Europe Conversational AI Market Forecast to 2031 - Regional Analysis - by Component, Type, Deployment Type, and Industry

List of Tables

The Europe conversational AI market was valued at US$ 2,446.14 million in 2023 and is expected to reach US$ 11,770.33 million by 2031; it is estimated to register a CAGR of 21.7% from 2023 to 2031.

Increasing Demand for Chatbot Solutions Boost Europe Conversational AI Market

Chatbots can provide round-the-clock customer service by managing thousands of interactions at once. It allows customer service representatives to focus on complex cases rather than having consumers wait in line for long periods of time. With the rise of social media and growing digitization worldwide, people often want to express their problems to businesses via this medium. As a result, chatbots are becoming an essential aspect of CRM operations for top companies. Automation of customer service is achieved through the integration of chatbots with social networks. A chatbot provides intelligent responses in place of human customer service representatives. In addition, it can extract valuable information about clients' preferences and purchasing behaviors to better serve them. Furthermore, consumers are more interested in saving time while shopping. They prefer to use their smartphones to research and purchase products. For example, Amazon Echo customers can use voice commands to shop for products. Moreover, consumers frequently encounter challenges when attempting to find crucial information on the internet. It occurs because they occasionally are unable to locate the appropriate term to search for. A chatbot can quickly deliver the appropriate information by communicating with the user. As chatbot helps increase business efficiency, its demand is increasing globally, which fuels the conversational AI market growth.

Europe Conversational AI Market Overview

The fintech market in Germany expands considerably. Germany has the largest fintech market in the EU and ranks fourth globally, according to the ITA. The nation already has the required digital infrastructure and a strong consumer base. Although Germany has yet to surpass the UK in terms of aggregate mobile payments, its forecasted compound annual growth rate (CAGR) of mobile payment adoption is currently 43.8%, compared to the UK's 19.5%. Furthermore, the country has various fintech businesses, including N26, Fidor Bank, SolarisBank, and Auxmoney, that are active. In addition, a lot of Fintech businesses provide online banking. For instance, Solarisbank offers digital banking services in addition to infrastructure services for financial organizations. Furthermore, N26, Fidor Bank, Monzo, and Revolut are Fintech businesses that provide digital banking services in Germany. Deutsche Bank offers a vast array of online banking services. Thus, growing digitization in the banking sector drives the adoption of conversational AI in the country, as the technology helps provide enhanced customer experience.

Europe Conversational AI Market Revenue and Forecast to 2031 (US$ Million)

Europe Conversational AI Market Segmentation

The Europe conversational AI market is categorized into component, type, deployment type, industry, and country.

Based on component, the Europe conversational AI market is bifurcated into platform and service. The platform segment held a larger share of the Europe conversational AI market share in 2023.

By type, the Europe conversational AI market is bifurcated into chatbots and intelligent virtual assistants. The chatbots segment held a larger share of Europe conversational AI market in 2023.

In terms of deployment type, the Europe conversational AI market is bifurcated into on-premise and cloud. The on-premise segment held a larger share of Europe conversational AI market in 2023.

Based on industry, the Europe conversational AI market is segmented into retail & e-commerce, healthcare & life sciences, travel & hospitality, BFSI, IT & telecom, media & entertainment, and others. The retail & e-commerce segment held the largest share of the Europe conversational AI market share in 2023.

By country, the Europe conversational AI market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Germany dominated the Europe conversational AI market share in 2023.

Alphabet Inc; Amazon.com Inc.; Artificial Solutions International AB; Cognigy GmbH; International Business Machines Corp; Kore.ai Inc.; Microsoft Corp; Oracle Corp; Rasa Technologies Inc; and SAP SE are some of the leading companies operating in the Europe conversational AI market.

