MarketsandMarkets expects the global Conversational AI Market size 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. Conversational AI is a form of technology that utilizes speech-based assistants and facilitates stronger interactions and greater engagement at scale across users and platforms. It combines speech-based technology, NLP, and ML into a single platform to develop and build applications for specific, as well as multiple use cases across verticals.
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.
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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.
Key and emerging 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).
Microsoft (US) caters to a broad customer base in the regions of the Americas, EMEA, and APAC. The company provides Azure Bot Services, Microsoft Bot Framework, Azure Cognitive Services, and LUIS QnA Maker. By combining Azure Bot Services, Microsoft Bot Framework, Azure Cognitive Services, and LUIS QnA Maker, the company provides a strong development environment for creating conversational interfaces. Users can develop conversational interfaces using Microsoft services and deploy them on websites, apps, Cortana, Microsoft Teams, Skype, Slack, and Facebook Messenger. The company also offers Microsoft BotBuilder SDK, an open-source offering that can be combined with the other Microsoft services in this market.
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Google (US) is one of the major players in the conversational AI market. Headquartered in California, US, Google is a subsidiary of Alphabet, Inc., since October 2, 2015. It provides online advertising services in the US and across the globe. The company offers performance and brand advertising services and operates through Google and Other Bets segments. Dialogflow is a conversational AI platform provided by Google that enables users to build, train, and deploy conversational interfaces for websites, mobile applications, popular messaging platforms, and IoT devices. The company offers Dialogflow in two versions, namely, standard edition and enterprise edition. Dialogflow enables developers to build and deploy chatbots on 14 major platforms, such as Facebook Messenger, Google Assistant, Amazon Alexa, Cortana, Slack, and Twilio. The Dialogflow platform leverages the benefits of Google’s ML and NLP capabilities and offers more than 30 prebuilt agents along with support for 20+ languages. Dialogflow leverages the advantages of Chatbase’s analytics capabilities and utilizes Firebase for the serverless functionality, which users can integrate with conversational apps. Google relies heavily on its organic growth strategies and continuously aims at innovating next-gen products. It invests in R&D activities significantly to innovate its advertising, cloud, ML, search, and new products and services. It has made significant investments and advancements in AI. It is well-positioned to take advantage of the increasing demand for AI-enabled applications, AI tools for developers, and cloud-based AI services. Moreover, it adopts organic growth strategies to gain a competitive advantage in the conversational AI market.
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