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Conversational AI Market Report

RA08249

Conversational AI Market by Type (Chatbots and Virtual Assistants), Technology (Natural Language Processing, Automated Speech Recognition, and Machine Learning), End-use (BFSI, Healthcare, Retail, Travel & Hospitality, Media & Entertainment, and Others (Restaurants, Communications, and Utilities)), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA08249

Pages: 224

Dec 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Conversational AI Market

Global Conversational AI Market Trend

The global conversational AI market size is predicted to garner a revenue of $13,291.3 million in the 2021–2028 timeframe, growing from $2,860.7 million in 2020, at a healthy CAGR of 21.4%.

Market Synopsis

Increase in the demand for AI based virtual assistants and chatbots for customer service support might drive the global conversational AI market growth.

However, lack of awareness about AI based solutions and privacy concerns might limit growth of conversational AI market.

According to the regional analysis of the market, the Asia-Pacific conversational AI market share is anticipated to grow at a CAGR of 22.2%, by generating a revenue of $3,022.4 million during the review period.

Conversational AI Market Overview

Conversational artificial intelligence (AI) denotes to technology that people can communicate with, such as chatbots and virtual agents. They use big data, natural language processing, and machine learning to help replicate human interactions, such as identifying audio and text inputs and interpreting their meanings across different languages. Natural language processing and machine learning are combined in conversational AI. These NLP procedures enter into a continual loop with machine learning processes, allowing AI algorithms to develop over time. Conversational AI comprises key components that enable it to process, comprehend, and respond in a natural manner.

Covid-19 Impact on Conversational AI Market

Conversational AI has been affected negatively due to the outbreak of coronavirus. The customer service business was among the hardest damaged when the COVID-19 outbreak brought the entire world economy to a standstill in the spring of 2020.

However, with the increase in the usage of technological advancements, the market is expected to grow at a faster rate during the post-pandemic period. Businesses are taking a more strategic approach to their continuing operations, bringing flexibility and scalability to their operations. Conversational AI is moving to the forefront of technology while also aiming to improve operational efficiencies.

Increase in the Demand for AI Based Customer Support is Anticipated to Drive the Market Growth

Businesses must be prepared to give real-time information to their end users as mobile devices become more widely used in people's daily lives. Customers may interact with brands more rapidly and frequently using conversational AI technologies than with human workforces because they are more accessible. Customers can avoid long call center wait times thanks to this fast assistance, resulting in an improved overall customer experience. Companies will see higher client loyalty and revenue from recommendations as customer happiness improves. The rapid adoption of artificial intelligence chatbot solutions in the healthcare, retail & e-commerce, and telecommunications industries is propelling the industry forward.

To know more about global conversational AI market analysis, get in touch with our analysts here.

 Lack of Awareness and Privacy Concerns are Predicted to Restrain the Market Growth

Conversational AI is prone to privacy and security vulnerabilities since it relies on data collection to respond to user questions. Building conversational AI apps with high privacy and security requirements, as well as monitoring mechanisms, will assist end users gain trust in conversational AI chatbot, which will lead to more chatbot usage over time. Furthermore, consumers are unfamiliar with chatbots, virtual assistants, and digital personal assistants, as well as their benefits. India and Brazil, for example, are the largest smartphone consumers, but their knowledge of the benefits of technology is lower than in industrialized nations such as Europe and North America.

Technological Advancements are Expected to Increase the Opportunities of Conversational AI Market Growth

The whole conversational AI is working to build and develop new technologies that will improve privacy, data security, and customer experience. In addition, conversational AI uses significant technology like artificial intelligence and machine learning. Companies may now construct intelligent agents, offer services, and conduct tasks that are integrated with numerous platforms thanks to the expanding use of AI and NLP technology. Furthermore, most chatbots and virtual assistants are more compatible with English in the current market context, and conversational AI services support a limited number of languages. The popularity of conversational AI solutions will increase globally if they start supporting regional languages.

To know more about global conversational AI market opportunities, get in touch with our analysts here.

