Conversational AI Platform Market by Types (Chatbot, Intelligent Virtual Assistant), Applications (Personal Assistant, Customer Support, Branding & Marketing, Employee Engagement & Support), Verticals (BFSI, Retail & e-Commerce, Travel & Hospitality, Telecom & ITES, Healthcare & Life Sciences, Media & Entertainment, Others), Regions (North America, Europe, APAC, RoW) – Global Forecast to 2025
Report Title: Conversational AI Platform Market by Types (Chatbot, Intelligent Virtual Assistant), Applications (Personal Assistant, Customer Support, Branding & Marketing, Employee Engagement & Support), Verticals (BFSI, Retail & e-Commerce, Travel & Hospitality, Telecom & ITES, Healthcare & Life Sciences, Media & Entertainment, Others), Regions (North America, Europe, APAC, RoW) – Global Forecast to 2025
This market research report includes a detailed segmentation of the global conversational AI platform market by types (chatbot, intelligent virtual assistant), applications (personal assistant, customer support, branding & marketing, employee engagement & support), verticals (BFSI, retail & e-commerce, travel & hospitality, telecom & ITES, healthcare & life sciences, media & entertainment, others), regions (North America, Europe, APAC, RoW). The market research report identifies Google, Microsoft, Amazon, IBM, SAP, Nuance, and Artificial Solutions as the major vendors operating in the global conversational AI platform market.
Overview of the Conversational AI Platform Market
Infoholic’s market research report predicts that the global conversational AI platform market will grow at a CAGR of 32.4% during the forecast period. The market for conversational AI platform is driven by the increasing number of messaging apps and voice assistants. Several industries are investing in conversational chatbots and are integrating AI-based chatbots with websites to stay ahead of the competition, as customers prefer chatting as the primary mode of communication. Preference to deal with human and data privacy & security concerns are hampering the market growth.
The implementation of conversational AI is anticipated to grow further as more and more companies are integrating conversational AI platforms in the existing chat, contact, and call centers for offering seamless interactivity and delivering personalized interactions to improve customer engagement.
According to the conversational AI platform industry analysis, North America accounted for the largest share of the global conversational AI platform market in 2018. With the presence of the highest number of technology innovators and market disruptors, the adoption of the conversational AI platform is highest in this region. The increasing use of smart speakers, giving rise to intelligent virtual assistant technology, is driving the North America conversational AI platform market. The Asia Pacific region is expected to witness the fastest growth rate due to increasing initiatives and spending toward AI.
Conversational AI Platform Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global conversational AI platform market. Major vendors across different verticals are planning for high investments in this market, and as a result, the conversational AI platform market is expected to grow at an impressive rate in the coming years. The key players in the conversational AI platform market are adopting various organic as well as inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to be in the strong position in the market.
Few of the Key Vendors in the Conversational AI Platform Market Research:
- Microsoft
- AWS
- IBM
- SAP
- Nuance
- Artificial Solutions
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
Conversational AI Platform Market Research By Types
- Chatbots
- Intelligent Virtual Assistant
Conversational AI Platform Market Research By Applications
- Personal Assistant
- Customer Support
- Branding & Marketing
- Employee Engagement & Support
Conversational AI Platform Market Research By Verticals
- BFSI
- Retail & e-Commerce
- Travel & Hospitality
- Telecom & ITES
- Healthcare & Life Sciences
- Media & Entertainment
- Others
Conversational AI Platform Market Research Benefits
The report provides an in-depth analysis of the conversational AI platform market. Conversational AI platforms, by delivering exceptional customer services, make it possible for any company to enhance customer satisfaction and retention rate. AI-powered chatbots can automate repetitive customer service tasks and are delivering a high level of responsiveness when compared to humans. These chatbots help the companies in reducing time and efforts on rigorous training being provided to customer desk employees, resulting in improved return on investment. A virtual agent in the form of a chatbot offers cost and time savings by swiftly responding to customer queries. Conversational AI is also impacting the personal lives where virtual assistants are helping in managing to do lists, setting alarms, reminding for meetings, taking down notes, and so on. The report discusses the market in terms of types, applications, verticals, and regions. Further, the report provides details about the major challenges impacting the market growth.
