CHICAGO, July 30, 2020 /PRNewswire/ -- According to the new market research report "Conversational AI Market by Component (Platform and Services), Type (IVA and Chatbots), Technology (ML and Deep Learning, NLP, and ASR), Application, Deployment Mode (Cloud and On-premises), Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Conversational AI Market size is expected to grow from USD 4.8 billion in 2020 to USD 13.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.9% during the forecast period.
The major factors driving the growth of the Conversational AI Market are the demand for AI-powered customer support services, omnichannel deployment, and reduced chatbot development cost. Furthermore, the rising customer engagement through social media platforms and increasing integration of advanced AI capabilities are the major factors adding value to the conversational AI offerings, which is expected to provide opportunities for enterprises operating in various verticals in the conversational AI market.
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The personal assistant segment to record the highest growth rate during the forecast period
Under the applications segment, the personal assistant segment is expected to grow at the highest growth rate during the forecast period. The growth of the personal assistant application is attributed to the ease and accuracy offered by personal assistant solutions across platforms, as well as the increasing adoption of various digital channels, such as mobile and social media platforms, to explore the latest products. Personal assistants are capable of comprehending open conversations while contextualizing them to a particular case or scenario. Enterprises are leveraging the benefits of the AI technology by utilizing a combination of ML and Natural Language Understanding (NLU), enabling assistants to be trained with industry-specific knowledge and unique business data for a faster time-to-market.
Intelligent Virtual Assistants (IVA) segment to record the higher CAGR during the forecast period
In the Conversational AI Market by type, the Intelligent Virtual Assistants (IVA) segment is expected to record the higher CAGR during the forecast period. The growth is attributed to the increasing demand for IVA among enterprises for proving customers better and personalized experience, thus strengthening customer engagement and retention imperatives. IVA utilizes advanced NLP, NLU, and dialog management techniques to achieve high levels of automation without sacrificing accuracy. With the help of IVA, complex customer queries can be handled effectively. It consists of an advanced dialogue management engine so that users can get full control over the conversational flow. Virtual assistants are, therefore, also capable of understanding customers' intent, regardless of the order in which the data is given throughout the conversation. Virtual agents are designed to provide customer services, product information, marketing, support, sales, order placing, reservations, and other custom services.
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North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global Conversational AI Market during the forecast period. The US has emerged as the largest market, due to the increasing investments and a growing presence of vendors who are exploring the use of AI and ML technologies for various applications. The US market widely adopts AI and ML technologies in its business establishments and other verticals, catering to customers in a better way and continually improving business efficiencies. The country has advanced infrastructure, innovations, and initiatives necessary to evolve AI into robust solutions with innovative benefits. Conversational AI proliferates with the increasing adoption of smart devices, and the US market is undergoing a major transformation in the implementation of AI- and ML-based solutions.
Key and emerging Conversational AI Market players include Microsoft (US), Google (US), AWS (US), Oracle (US), IBM (US), Baidu (China), SAP (Germany), Artificial Solutions (Spain), Conversica (US), Haptik (India), Nuance (US), Rasa (Germany), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), Rulai (US), Creative Virtual (US), Saarthi.ai (India), FIS (US), AmplifyReach (India), Interactions (US), Quosphere (US), Exceed.ai (US), Cognigy (Germany), SoundHound (US), Kasisto (US), Mindsay (US), and Clinc (US).
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