Conversational AI Market
By Type

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Based on type, the conversational AI market has been sub-segmented 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. Download PDF Sample Report

Source: Research Dive Analysis

The chatbots sub-segment is predicted to have a dominating market share in the global market and register a revenue of $7,588.7 million during the forecast period. Chatbots are becoming increasingly important in providing customers with round-the-clock service, allowing many sectors to streamline and improve the customer experience they provide at every stage of the process. Various businesses, including finance, retail & eCommerce, government, telecommunications, and travel & hospitality, have changed their priority to quickly handling client inquiries. The ability to respond quickly to customer inquiries has become a critical component of business success. As a result, businesses view the conversational chatbot as a powerful interface for effectively engaging customers and creating a dynamic and rich user experience environment.

Conversational AI Market
By Technology

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Based on technology, the market has been 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.

Source: Research Dive Analysis

The natural language processing sub-segment is anticipated to have the fastest market growth 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 shown to be incredibly useful in facilitating interactions between humans and robots. A smart device can be a smartphone, an industrial gadget installed in a factory, or a device that operates in a home or building. The growing need for voice-based solutions that integrate with NLP-based apps provides users with more features, such as the ability to issue verbal commands and manage queries instantly.

Conversational AI Market
By End-Use

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Based on end-use, conversational AI market is 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.

Source: Research Dive Analysis

The healthcare sub-segment is anticipated to have the fastest market growth 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%. Conversational AI solutions make it easier for patients, insurance companies, and healthcare practitioners to communicate with one another. These bots can also play an important role in getting vital healthcare information to the appropriate people at the right time. Medical or healthcare chatbots can be used to achieve a variety of goals, from improving patient experience and assisting medical personnel to improving healthcare systems and revealing valuable insights. Medical chatbots are one of the most mature and influential AI-powered healthcare technologies established thus far, poised to revolutionize the way payers, medical care providers, and patients communicate with one another.

Conversational AI Market
By Region

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The Conversational AI market was inspected across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Conversational AI in Asia-Pacific to be the Fastest Growing

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%. During the projected period, the conversational AI market is expected to see significant growth and acceptance of solutions across the APAC region. APAC countries are technologically advanced and provide significant investment and income prospects. China, Japan, Singapore, and India are among these nations. The expansion of the conversational AI market in APAC is likely to be aided by factors such as flexible economic conditions, government policies that promote industrialization and globalization, and digitization.

Competitive Scenario in the Global Conversational AI Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Competitive Scenario in the Global Conversational AI Market

Source: Research Dive Analysis

Some of the leading conversational AI market players are Google, Microsoft, IBM, AWS, Oracle, SAP, Artificial Solutions Holding ASH AB, Baidu, Inc., Conversica Inc., and Haptik.

Porter’s Five Forces Analysis for the Global Conversational AI Market:

  • Bargaining Power of Suppliers: Conversational AI market contains moderate concentration of distributors & suppliers and therefore, the distributors & suppliers’ control is predicted to be reasonable, resulting in moderate bargaining power of dealers.
    Thus, the bargaining power of the suppliers is considered to be moderate.
  • Bargaining Power of Buyers: Buyers might have great bargaining power, because of moderate players functioning in the conversational AI market.
    Therefore, the bargaining power of the buyer is moderate.
  • Threat of New Entrants: Companies entering the conversational AI market are adopting technological innovations such as artificial intelligence to attract clients. But since the investment cost is high,
    the threat of the new entrants is moderate.
  • Threat of Substitutes: There are fewer alternate products for conversational AI.
    Thus, the threat of substitutes is moderate.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Robert IBM, SAP, and Oracle. These companies are strengthening their footprints worldwide. 
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Type

  • Chatbots
  • Virtual Assistants

  Segmentation by Technology

  • Natural language Processing
  • Automated Speech Recognition
  • Machine Learning

  Segmentation by End-Use

  • BFSI
  • Healthcare
  • Retail
  • Travel & Hospitality
  • Media & Entertainment
  • Others

  Key Companies Profiled

  • Google
  • Microsoft
  • IBM
  • AWS
  • Oracle
  • SAP
  • Artificial Solutions Holding ASH AB
  • Baidu, Inc.
  • Conversica Inc.
  • Haptik

Frequently Asked Questions
 

A. The size of the global conversational AI market is $13,291.3 million in the 2021–2028 timeframe, growing from $2,860.7 million in 2020, at a healthy CAGR of 21.4%.

