Surge in demand for AI-powered customer support services, growth in adoption of data center applications, and rise in deployment of omni-channel methods drive the growth of the global conversational AI market.
PORTLAND, Ore., Oct. 6, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Conversational AI Market By Component (Platform and Services [Support and Maintenance, Training and Consulting, and System Integration]), Deployment (Cloud and On-Premises), Type (IVA and Chatbots), and Technology (Machine Learning, Deep Learning, NLP, and Automated Speech Recognition), and End User (BFSI, Retail & E-commerce, Healthcare & Life Science, Telecom, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global conversational AI industry generated $5.78 billion in 2020, and is anticipated to generate $32.62 billion by 2030, witnessing a CAGR of 20.0% from 2021 to 2030.
Prime Determinants of Growth
Surge in demand for AI-powered customer support services, growth in adoption of data center applications, and rise in deployment of omni-channel methods drive the growth of the global conversational AI market. However, availability of substitute products and threat of counterfeit kvass drink hinder the market growth. On the other hand, emergence of e-commerce and rise in demand for the premium drinks in developing countries present new opportunities in the coming years.
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COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic led to boost the growth of the conversational artificial intelligence-based technology, such as conversational bot, in 2020 and is expected to witness relatively high growth by the end of 2021.
- However, the market was principally hit by several obstacles created amid the COVID-19 pandemic such as lack of skilled workforce availability paired with partial or complete lockdown globally.
- Moreover, surge in adoption of chatbot solutions across healthcare, retail & e-commerce, and telecommunication sectors is driving the growth of the conversational AI market during the forecast period.
The Platform segment to maintain its leadership status throughout the forecast period
Based on component, the platform segment held the highest market share in 2020, accounting for more than four-fifths of the global conversational AI market, and is estimated to maintain its leadership status throughout the forecast period. This is because it provides hand free access, information, and answers to users. However, the services segment is projected to manifest the highest CAGR of 24.0% from 2021 to 2030, owing to need for services segment for continuous support and maintenance.
The Cloud segment to maintain its lead position during the forecast period
Based on deployment, the cloud segment accounted for the largest share in 2020, contributing to more than two-thirds of the global conversational AI market, and is projected to maintain its lead position during the forecast period. This is due to rise in demand for voice assistant solution across communication sector. Moreover, the same segment is expected to portray the largest CAGR of 21.4% from 2021 to 2030. On premises segment is expected to portray 16.9% from 2021 to 2030.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global conversational AI market, owing to the availability of prime players paired with rise in adoption of advanced voice assistant solutions across communication sector. However, LAMEA region is expected to witness the fastest CAGR of 22.9% during the forecast period. This is attributed to rise in awareness about cloud computing technology and artificial intelligence applications to enhance resource utilization and various benefit from the voice assistant services
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Leading Market Players
- Amazon Web Services, Inc.
- Artificial Solutions Holding ASH AB
- Baidu, Inc.
- Conversica Inc.
- Haptik
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Google LLC
- SAP ERP
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