MARKET DEFINITION 

Conversational artificial intelligence (AI) refers to technologies, such as chatbots, and intelligent virtual assistants, in which users can have a conversation. They mimic human interactions by identifying speech and text inputs and translating their contents into other languages using massive amounts of data, machine learning, and natural language processing. Natural language processing (NLP) and machine learning are combined in conversational AI. To keep the AI algorithms up-to-date, these NLP operations interact with machine learning processes in a continual feedback loop. The fundamental elements of conversational AI enable it to process, comprehend, and produce responses naturally.

MARKET DYNAMICS 

Customers used to seek assistance via call centers, websites, emails, and applications when they needed customer services. However, thanks to improvements in the use of AI technology, businesses are already using conversational AI solutions to provide customer support effectively. Enterprises are now focusing on using AI-powered chatbots to improve customer experience and engagement instead of offering customer care services via emails or SMS. NLP technology is used by AI-powered chatbots to conduct human-like interactions and provide real-time customer support. They assist businesses in gathering information about the preferences, viewpoints, and purchasing habits of their clients, enabling them to offer proactive recommendations and more individualized experiences depending on account activity. Companies are now able to create intelligent agents, provide services, and carry out tasks that are integrated with other numerous platforms thanks to the expanding use of AI and NLP technology. There is still room for the incorporation of fresh features into conversational AI services, such as gesture recognition. Users will be able to operate conversational smart devices without touching or speaking if gesture detection capabilities are added to the conversational AI offering. Gesture recognition will assist users in controlling intelligent, conversational devices in situations where there is a lot of noise or disruption or if the user's accent or tone is difficult to understand.

REPORT SCOPE 

The report titled “Global Conversational Artificial Intelligence (AI) Market – Size, Share, Growth, Opportunities, and Competitive Analysis, 2022 – 2028” offers strategic visions into the global Conversational Artificial Intelligence (AI) market along with the market size (Value in “US$ Mn”) for the historical period 2017 to 2021 and estimates for the forecast period 2022 to 2028. The RI report is an in-depth study of the global Conversational Artificial Intelligence (AI) market with a strong focus on key market trends, vital player strategies, and market forecasts. The study also covers key market dynamics, including drivers, restraints, opportunities, challenges, and existing and upcoming pathways that help CXOs make critical business decisions effectively. The global Conversational Artificial Intelligence (AI) Market is predicted to grow at a significant CAGR over the forecast period from 2022 to 2028.

GEOGRAPHICAL OVERVIEW 

The research report includes a detailed overview of the industry comprising quantitative and qualitative information. It gives a broad overview of the worldwide market forecasts for major segments. It also includes market size and forecast projections for five key regions: North America, Europe, Asia-Pacific (APAC), South America, and the Middle East & Africa (MEA), for the years 2017 to 2028. The market is further divided by categories and countries within each province. The research scrutinizes and forecasts over 20 nations worldwide, as well as the present trend and possibilities in these regions.

MARKET SEGMENTATION

The Global Conversational Artificial Intelligence (AI) Market is segmented based on component, type, deployment, organization size, technology, business function, vertical and region. Based on component, the market has been segmented into Solutions, and Services. In terms of type Chatbots, and Intelligent Virtual Assistants (IVA), whereas based on deployment, the market comprises Cloud and On-Premises. Based on organization size, the market has been segmented into Large enterprises, and Small & medium-sized enterprises (SMEs), whereas, the technology segmentation includes ML and Deep Learning, Natural Language Processing (NLP), and Automatic Speech Recognition (ASR). On the basis of business function the market is segment into Sales and Marketing, Finance, HR, Operations, and IT Service Management, whereas, the vertical, bifurcated into Banking Finance Services and Insurance (BFSI), Healthcare and Life Sciences, IT and Telecom, Retail and e-commerce, Travel and Hospitality, Media and Entertainment, Automotive, and Others (Government, Education, Energy & Utilities, and Manufacturing)

