Conversational AI Market Share, Industry Size, Growth, Opportunities and Industry Forecast to 2024

Market Highlights

Conversations artificial intelligence is a nascent technology and has already gained traction of the industry. The technology is anticipated to witness innovations and developments which is poised to drive its demand over the next couple of years. According to the observation presented by Market Research Future (MRFR), the global conversational (AI) market is poised to strike 30.32% CAGR over the forecast period 2018 to 2024.  The technology is being widely adopted and is highly likely to gain more traction over the next couple of years.

Conversational AI chatbots are being deployed as a part of customer care services. It limits human intervention and cuts costs. Thus, the market is expected to witness immense growth in the foreseeable future. Also, the efficiency exhibited by the technological advancements is projected to drive growth of the conversation AI market in the years to come. Increasing use in different industry verticals is poised to influence market growth greatly over the assessment period. the study foresees that the product will undergo technological advancements. It ensures that the global conversation AI market is set to remain lucrative over the next few years.

Segmentation:

Based on component, the conversational artificial intelligence (AI) market share has been divided into platform and service.

On the basis of service, the conversational artificial intelligence (AI) market has been segmented into support and maintenance, system integration and deployment, training, and consulting.

The division of the conversational artificial intelligence (AI) market covers intelligent virtual assistants and chatbots.

The technology-based segmentation of the conversational artificial intelligence (AI) market includes natural language processing, machine learning, and deep learning, and automated speech recognition.

Based on deployment, the conversational artificial intelligence (AI) market has been divided into cloud and on-premise.

On the basis of organization size, the conversational artificial intelligence (AI) market has been segmented into large enterprises and SMEs.

The segmental analysis of the conversational artificial intelligence (AI) market, based on application, are personal assistants, branding and marketing, customer engagement and support, and others.

On the basis of vertical, the conversational artificial intelligence (AI) market has been segmented into IT & Telecommunications, BFSI, retail and e-commerce, healthcare, automotive, media and entertainment, and others.