A. Haptik, IBM, and SAP are some of the leading players in the global conversational AI market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. Asia-Pacific conversational AI market is anticipated to grow at 22.2% CAGR during the forecast period.

A. Technological development and strategic partnerships are the key strategies opted by the operating companies in this market.

A. Conversational AI operates by distilling phrases down to most simplest form, taking into account the many nuances of human language, and realizing that there is data or a command to be interpreted.

A. A software that responds to a medical patient's queries and offers health advice is an example of conversational AI and algorithm.

A. The 'conversation' aspect of an AI-based chatbot is Conversational AI. Conversational AI is used by AI-based chatbots to understand and converse.

A. The capacity to evaluate the direction & result of a discussion is referred to as conversation intelligence.

A. A conversational platform is a sort of AI - based technology that enables users to converse with computers in a manner that is similar to human interaction.

A. IBM Watson Assistant is one of the best conversational AI.

A. Conversational AI eliminates the need for manually created scripts, allowing businesses to scale highly tailored customer care resolutions. This enables firms to expand assistance to new and developing channels, allowing them to reach customers where they are.

1. Research Methodology

1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters

1.4.1. Assumptions
1.4.2. Forecast parameters

1.5. Data sources

1.5.1. Primary
1.5.2. Secondary

2. Executive Summary

2.1. 360° summary
2.2. By Type trends
2.3. By Technology trends
2.4. By End-use trends

3. Market overview

3.1. Market segmentation & definitions
3.2. Key takeaways

3.2.1. Top investment pockets
3.2.2. Top winning strategies

3.3. Porter’s five forces analysis

3.3.1. Bargaining power of consumers
3.3.2. Bargaining power of suppliers
3.3.3. Threat of new entrants
3.3.4. Threat of substitutes
3.3.5. Competitive rivalry in the market

3.4. Market dynamics

3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities

3.5. Technological landscape
3.6. Regulatory landscape
3.7. Patent landscape
3.8. Pricing overview

3.8.1. by Type
3.8.2. by Technology
3.8.3. By End-Use 

3.9. Market value chain analysis

3.9.1. Stress point analysis
3.9.2. Raw material analysis
3.9.3. Manufacturing process
3.9.4. End-use analysis
3.9.5. Operating vendors

3.9.5.1. Raw material suppliers
3.9.5.2. Product manufacturers
3.9.5.3. Product distributors

3.10. Strategic overview

4. Conversational AI Market, by Type

4.1. Chatbots

4.1.1. Market size and forecast, by region, 2020-2028
4.1.2. Comparative market share analysis, 2020 & 2028

4.2. Virtual Assistant

4.2.1. Market size and forecast, by region, 2020-2028
4.2.2. Comparative market share analysis, 2020 & 2028

5. Conversational AI Market, by Technology

5.1. Natural Language Processing (NLP)

5.1.1. Market size and forecast, by region, 2020-2028
5.1.2. Comparative market share analysis, 2020 & 2028

5.2. Machine Learning

5.2.1. Market size and forecast, by region, 2020-2028
5.2.2. Comparative market share analysis, 2020 & 2028

5.3. Automated Speech Recognition

5.3.1. Market size and forecast, by region, 2020-2028
5.3.2. Comparative market share analysis, 2020 & 2028

6. Conversational AI Market, by End-use

6.1. Healthcare

6.1.1. Market size and forecast, by region, 2020-2028
6.1.2. Comparative market share analysis, 2020 & 2028

6.2. Retail

6.2.1. Market size and forecast, by region, 2020-2028
6.2.2. Comparative market share analysis, 2020 & 2028

6.3. BFSI

6.3.1. Market size and forecast, by region, 2020-2028
6.3.2. Comparative market share analysis, 2020 & 2028

6.4. Travel & Hospitality

6.4.1. Market size and forecast, by region, 2020-2028
6.4.2. Comparative market share analysis, 2020 & 2028

6.5. Media & Entertainment

6.5.1. Market size and forecast, by region, 2020-2028
6.5.2. Comparative market share analysis, 2020 & 2028

6.6. Others

6.6.1. Market size and forecast, by region, 2020-2028
6.6.2. Comparative market share analysis, 2020 & 2028

7. Conversational AI Market, by Region

7.1. North America

7.1.1. Market size and forecast, by Type, 2020-2028
7.1.2. Market size and forecast, by Technology, 2020-2028
7.1.3. Market size and forecast, by End-use, 2020-2028
7.1.4. Market size and forecast, by country, 2020-2028
7.1.5. Comparative market share analysis, 2020 & 2028

