Global Conversational AI Market, 2021-2026: Rising Demand for AI-Based Chatbots to Stay Connected and Informed During COVID-19

DUBLIN, November 26, 2021–(BUSINESS WIRE)–The “Conversational AI Market by Component (Solutions and Services), Type (Chatbots and IVA), Technology (NLP and ASR), Business Function (Sales and Marketing, and Operations), Mode of Integration, Vertical & Region – Global Forecast to 2026″ has been added to: ResearchAndMarkets.com’s offer.

The global conversational AI market size is set to grow from $6.8 billion in 2021 to $18.4 billion in 2026, at a compound annual growth rate (CAGR) of 21.8% over the forecast period. Several factors, such as increasing demand for AI-powered customer service, omnichannel implementation and lowering chatbot implementation costs, and increasing demand for

AI-based chatbots to stay informed and connected during Covid-19 are expected to fuel the growth of the Conversational AI market

The COVID-19 pandemic is affecting trade activities in several regions. It has had a moderate impact on all elements of the technology sector. The hardware business is expected to be the most affected in the IT industry. The slowdown in hardware delivery and reduced production capacity has slowed the growth of the IT infrastructure. Companies providing solutions and services are also expected to slow down for a short period of time. However, adoption of collaborative applications, analytics, security solutions and AI will increase for the rest of the year. Verticals such as manufacturing, retail and energy and utilities have experienced a moderate slowdown, while the verticals of BFSI, government and healthcare and life sciences have had minimal impact.

The Cloud segment to have the larger market size during the forecast period

Conversational AI market is segmented by deployment mode, including on-premises and cloud. The cloud segment is expected to represent increased market share during the forecast period. Using cloud-based applications, SMBs can easily collect and analyze data to improve their customers’ experience. Organizations that rely more on data security and privacy are moving to on-premises deployment mode to gain greater control over their data and its security.

The SMB segment maintains a higher CAGR over the forecast period

Based on organization size, the Conversational AI market has been segmented into Enterprise and SMB. The SMB segment is expected to record a higher CAGR over the forecast period. Verticals focused on adopting technologically advanced solutions and processes at a lower cost would drive the adoption of AI solutions and services for conversations by SMEs. The availability of conversational AI technologies such as AI, ML and deep learning enables large enterprises to provide employees with insights into customer buying behavior for a better customer experience.

The web-based segment with the largest market size during the forecast period

Based on the mode of integration, the conversational AI market has been segmented into web-based segment, app-based segment, and telephony. The web-based segment is estimated to have the largest market size during the forecast period. Conversational AI provides 24-hour customer service as it answers frequently asked questions from customers, solves problems and provides solutions in real time. The app-based segment is expected to have the highest CAGR over the forecast period as conversational AI enables brands to detect consumer intent in real-time, build chatbots to fulfill those intent at scale together with human experts, and deploy these AI-powered engagements around the world. the most popular messaging channels.

Of the regions, North America maintains a higher CAGR over the forecast period

North America is expected to have a higher CAGR during the forecast period. In North America, conversational AI solutions and services are highly effective in most organizations and industries due to the increasing need to handle customer queries and improve user experience. Europe is gradually advancing towards including conversational AI in its market. APAC shows a substantial increase in the adoption of conversational AI solutions and services during the forecast period, while Latin America and MEA are slowly picking up conversational AI due to its benefits across industries to gain user insights.

Premium Insights

  • Attractive Market Opportunities in the Conversational AI Market

  • Increasing demand for AI-powered customer service to drive market growth

  • Operations Business function to grow at the highest CAGR during the forecast period

  • North America will have the largest market share in 2021

  • Web-based mode of integration and sales and marketing business function to represent the largest stocks in the market by 2021

Market overview

drivers

  • Increasing demand for AI-powered customer support services

  • Omnichannel implementation and lower chatbot development costs

  • Rising demand for AI-based chatbots to stay connected and informed during COVID-19

  • Increasing focus on customer engagement

limits

Opportunities

Challenges

Cumulative Growth Analysis

Named companies

  • AmplifyReach

  • Artificial Solutions

  • avaamo

  • AWS

  • Baidu

  • clinic

  • Cognigy

  • Conversation

  • Creative Virtual

  • overrun.ai

  • FIS

  • google

  • gupshup

  • Feeling

  • IBM

  • Inbenta

  • Treasurer

  • kore.ai

  • Microsoft

  • Mind reporting

  • Mindsay

  • Oracle

  • pyestream

  • Taste

  • rulai

  • saarthi.ai

  • JUICE

  • Senseforth.ai

  • Solvvy

  • SoundHound

For more information on this report, please visit https://www.researchandmarkets.com/r/ifnrpo

Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20211112605351/en/

Contacts

ResearchAndMarkets.com
Laura Wood, senior press manager
press@researchandmarkets.com
For EST business hours, call 1-917-300-0470
For USA/CAN Toll Free Call 1-800-526-8630
For GMT office hours, please call +353-1-416-8900

Leave a Comment