmental Change

Chapter 12 Global Conversational Artificial Intelligence (AI) Market Forecast (2020-2028)
12.1 Global Conversational Artificial Intelligence (AI) Production, Revenue Forecast (2020-2028)
12.2 Global Conversational Artificial Intelligence (AI) Production, Consumption Forecast by Regions (2020-2028)
12.3 Global Conversational Artificial Intelligence (AI) Production Forecast by Type (2020-2028)
12.4 Global Conversational Artificial Intelligence (AI) Consumption Forecast by Application (2020-2028)
12.5 Conversational Artificial Intelligence (AI) Price Forecast (2020-2028)

Chapter 13 Appendix