7.1.6. U.S.

7.1.6.1. Market size and forecast, by Type, 2020-2028
7.1.6.2. Market size and forecast, by Technology, 2020-2028
7.1.6.3. Market size and forecast, by End-use, 2020-2028
7.1.6.4. Comparative market share analysis, 2020 & 2028

7.1.7. Canada

7.1.7.1. Market size and forecast, by Type, 2020-2028
7.1.7.2. Market size and forecast, by Technology, 2020-2028
7.1.7.3. Market size and forecast, by End-use, 2020-2028
7.1.7.4. Comparative market share analysis, 2020 & 2028

7.1.8. Mexico

7.1.8.1. Market size and forecast, by Type, 2020-2028
7.1.8.2. Market size and forecast, by Technology, 2020-2028
7.1.8.3. Market size and forecast, by End-use, 2020-2028
7.1.8.4. Comparative market share analysis, 2020 & 2028

7.2. Europe

7.2.1. Market size and forecast, by Type, 2020-2028
7.2.2. Market size and forecast, by Technology, 2020-2028
7.2.3. Market size and forecast, by End-use, 2020-2028
7.2.4. Market size and forecast, by country, 2020-2028
7.2.5. Comparative market share analysis, 2020 & 2028

7.2.6. Germany 

7.2.6.1. Market size and forecast, by Type, 2020-2028
7.2.6.2. Market size and forecast, by Technology, 2020-2028
7.2.6.3. Market size and forecast, by End-use, 2020-2028
7.2.6.4. Comparative market share analysis, 2020 & 2028

7.2.7. UK

7.2.7.1. Market size and forecast, by Type, 2020-2028
7.2.7.2. Market size and forecast, by Technology, 2020-2028
7.2.7.3. Market size and forecast, by End-use, 2020-2028
7.2.7.4. Comparative market share analysis, 2020 & 2028

7.2.8. France

7.2.8.1. Market size and forecast, by Type, 2020-2028
7.2.8.2. Market size and forecast, by Technology, 2020-2028
7.2.8.3. Market size and forecast, by End-use, 2020-2028
7.2.8.4. Comparative market share analysis, 2020 & 2028

7.2.9. Italy

7.2.9.1. Market size and forecast, by Type, 2020-2028
7.2.9.2. Market size and forecast, by Technology, 2020-2028
7.2.9.3. Market size and forecast, by End-use, 2020-2028
7.2.9.4. Comparative market share analysis, 2020 & 2028

7.2.10. Spain

7.2.10.1. Market size and forecast, by Type, 2020-2028
7.2.10.2. Market size and forecast, by Technology, 2020-2028
7.2.10.3. Market size and forecast, by End-use, 2020-2028
7.2.10.4. Comparative market share analysis, 2020 & 2028

7.2.11. Rest of Europe

7.2.11.1. Market size and forecast, by Type, 2020-2028
7.2.11.2. Market size and forecast, by Technology, 2020-2028
7.2.11.3. Market size and forecast, by End-use, 2020-2028
7.2.11.4. Comparative market share analysis, 2020 & 2028

7.3. Asia-Pacific

7.3.1. Market size and forecast, by Type, 2020-2028
7.3.2. Market size and forecast, by Technology, 2020-2028
7.3.3. Market size and forecast, by End-use, 2020-2028
7.3.4. Market size and forecast, by country, 2020-2028
7.3.5. Comparative market share analysis, 2020 & 2028

7.3.6. China

7.3.6.1. Market size and forecast, by Type, 2020-2028
7.3.6.2. Market size and forecast, by Technology, 2020-2028
7.3.6.3. Market size and forecast, by End-use, 2020-2028
7.3.6.4. Comparative market share analysis, 2020 & 2028

