Global Conversational AI Market Size Study, by Component, by Type, by Deployment, by Technology, by End User, and Regional Forecasts 2022-2032

Description

Global Conversational AI Market is valued approximately at USD 3.34 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 20.0% over the forecast period 2024-2032. Conversational AI represents a transformative approach to enhancing user interaction with technology, enabling applications to process, understand, and respond to voice and text commands naturally. This advanced form of artificial intelligence integrates machine learning and natural language processing (NLP), ensuring continuous improvement in response quality and user experience.

The market's rapid growth is driven by increasing demand for AI-powered customer support services and the rising implementation of AI-based chatbot solutions. These technologies are gaining traction due to their ability to provide efficient, reliable, and personalized user interactions. Significant investments in omnichannel deployment further bolster the market, ensuring seamless integration across various platforms and devices. Nevertheless, the lack of awareness regarding conversational AI solutions poses a challenge to market expansion.

The key regions considered for the Global Conversational AI Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Regionally, North America holds a dominant revenue share of over 25% in 2023, attributed to the widespread adoption of emerging technologies and the escalating need for AI-powered customer support. The region's robust healthcare sector, increasingly incorporating augmented reality (AR), virtual reality (VR), robotics, and AI, also fuels demand. Meanwhile, the Asia Pacific region is poised to witness the fastest growth, driven by growing awareness of innovative customer support technologies, e-commerce sector expansion, and rising internet penetration.

Major market players included in this report are:

Google
Microsoft
Amazon Web Services, Inc.
IBM
Oracle
Nuance Communications, Inc.
FIS
SAP SE
Artificial Solutions
Kore.ai, Inc.
Avaamo
Conversica, Inc.
Jio Haptik Technologies Ltd.
Rasa Technologies Inc.
Pypestream Inc.

The detailed segments and sub-segment of the market are explained below:

By Component:

Solutions
Managed Services
Professional Services

By Type:

Chatbots
Intelligent Virtual Assistant (IVA)

By Deployment:

On-premises
Cloud

By Technology:

Natural Language Processing (NLP)
ML and Deep Learning
Automatic Speech Recognition (ASR)

By End User:

BFSI
Healthcare
IT & Telecom
Retail & eCommerce
Education
Media & Entertainment
Automotive
Others (Government, Hospitality, Manufacturing, etc.)

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Conversational AI Market Executive Summary

1.1. Global Conversational AI Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Component
- 1.3.2. By Type
- 1.3.3. By Deployment
- 1.3.4. By Technology
- 1.3.5. By End User
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Conversational AI Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Conversational AI Market Dynamics

3.1. Market Drivers
- 3.1.1. Rising Demand for AI-powered Customer Support Services
- 3.1.2. Growing Deployment of Omnichannel Methods
- 3.1.3. Increasing Investment in AI-based Chatbot Solutions
3.2. Market Challenges
- 3.2.1. Lack of Awareness about Conversational AI Solutions
- 3.2.2. High Implementation Costs
3.3. Market Opportunities
- 3.3.1. Surge in Customer Engagement through Social Media Platforms
- 3.3.2. Technological Advancements in AI and Machine Learning
- 3.3.3. Expansion in Emerging Markets

Chapter 4. Global Conversational AI Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Conversational AI Market Size & Forecasts by Component 2022-2032

5.1. Segment Dashboard
5.2. Global Conversational AI Market: Component Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Solutions
- 5.2.2. Managed Services
- 5.2.3. Professional Services

Chapter 6. Global Conversational AI Market Size & Forecasts by Type 2022-2032

6.1. Segment Dashboard
6.2. Global Conversational AI Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Chatbots
- 6.2.2. Intelligent Virtual Assistant (IVA)

Chapter 7. Global Conversational AI Market Size & Forecasts by Deployment 2022-2032

7.1. Segment Dashboard
7.2. Global Conversational AI Market: Deployment Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. On-premises
- 7.2.2. Cloud