Product Code: BMIRE00031075

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:

4. Europe Conversational AI market Landscape

4.1 Overview
4.2 Ecosystem Analysis
- 4.2.1 List of Vendors in Value Chain

5. Europe Conversational AI market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Growing E-Commerce Sector
- 5.1.2 Increasing Demand for Chatbot Solutions
5.2 Market Restraints
- 5.2.1 Rising Privacy Concerns
5.3 Market Opportunities
- 5.3.1 Rising Demand for Conversational AI in Healthcare Sector
- 5.3.2 Emergence of Generative AI
5.4 Market Trends
- 5.4.1 Growing Adoption of Conversational AI in Gaming Industry
5.5 Impact of Drivers and Restraints:

6. Conversational AI market - Europe Analysis

6.1 Europe Conversational AI Market Overview
6.2 Conversational AI market Revenue (US$ Million), 2021-2031
6.3 Conversational AI market Forecast Analysis

7. Europe Conversational AI market Analysis - by Component

7.1 Platform
- 7.1.1 Overview
- 7.1.2 Platform: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
7.2 Service
- 7.2.1 Overview
- 7.2.2 Service: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)

8. Europe Conversational AI market Analysis - by Type

8.1 Chatbots
- 8.1.1 Overview
- 8.1.2 Chatbots: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
8.2 Intelligent Virtual Assistants
- 8.2.1 Overview
- 8.2.2 Intelligent Virtual Assistants: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)

9. Europe Conversational AI market Analysis - by Deployment Type

9.1 On-Premise
- 9.1.1 Overview
- 9.1.2 On-Premise: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
9.2 Cloud
- 9.2.1 Overview
- 9.2.2 Cloud: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)

10. Europe Conversational AI market Analysis - by Industry

10.1 Retail and E-commerce
- 10.1.1 Overview
- 10.1.2 Retail and E-commerce: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
10.2 Healthcare and Life Sciences
- 10.2.1 Overview
- 10.2.2 Healthcare and Life Sciences: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
10.3 Travel and Hospitality
- 10.3.1 Overview
- 10.3.2 Travel and Hospitality: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
10.4 BFSI
- 10.4.1 Overview
- 10.4.2 BFSI: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
10.5 IT and Telecom
- 10.5.1 Overview
- 10.5.2 IT and Telecom: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
10.6 Media and Entertainment
- 10.6.1 Overview
- 10.6.2 Media and Entertainment: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
10.7 Others
- 10.7.1 Overview
- 10.7.2 Others: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)

11. Europe Conversational AI market - Country Analysis

11.1 Europe
- 11.1.1 Europe: Conversational AI market Breakdown, by Key Countries, 2023 and 2031 (%)
  - 11.1.1.1 Europe: Conversational AI market - Revenue and Forecast Analysis - by Country
  - 11.1.1.2 France: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.2.1 France: Conversational AI market Breakdown, by Component
    - 11.1.1.2.2 France: Conversational AI market Breakdown, by Type
    - 11.1.1.2.3 France: Conversational AI market Breakdown, by Deployment Type
    - 11.1.1.2.4 France: Conversational AI market Breakdown, by Industry
  - 11.1.1.3 Germany: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.3.1 Germany: Conversational AI market Breakdown, by Component
    - 11.1.1.3.2 Germany: Conversational AI market Breakdown, by Type
    - 11.1.1.3.3 Germany: Conversational AI market Breakdown, by Deployment Type
    - 11.1.1.3.4 Germany: Conversational AI market Breakdown, by Industry
  - 11.1.1.4 United Kingdom: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.4.1 United Kingdom: Conversational AI market Breakdown, by Component
    - 11.1.1.4.2 United Kingdom: Conversational AI market Breakdown, by Type
    - 11.1.1.4.3 United Kingdom: Conversational AI market Breakdown, by Deployment Type
    - 11.1.1.4.4 United Kingdom: Conversational AI market Breakdown, by Industry
  - 11.1.1.5 Italy: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.5.1 Italy: Conversational AI market Breakdown, by Component
    - 11.1.1.5.2 Italy: Conversational AI market Breakdown, by Type
    - 11.1.1.5.3 Italy: Conversational AI market Breakdown, by Deployment Type
    - 11.1.1.5.4 Italy: Conversational AI market Breakdown, by Industry
  - 11.1.1.6 Russia: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.6.1 Russia: Conversational AI market Breakdown, by Component
    - 11.1.1.6.2 Russia: Conversational AI market Breakdown, by Type
    - 11.1.1.6.3 Russia: Conversational AI market Breakdown, by Deployment Type
    - 11.1.1.6.4 Russia: Conversational AI market Breakdown, by Industry
  - 11.1.1.7 Rest of Europe: Conversational AI market - Revenue and Forecast to 2031 (US$ Million)
    - 11.1.1.7.1 Rest of Europe: Conversational AI market Breakdown, by Component
    - 11.1.1.7.2 Rest of Europe: Conversational AI market Breakdown, by Type
    - 11.1.1.7.3 Rest of Europe: Conversational AI market Breakdown, by Deployment Type
    - 11.1.1.7.4 Rest of Europe: Conversational AI market Breakdown, by Industry

