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According to Research Dive analysis, the global conversational AI market is estimated to generate a revenue of $13,291.3 million by 2028, increasing from $2,860.7 million in 2020, at a CAGR of 21.4%.
Impact Analysis of COVID-19 on the Global Conversational AI Market:
The COVID-19 pandemic has had a severe impact on the overall conversational AI sector, resulting in a decrease in market growth. Businesses all across the world are working to improve their competitiveness and market value so that they may plan for the pandemic. Several obstacles developed as a result of the COVID-19 outbreak, such as a shortage of skilled workers and partial or complete global lockdown, hindered the market. Many onshore and offshore call centers closed due to work-at-home policies and social distancing. However, it is observed that during the post-pandemic period, the conversational AI is expected to experience a positive growth due to the increase in technology usage and this will cover the losses that were caused due to the coronavirus outbreak.
The surge in demand for AI-based chatbots solutions and the rise in demand for artificial intelligence-powered customer support services are both significant elements influencing the worldwide conversational AI industry’s growth. Furthermore, during the forecast period, the conversational AI market is likely to benefit from an increase in the deployment of omnichannel approaches, as well as an increase in client involvement through social media platforms.
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Because it relies on data collecting to answer to user questions, conversational AI is vulnerable to privacy and security concerns. Building conversational AI apps with stringent privacy and security criteria, as well as monitoring methods, will help end users acquire confidence in chatbots, leading to increased chatbot adoption over time.
Furthermore, consumers are unaware of the benefits of chatbots, virtual assistants, and digital personal assistants. The conversational AI community as a whole is aiming to create and develop new technologies that will improve privacy, data security, and user experience. Furthermore, conversational AI makes use of advanced technologies such as artificial intelligence and machine learning. Because of the growing usage of AI and NLP technologies, businesses can now create intelligent agents, provide services, and carry out tasks that are integrated across several platforms. Furthermore, in the current market setting, most chatbots and virtual assistants are more compatible with English, and conversational AI services offer a limited number of languages. If conversational AI systems began to support regional languages, their worldwide popularity would skyrocket.
Based on type, the conversational AI market has been sub-segmented into chatbots and virtual assistants of which the chatbots sub-segment is projected to generate the maximum revenue during the forecast period.
The chatbots sub-segment is predicted to register a revenue of $7,588.7 million during the forecast period.
Based on technology, the market has been divided into natural language processing, automated speech recognition, and machine learning of which the natural language processing sub-segment is projected to grow at a faster CAGR during the forecast period.
The natural language processing sub-segment is anticipated generate a revenue of $4,594.7 million by 2028, growing from $916.6 million in 2020, with a CAGR of 22.5%.
Based on end-use, conversational AI market is classified into BFSI, healthcare, retail, travel & hospitality, media & entertainment, and others (restaurants, communications, and utilities). Among these, healthcare sub-segment is expected to grow at a faster CAGR during the forecast period.
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It is predicted that the market shall generate a revenue of $2,335.3 million by 2028, growing from $467.8 million in 2020, with a CAGR of 22.5%.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to be the fastest growing market during the forecast time period and reach $3,022.4 million by 2028, with a CAGR of 22.2%.
The companies involved in the global conversational AI market are Google, Microsoft, IBM, AWS, Oracle, SAP, Artificial Solutions Holding ASH AB, Baidu, Inc., Conversica Inc., and Haptik.
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