Conversational AI Market Worth $18.02 Billion, Globally, by 2027 at 21.02% CAGR

Conversational AI Market Worth $18.02 Billion, Globally, by 2027 at 21.02% CAGR: Verified Market Research. The growing adaption of the omnichannel deployment methods, low cost of the chatbot application are the other factors propelling the growth of the market.

Verified Market Research recently published a report, "Conversational AI Market by Technology (Deep Learning, Automated Speech Recognition, Natural Language Processing), by Application (Customer Support, Personal Assistant, Branding & Advertisement, Customer Engagement), by Vertical (BFSI, Media & Entertainment, Retail & eCommerce, Travel & Hospitality, Telecom), Geography". According to Verified Market Research, the Global Conversational AI Market was valued at USD 3.89 Billion in 2019 and is projected to reach USD 18.02 Billion by 2027, growing at a CAGR of 21.02% from 2020 to 2027.

Global Conversational AI Market Overview

The technological advancement and innovations in the field of artificial intelligence are the driving factor for the growth of the market. There are several conversational AI solution providers in the market that are focused on building chatbots and virtual assistants with the help of open platforms with restricted user-specific characteristics.

Also, the growing adaption of the omnichannel deployment methods, low cost of the chatbot application are the other factors propelling the growth of the market. Furthermore, the rising utilization of AI-based customer services is having a positive impact on market growth. Social media platforms, such as Facebook, Telegram, Twitter, Tumblr, and Skype is adopting conversational AI solutions over the past few years. A large number of users, particularly the younger generation, are spending most of their time on social media platforms. Collaboration for branding and advertising between enterprises and customer go hand-in-hand. They help create awareness about a product through reviews and the organization's social community. The growing adoption of bots by social media platforms has supported the use of conversational AI platforms that will offer deployment support for chatbots and virtual agents over multiple social media platforms.

The "Global Conversational AI Market" study report will provide a valuable insight with an emphasis on global market including some of the major players such as Amazon Web Services, Inc., Microsoft, Oracle, IBM, Google LLC, SAP ERP, Baidu, Inc., Nuance, Artificial Solutions, Haptik and Creative Virtual.

Verified Market Research has segmented the Global Conversational AI Market on the basis of Technology, Component, Deployment Type, and Geography.

• Conversational AI Market, by Technology

  • Machine Learning and Deep Learning

  • Automated Speech Recognition

  • Natural Language Processing

• Conversational AI Market, by Deployment Type

  • on-premises

  • cloud

• Conversational AI Market, by Vertical

  • solutions

  • services

• Conversational AI Market, by Geography

  • North America

    • U.S

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • Rest of Asia Pacific

  • ROW

    • Middle East & Africa

    • Latin America

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Source: Verified Market Research