7.3.7. Japan 

7.3.7.1. Market size and forecast, by Type, 2020-2028
7.3.7.2. Market size and forecast, by Technology, 2020-2028
7.3.7.3. Market size and forecast, by End-use, 2020-2028
7.3.7.4. Comparative market share analysis, 2020 & 2028

7.3.8. India 

7.3.8.1. Market size and forecast, by Type, 2020-2028
7.3.8.2. Market size and forecast, by Technology, 2020-2028
7.3.8.3. Market size and forecast, by End-use, 2020-2028
7.3.8.4. Comparative market share analysis, 2020 & 2028

7.3.9. South Korea 

7.3.9.1. Market size and forecast, by Type, 2020-2028
7.3.9.2. Market size and forecast, by Technology, 2020-2028
7.3.9.3. Market size and forecast, by End-use, 2020-2028
7.3.9.4. Comparative market share analysis, 2020 & 2028

7.3.10. Australia 

7.3.10.1. Market size and forecast, by Type, 2020-2028
7.3.10.2. Market size and forecast, by Technology, 2020-2028
7.3.10.3. Market size and forecast, by End-use, 2020-2028
7.3.10.4. Comparative market share analysis, 2020 & 2028

7.3.11. Rest of Asia Pacific

7.3.11.1. Market size and forecast, by Type, 2020-2028
7.3.11.2. Market size and forecast, by Technology, 2020-2028
7.3.11.3. Market size and forecast, by End-use, 2020-2028
7.3.11.4. Comparative market share analysis, 2020 & 2028

7.4. LAMEA

7.4.1. Market size and forecast, by Type, 2020-2028
7.4.2. Market size and forecast, by Technology, 2020-2028
7.4.3. Market size and forecast, by End-use, 2020-2028
7.4.4. Market size and forecast, by country, 2020-2028
7.4.5. Comparative market share analysis, 2020 & 2028

7.4.6. Latin America  

7.4.6.1. Market size and forecast, by Type, 2020-2028
7.4.6.2. Market size and forecast, by Technology, 2020-2028
7.4.6.3. Market size and forecast, by End-use, 2020-2028
7.4.6.4. Comparative market share analysis, 2020 & 2028

7.4.7. Middle East 

7.4.7.1. Market size and forecast, by Type, 2020-2028
7.4.7.2. Market size and forecast, by Technology, 2020-2028
7.4.7.3. Market size and forecast, by End-use, 2020-2028
7.4.7.4. Comparative market share analysis, 2020 & 2028

7.4.8. Africa

7.4.8.1. Market size and forecast, by Type, 2020-2028
7.4.8.2. Market size and forecast, by Technology, 2020-2028
7.4.8.3. Market size and forecast, by End-use, 2020-2028
7.4.8.4. Comparative market share analysis, 2020 & 2028

8. Company profiles

8.1. Google

8.1.1. Business overview
8.1.2. Financial performance
8.1.3. Product portfolio
8.1.4. Recent strategic moves & developments
8.1.5. SWOT analysis

8.2. IBM

8.2.1. Business overview
8.2.2. Financial performance
8.2.3. Product portfolio
8.2.4. Recent strategic moves & developments
8.2.5. SWOT analysis

8.3. Oracle

8.3.1. Business overview
8.3.2. Financial performance
8.3.3. Product portfolio
8.3.4. Recent strategic moves & developments
8.3.5. SWOT analysis

8.4. Microsoft

8.4.1. Business overview
8.4.2. Financial performance
8.4.3. Product portfolio
8.4.4. Recent strategic moves & developments
8.4.5. SWOT analysis

8.5. SAP

8.5.1. Business overview
8.5.2. Financial performance
8.5.3. Product portfolio
8.5.4. Recent strategic moves & developments
8.5.5. SWOT analysis

8.6. AWS 

8.6.1. Business overview
8.6.2. Financial performance
8.6.3. Product portfolio
8.6.4. Recent strategic moves & developments
8.6.5. SWOT analysis

8.7. Artificial Solutions holding ASH AB

8.7.1. Business overview
8.7.2. Financial performance
8.7.3. Product portfolio
8.7.4. Recent strategic moves & developments
8.7.5. SWOT analysis