- 1 Executive Summary
- 1.1 The Rise of AI enabled Chatbot
- 1.2 Segments expected to grow during the forecasted period
- 2 Industry Outlook
- 2.1 Industry Overview
- 2.2 Industry Trends
- 3 Market Snapshot
- 3.1 Total Addressable Market
- 3.2 Segment Addressable Market
- 3.2.1 PEST Analysis
- 3.2.2 Porter’s Five Force Analysis
- 3.3 Related Markets
- 4 Market Characteristics
- 4.1 Ecosystem
- 4.2 Market Trends and Impact
- 4.3 Market Segmentation
- 4.4 Market Dynamics
- 4.4.1 Drivers
- 4.4.1.1 Rise of messaging apps and voice assistant
- 4.4.1.2 Cost effective options for creating chatbots
- 4.4.1.3 Increasing pressure on contact centers
- 4.4.2 Restraints
- 4.4.2.1 Data Privacy and Security concerns
- 4.4.2.2 Customers preferring to deal with a human
- 4.4.3 Opportunities
- 4.4.3.1 Creating more personalized and better Engagement with Customers
- 4.4.3.2 Shift from rule-based solutions to AI-driven
- 4.4.4 DRO – Impact Analysis
- 5 Conversational AI Platform Market, By Types
- 5.1 Overview
- 5.2 Chatbots
- 5.3 Intelligent Virtual Assistant
- 6 Conversational AI Platform Market, By Applications
- 6.1 Overview
- 6.2 Personal Assistant
- 6.3 Customer Support
- 6.4 Branding and Marketing
- 6.5 Employee Engagement and Support
- 7 Conversational AI Platform Market, By Verticals
- 7.1 Overview
- 7.2 BFSI
- 7.3 Retail and E commerce
- 7.4 Travel and Hospitality
- 7.5 Telecom & ITeS
- 7.6 Healthcare and Life Sciences
- 7.7 Media and Entertainment
- 7.8 Others
- 8 Conversational AI Platform Market, By Region
- 8.1 Overview
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 RoE
- 8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 RoAPAC
- 8.5 RoW
- 8.5.1 Latin America
- 8.5.2 Middle East and Africa
- 9 Competitive Landscape
- 9.1 Competitor Analysis
- 9.2 Product/Offerings Portfolio Analysis
- 9.3 Market Developments
- 9.3.1 Partnerships and Collaborations
- 9.3.2 Product Launches & Exhibitions
- 9.4 SWOT Analysis
- 10 Vendor Profiles
- 10.1 Google
- 10.1.1 Analyst Opinion
- 10.1.2 Business Analysis
- 10.1.2.1 Strategic Snapshot
- 10.1.2.2 Business Impact Analysis
- 10.1.2.3 Operational Snapshot
- 10.1.2.4 Product/Service Portfolio
- 10.2 Microsoft
- 10.2.1 Analyst Opinion
- 10.2.2 Business Analysis
- 10.2.2.1 Strategic Snapshot
- 10.2.2.2 Business Impact Analysis
- 10.2.2.3 Operational Snapshot
- 10.2.2.4 Product/Service Portfolio
- 10.3 Amazon (AWS)
- 10.3.1 Analyst Opinion
- 10. 3.2 Business Analysis
- 10.3.2.1 Strategic Snapshot
- 10.3.2.2 Business Impact Analysis
- 10.3.2.3 Operational Snapshot
- 10.3.2.4 Product/Service Portfolio
- 10.4 IBM
- 10.4.1 Analyst Opinion
- 10.4.2 Business Analysis
- 10.4.2.1 Strategic Snapshot
- 10.4.2.2 Business Impact Analysis
- 10.4.2.3 Operational Snapshot
- 10.4.2.4 Product/Service Portfolio
- 10.5 Oracle
- 10.5.1 Analyst Opinion
- 10.5.2 Business Analysis
- 10.5.2.1 Strategic Snapshot
- 10.5.2.2 Business Impact Analysis
- 10.5.2.3 Operational Snapshot
- 10.5.2.4 Product/Service Portfolio
- 10.6 Baidu
- 10.6.1 Analyst Opinion
- 10.6.2 Business Analysis
- 10.6.2.1 Strategic Snapshot
- 10.6.2.2 Business Impact Analysis
- 10.6.2.3 Operational Snapshot
- 10.6.2.4 Product/Service Portfolio
- 10.7 SAP
- 10.7.1 Analyst Opinion
- 10.7.2 Business Analysis
- 10.7.2.1 Strategic Snapshot
- 10.7.2.2 Business Impact Analysis
- 10.7.2.3 Operational Snapshot
- 10.7.2.4 Product/Service Portfolio
- 10.8 Nuance
- 10.8.1 Analyst Opinion
- 10.8.2 Business Analysis
- 10.8.2.1 Strategic Snapshot
- 10.8.2.2 Business Impact Analysis
- 10.8.2.3 Operational Snapshot
- 10.8.2.4 Product/Service Portfolio
- 10.9 Artificial Solutions
- 10.9.1 Analyst Opinion
- 10.9.2 Business Analysis
- 10.9.2.1 Strategic Snapshot
- 10.9.2.2 Business Impact Analysis
- 10.9.2.3 Operational Snapshot
- 10.9.2.4 Product/Service Portfolio
- 10.10 Kore.ai
- 10.10.1 Analyst Opinion
- 10.10.2 Business Analysis
- 10.10.2.1 Strategic Snapshot
- 10.10.2.2 Business Impact Analysis
- 10.10.2.3 Operational Snapshot
- 10.10.2.4 Product/Service Portfolio
- 11 Annexure
- 11.1 Report Scope
- 11.2 Market Definition
- 11.3 Research Methodology
- 11.3.1 Data Collation & In-house Estimation
- 11.3.2 Market Triangulation
- 11.3.3 Forecasting
- 11.4 Study Declarations
- 11.5 Report Assumptions
- 11.6 Abbreviations
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