COMPETITION LANDSCAPE

The RI research report discusses noteworthy developments in the industry as well as organic and inorganic growth strategies being adopted by the Conversational Artificial Intelligence (AI) market players. The report covers industry activities, including new product launches, mergers & acquisitions, business partnerships, and various expansion initiatives being undertaken by the active players in the market. These developments pave the path for various market participants to strengthen their positioning as well as expand their consumer base. The positive market outlook for the global Conversational Artificial Intelligence (AI) market is anticipated to present lucrative growth opportunities to the market players. The report also offers detailed profiles of major players in the global Conversational Artificial Intelligence (AI) market, emphasizing the strategic initiatives, financial information, SWOT analysis, and key development in the Conversational Artificial Intelligence (AI) industry in the past three years.

Key players in the Global Conversational Artificial Intelligence (AI) Market have adopted various organic as well as inorganic growth strategies to strengthen their market positioning. Prominent players in the market include:

·         IBM

·         AWS

·         Google

·         Microsoft

·         Baidu

·         Oracle

·         SAP

·         FIS

·         Artificial Solutions

·         Kore.ai

·         Conversica

·         Inbenta

·         Creative Virtual

·         SoundHound

·         Avaamo

·         Haptik

COVID-19 IMPACT ANALYSIS ON GLOBAL CONVERSATIONAL ARTIFICIAL INTELLIGENCE (AI) MARKET

The COVID-19 pandemic is still a very personal, individual experience that is also a once-in-a-lifetime worldwide phenomenon with far-reaching consequences. The epidemic has wreaked havoc on people's lives in all nations and communities and also had a negative impact on global economic development in 2020, unlike anything seen in almost a century. The pandemic severely impacted key economies such as India, Brazil, the U.S., France, Russia, the UK, Italy, Turkey, and Argentina. According to estimates, the virus slowed global economic growth by -3.4 percent to -7.6 percent in 2020, with a rebound of 4.2 percent to 5.6 percent expected in 2021. In 2020, global commerce was expected to decline by 5.3 percent, but it is expected to rise by 8.0 percent in 2021.

In contrast to the global economic downturn in the first half of 2020, the economy began to showcase symptoms of a two-track recovery post the second quarter of 2020, with a fledgling rebound in developed nations, however, slower growth in emerging economies. The outbreak of the Covid-19 pandemic has not only resulted in halted production activity but has also disrupted the global supply chain. The research goes on to evaluate the current and future implications of the COVID-19 pandemic both on the target as well as broader market, thereby, providing accurate and trustworthy forecasts.

RESEARCH PROGRAM DESIGN

KEY QUESTIONS ANSWERED

1.    What is the current size of the global Conversational Artificial Intelligence (AI) market?

2.    What will be the growth rate of the market over the forecast period?

3.    Who are the key manufacturers/vendors in the Conversational Artificial Intelligence (AI) market space?

4.    What are the major market opportunities and market risks faced by the market?

5.    What is the impact of COVID-19 on the market?

6.    What are the revenue, sales, and price analysis of the top manufacturers in this market?

7.    What are the key outcomes of Porter's five forces model?

8.    Who are the distributors, traders, and vendors in the industry?

REASONS FOR BUYING THIS REPORT:

·         The report offers comprehensive data on the Conversational Artificial Intelligence (AI) market elaborating on the current state and future growth prospects both globally and regionally

·         It offers a six-year market forecast trend evaluating the impact of drivers and restraints and supporting factors for growth

·         The report offers deep-dive insights into each market segment and critical factors responsible for its growth

·         The report presents precise picture of the dynamic competitive landscape which helps our client advance their market position

·         The comprehensive analysis of the market along with the inclusion of analyst recommendations ensures that our clients make informed business decisions

·         Cross-segment country-level analysis included in the report which provides granular analysis of more than 20+ countries covered in the report scope

·         The study includes detailed profiles of major manufacturers to help our readers gain holistic overview of the market competitors and consequently align their business strategies

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