8.8. Baidu, Inc.

8.8.1. Business overview
8.8.2. Financial performance
8.8.3. Product portfolio
8.8.4. Recent strategic moves & developments
8.8.5. SWOT analysis

8.9. Conversica Inc.

8.9.1. Business overview
8.9.2. Financial performance
8.9.3. Product portfolio
8.9.4. Recent strategic moves & developments
8.9.5. SWOT analysis

8.10. Haptik

8.10.1. Business overview
8.10.2. Financial performance
8.10.3. Product portfolio
8.10.4. Recent strategic moves & developments
8.10.5. SWOT analysis

The year 2020 was a long, stress-full year for industries worldwide. The COVID-19 pandemic unveiled communication glitches and shed light on a rising need to solve the loop holes in customer and employee communications, speed up digital transformation, and pave way for improved customer experiences. The industrial world has observed an exponential increase in the demand for chatbots and voice or speech bot solutions, and the focus on integrating conversational AI with Robotic Process Automation (RPA) is rising.

Conversational AI is a type of artificial intelligence that enables real-time human-like conversation amongst a human and a computer. Although the notion of conversational AI has been introduced decades ago, it wasn’t something that was extensively used in the industries. However, since the past 3 years, the awareness about conversational AI has boosted extensively.

As companies from different industrial verticals are undergoing communication issues, Conversational Automation is proving to be a vital part of customer service, thus making it a trending concept to take a note of. Conversational AI chatbots, also known as virtual agents/virtual assistants, improve reach, responsiveness, and personalisation of the customer experience. AI-based conversational chatbots offer enhanced customer service automation.

Today’s consumers are greatly fueling the need for businesses to improve their customer service. Hence, businesses are greatly opting to implement conversational AI to resolve their communication challenges. This innovative technology is helping businesses as well as consumers worldwide in interacting in a smarter and more effective manner.

Why is Conversational AI becoming so Essential Nowadays?

Businesses have started using conversational AI in sales, marketing, and support to engage alongside the entire customer journey. One of the highly prevalent and effective application of conversational AI is in the customer service industry for enhancing customer experience.

As conversational AI does not depend on manually written scripts, it allows companies to automate extremely personalized customer service solutions. The application of this exceptional technology helps in making every communication unique and pertinent, and also reduces the efforts and resolution time. Thus, with the implementation of this technology, customers are likely to report greater levels of satisfaction.

Recent Trends in the Conversational AI Industry

With time, there have been several developments in the conversational AI sector. Market players are significantly investing in in-depth research for boosting the efficiency of this wonderful technology. As per a report by Research Dive, the global conversational AI market is expected to collect a revenue of $13,291.3 million by 2028, owing to the rising demand for this technology among industries worldwide.

Some of the leading players of the conversational AI market are Google, Microsoft, IBM, AWS, Oracle, SAP, Artificial Solutions Holding ASH AB, Baidu, Inc., Conversica Inc., Haptik., and others. Market players are focused on developing strategies such as partnerships, product development, mergers and acquisitions, and collaborations to achieve a foremost position in the global market. For instance,

  • In November 2021, Google, a leading technology company focused on offering Internet-related services and products, launched Bot-in-a-Box to nudge along conversational AI. This new feature from Google Cloud will help in making it easy for businesses to implement chatbots using prevailing customer FAQs.
     
  • In September 2021, Kore.ai, a leading conversational AI software firm, launched SmartAssist, the first ever AI-native end-to-end Contact Center as-a-Service [CCaaS] solution of the world.
     
  • In October 2021, Jio Platforms' Haptik, an Indian enterprise conversational AI platform, launched a new Enterprise CX Platform to facilitate Conversational AI solutions in less than seven days.

Impact of the COVID-19 Pandemic on the Global Conversational AI Market

The sudden outburst of the coronavirus pandemic has negatively impacted the global conversational AI sector. During the pandemic, the customer service sector was amongst the highly affected industries in 2020. But, with the upsurge in the adoption of advanced technologies, the market is projected to observe augmented growth after the pandemic relaxes. As the pandemic is slowly relaxing, businesses are adopting a more tactical approach for enduring processes, and enabling flexibility as well as scalability in their operations. This is expected to upsurge the demand for advanced technologies like conversational AI in the coming years.

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