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The global Conversational AI Market size is estimated to be valued at $13,291.3 million by 2028, surging from $2,860.7 million in 2020, at a CAGR of 21.4%.
COVID-19 Impact on the Conversational AI Market
Almost every industry has been affected by the COVID-19 outbreak, which has raised churn rate. Conversational AI market has experienced a negative affect due to the pandemic. The lockdown is having a negative influence on global production, supply networks, and logistics, as well as the continuity of operations in numerous industries.
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However, the situation is likely to be under control post-pandemic, and demand for conversational AI services is anticipated to rise as companies seek to improve customer experience and develop personalized relations with customers. Several industries will use a variety of conversational solutions and services to support digital initiatives that handle mission-critical procedures, improve productivity, and distinguish user engaging experiences.
Global Conversational AI Market Trend
Increased customer engagement via social networking sites is likely to drive revenue growth in the global conversational Al market over the forecast period. Conversational Al solutions have been widely implemented on social networking sites such as Instagram, Facebook, Snapchat, WhatsApp, LinkedIn, and Twitter within the last three years. The use of social media channels is rapidly growing, opening up new possibilities for implementing smart advisers through these channels. The majority of people spend most of their time on social networking sites. Social media presence and customer connection go hand in hand when it comes to marketing and advertising. Customer evaluations, as well as a company’s social media threads and information, are being leveraged more successfully to raise awareness about its goods.
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Conversational AI solutions are becoming more popular across industries because they provide a variety of benefits, such as content consumption, customer service, and other productive interaction models. However, many consumers are not properly aware of conversational AI chatbot & virtual assistants which might impact the growth of the market. Furthermore, people are less likely to employ virtual assistants due to a lack of understanding of their utility and the complicated adoption process which is also expected to restrain market growth.
Self-learning artificial intelligence chatbots are capable of adapting to changing conditions in their operating environment and learning from their actions, experiences, and decisions. These chatbots are clever enough to assess data in a short amount of time and assist customers in finding the specific information they need quickly by providing support in many languages. Self-learning bots with data-driven behavior are powered by NLP technology and self-learning capabilities (supervised machine learning) and can provide more human-like and natural communication; they also learn from their own mistakes. Self-learning chatbots are being developed through a number of initiatives. These factors collectively are anticipated to provide conversational AI market opportunities during the forecast period.
Global Conversational AI Market Analysis, Segmentation
The global conversational AI market is segmented based on type, technology, end-use, and region.
The type sub-segment is further classified into chatbots and virtual assistants of which the chatbots sub-segment is projected to generate the maximum revenue and hold a high market share during the forecast period. The chatbots sub-segment is predicted to register a revenue of $7,588.7 million during the forecast period.
Chatbots are becoming increasingly crucial in offering round-the-clock assistance to clients, allowing numerous industries to streamline and improve their customer experience at every stage of the process. Finance, retail & eCommerce, government, telecoms, and travel & hospitality have all made it a priority to respond to client enquiries swiftly.
The technology segment is further 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. It is predicted that the market shall generate a revenue of $4,594.7 million by 2028, growing from $916.6 million in 2020, with a CAGR of 22.5%.
NLP has proven to be extremely helpful in facilitating human-robot communication. A smartphone, an industrial device put in a factory, or a device that runs in a home or building are all examples of smart devices. Users can offer verbal commands and manage queries promptly, thanks to the increased need for voice-based solutions that interact with NLP-based apps.
The end-use segment is further 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. 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%.
Patients, insurance companies, and healthcare providers can communicate more easily with each other thanks to conversational AI technologies. These bots can also assist in getting critical healthcare information to the right individuals at the right time. Healthcare conversational chatbot can be used for a variety of purposes, including improving patient experience and supporting medical workers, as well as improving healthcare systems and providing valuable information.
The conversational AI market share in 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 countries in Asia-Pacific are technologically advanced and provide promising investment and income opportunities. These countries include China, Japan, Singapore, and India. Factors such as favorable economic conditions, government policies that support industrialization and globalization, and digitization are projected to boost the growth of the conversational AI market in APAC.
Key Players in the Global Conversational AI Market
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Conversational AI Market:
Bargaining Power of Suppliers: Conversational AI market contains moderate concentration of distributors and suppliers and hence, the distributors and supplier controls are expected to be moderate, resulting in moderate bargaining power of dealers.Hence, the bargaining power of the supplier is moderate.
Bargaining Power of Buyers: Buyers will have reasonable bargaining power, significantly because of modest number of players operating in the conversational AI market.Hence, the bargaining power of the buyer is moderate.
Threat of New Entrants: In the modern world, new entrants may face multiple new barriers, like legal and government policies.Hence, the threat of the new entrants is moderate.
Threat of Substitutes: There are few alternate products for conversational AI.Thus, the threat of substitutes is moderate.
Competitive Rivalry in the Market: Robust presence of key players such as SAP and Microsoft System is creating massive rivalry in the local as well as international market. Also, high spending on business expansion and strategic tie-ups are some of the main factors rising competitive rivalry among the companies.Thus, the competitive rivalry in the market is high.
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