12. Competitive Landscape

12.1 Heat Map Analysis by Key Players
12.2 Company Positioning & Concentration

13. Industry Landscape

13.1 Overview
13.2 Market Initiative
13.3 Product Development

14. Company Profiles

14.1 Amazon.com Inc
- 14.1.1 Key Facts
- 14.1.2 Business Description
- 14.1.3 Products and Services
- 14.1.4 Financial Overview
- 14.1.5 SWOT Analysis
- 14.1.6 Key Developments
14.2 International Business Machines Corp
- 14.2.1 Key Facts
- 14.2.2 Business Description
- 14.2.3 Products and Services
- 14.2.4 Financial Overview
- 14.2.5 SWOT Analysis
- 14.2.6 Key Developments
14.3 Alphabet Inc
- 14.3.1 Key Facts
- 14.3.2 Business Description
- 14.3.3 Products and Services
- 14.3.4 Financial Overview
- 14.3.5 SWOT Analysis
- 14.3.6 Key Developments
14.4 Oracle Corp
- 14.4.1 Key Facts
- 14.4.2 Business Description
- 14.4.3 Products and Services
- 14.4.4 Financial Overview
- 14.4.5 SWOT Analysis
- 14.4.6 Key Developments
14.5 SAP SE
- 14.5.1 Key Facts
- 14.5.2 Business Description
- 14.5.3 Products and Services
- 14.5.4 Financial Overview
- 14.5.5 SWOT Analysis
- 14.5.6 Key Developments
14.6 Microsoft Corp
- 14.6.1 Key Facts
- 14.6.2 Business Description
- 14.6.3 Products and Services
- 14.6.4 Financial Overview
- 14.6.5 SWOT Analysis
- 14.6.6 Key Developments
14.7 Artificial Solutions International AB
- 14.7.1 Key Facts
- 14.7.2 Business Description
- 14.7.3 Products and Services
- 14.7.4 Financial Overview
- 14.7.5 SWOT Analysis
- 14.7.6 Key Developments
14.8 Cognigy GmbH
- 14.8.1 Key Facts
- 14.8.2 Business Description
- 14.8.3 Products and Services
- 14.8.4 Financial Overview
- 14.8.5 SWOT Analysis
- 14.8.6 Key Developments
14.9 Kore.ai Inc.
- 14.9.1 Key Facts
- 14.9.2 Business Description
- 14.9.3 Products and Services
- 14.9.4 Financial Overview
- 14.9.5 SWOT Analysis
- 14.9.6 Key Developments
14.10 Rasa Technologies Inc
- 14.10.1 Key Facts
- 14.10.2 Business Description
- 14.10.3 Products and Services
- 14.10.4 Financial Overview
- 14.10.5 SWOT Analysis
- 14.10.6 Key Developments

15. Appendix

15.1 About The Insight Partners
15.2 Word Index