Chapter 8. Global Conversational AI Market Size & Forecasts by Technology 2022-2032

8.1. Segment Dashboard
8.2. Global Conversational AI Market: Technology Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 8.2.1. Natural Language Processing (NLP)
- 8.2.2. ML and Deep Learning
- 8.2.3. Automatic Speech Recognition (ASR)

Chapter 9. Global Conversational AI Market Size & Forecasts by End User 2022-2032

9.1. Segment Dashboard
9.2. Global Conversational AI Market: End User Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 9.2.1. BFSI
- 9.2.2. Healthcare
- 9.2.3. IT & Telecom
- 9.2.4. Retail & eCommerce
- 9.2.5. Education
- 9.2.6. Media & Entertainment
- 9.2.7. Automotive
- 9.2.8. Others (Government, Hospitality, Manufacturing, etc.)

Chapter 10. Global Conversational AI Market Size & Forecasts by Region 2022-2032

10.1. North America Conversational AI Market
- 10.1.1. U.S. Conversational AI Market
  - 10.1.1.1. Component breakdown size & forecasts, 2022-2032
  - 10.1.1.2. Type breakdown size & forecasts, 2022-2032
  - 10.1.1.3. Deployment breakdown size & forecasts, 2022-2032
  - 10.1.1.4. Technology breakdown size & forecasts, 2022-2032
  - 10.1.1.5. End User breakdown size & forecasts, 2022-2032
- 10.1.2. Canada Conversational AI Market
10.2. Europe Conversational AI Market
- 10.2.1. UK Conversational AI Market
- 10.2.2. Germany Conversational AI Market
- 10.2.3. France Conversational AI Market
- 10.2.4. Spain Conversational AI Market
- 10.2.5. Italy Conversational AI Market
- 10.2.6. Rest of Europe Conversational AI Market
10.3. Asia-Pacific Conversational AI Market
- 10.3.1. China Conversational AI Market
- 10.3.2. India Conversational AI Market
- 10.3.3. Japan Conversational AI Market
- 10.3.4. Australia Conversational AI Market
- 10.3.5. South Korea Conversational AI Market
- 10.3.6. Rest of Asia Pacific Conversational AI Market
10.4. Latin America Conversational AI Market
- 10.4.1. Brazil Conversational AI Market
- 10.4.2. Mexico Conversational AI Market
- 10.4.3. Rest of Latin America Conversational AI Market
10.5. Middle East & Africa Conversational AI Market
- 10.5.1. Saudi Arabia Conversational AI Market
- 10.5.2. South Africa Conversational AI Market
- 10.5.3. Rest of Middle East & Africa Conversational AI Market

Chapter 11. Competitive Intelligence

11.1. Key Company SWOT Analysis
11.2. Top Market Strategies
11.3. Company Profiles
- 11.3.1. Google
  - 11.3.1.1. Key Information
  - 11.3.1.2. Overview
  - 11.3.1.3. Financial (Subject to Data Availability)
  - 11.3.1.4. Product Summary
  - 11.3.1.5. Market Strategies
- 11.3.2. Microsoft
- 11.3.3. Amazon Web Services, Inc.
- 11.3.4. IBM
- 11.3.5. Oracle
- 11.3.6. Nuance Communications, Inc.
- 11.3.7. FIS
- 11.3.8. SAP SE
- 11.3.9. Artificial Solutions
- 11.3.10. Kore.ai, Inc.
- 11.3.11. Avaamo
- 11.3.12. Conversica, Inc.
- 11.3.13. Jio Haptik Technologies Ltd.
- 11.3.14. Rasa Technologies Inc.
- 11.3.15. Pypestream Inc.

Chapter 12. Research Process

12.1. Research Process
- 12.1.1. Data Mining
- 12.1.2. Analysis
- 12.1.3. Market Estimation
- 12.1.4. Validation
- 12.1.5. Publishing
12.2. Research Attributes