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Conversational AI (IVA and Chatbots) Market by Component, Type, Technology, Application, Deployment Mode, Vertical, Region - Global Forecast to 2024DUBLIN, March 22, 2019 /PRNewswire/ -- The "Conversational AI Market by Component (Platform and Services), Type (IVA and Chatbots), Technology, Application (Customer Support, Personal Assistant, Customer Engagement, Retention), Deployment Mode, Vertical, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering. The global conversational AI market size to grow from USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a CAGR of 30.2% during 2019-2024. The major growth drivers for the market include the increasing demand for AI-powered customer support services, omni-channel deployment, and reduced chatbot development cost. Lack of awareness may restrain market growth. The personal assistant application to grow at the highest rate during the forecast period Conversational AI plays a crucial role in personal assistant. Personal assistants are capable of comprehending open conversations while contextualizing them to a particular case or scenario. Enterprises are leveraging AI technology by utilizing a combination of ML and NLU which enables the assistants to be trained with industry-specific knowledge and unique business data for a faster time to market The ML and deep learning technology segment to grow at the highest rate during the forecast period Based on technology, the conversational AI market has been segmented into ML and deep learning, natural language processing (NLP), and Automated Speech Recognition (ASR). The ML and deep learning segment is expected to grow at the highest rate during the forecast period, due to the growing demand to automate communication and create personalized customer experiences. Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period In the conversational AI market by region, APAC is expected to grow at the highest rate during the forecast period. The growth in the number of AI vendors in major APAC countries, such as China, India, and Japan and technological advancements, is expected to be a key growth driver for the market in APAC. It profiles major vendors in the global conversational AI market including Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), Creative Virtual (UK) and Saarthi.ai (India). It also includes an in-depth competitive analysis of the key players in the conversational AI market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies. Key Topics Covered: 1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Increasing Demand for AI-Powered Customer Support Services 5.2.1.2 Omnichannel Deployment and Reduced Chatbot Development Cost 5.2.2 Restraints 5.2.2.1 Lack of Awareness 5.2.3 Opportunities 5.2.3.1 Rise in Customer Engagement Through Social Media Platforms 5.2.3.2 Integration of Advanced AI Capabilities Adding Value to the Conversational AI Offering 5.2.4 Challenges 5.2.4.1 Lack of Accuracy in Chatbots and Virtual Assistants 5.3 Use Cases 5.3.1 Introduction 5.4 Regulatory Implications 5.4.1 Introduction 5.4.2 General Data Protection Regulation (GDPR) 5.4.3 Health Insurance Portability and Accountability Act (HIPAA) 5.4.4 Payment Card Industry Data Security Standard (PCI DSS) 5.4.5 Financial Industry Regulatory Authority (FINRA) 5.4.6 Service Organizational Control (SOC) 2 5.4.7 Markets in Financial Instruments Directive (MIFID) II 6 Market, By Component 6.1 Introduction 6.2 Platform 6.2.1 Platforms Provide A Complete Foundation to Create Various Conversational AI Applications 6.3 Services 6.3.1 Training and Consulting 6.3.1.1 Technicalities Involved in Implementing Conversational AI Solutions to Boost the Growth of Training and Consulting Services 6.3.2 System Integration and Deployment 6.3.2.1 Conversational AI Vendors to Offer System Integration and Testing Services to Effectively Overcome System-Related Issues 6.3.3 Support and Maintenance 6.3.3.1 Growing Deployment of Conversational AI Platform to Increase Demand for Support and Maintenance Services 7 Market, By Type 7.1 Introduction 7.2 Intelligent Virtual Assistants 7.2.1 Increasing Demand for Personal Assistant Application to Pave the Way for the Conversational AI Market in Different Verticals 7.3 Chatbots 7.3.1 AI-Based Chatbots to Automate Conversation Across Channels to Grow at A Rapid Pace in the Coming Years 8 Market, By Technology 8.1 Introduction 8.2 Machine Learning and Deep Learning 8.2.1 Growing Demand to Automate Communication and Create Personalized Customer Experiences to Increase Adoption of Conversational AI Among Enterprises 8.3 Natural Language Processing 8.3.1 Natural Language Processing Technology to Grow at A Rapid Pace in the Coming Years 8.4 Automated Speech Recognition 8.4.1 Growing Need to Recognize Human Voice By Machines to Handle Queries Or Response Effectively 9 Market, By Deployment Mode 9.1 Introduction 9.2 Cloud 9.2.1 Benefits Such as Scalability and Ease of Implementation to Boost Growth of Cloud Deployment Model 9.3 On-Premises 9.3.1 Data-Sensitive Organizations to Adopt On-Premises Deployment Model to Deploy Conversational AI Solutions 10 Market, By Application 10.1 Introduction 10.2 Customer Support 10.2.1 Increasing Demand for Handling Customer Queries to Pave the Way for the Conversational AI Market in Various Verticals 10.3 Personal Assistant 10.3.1 Personal Assistant Application to Grow at A Rapid Pace in the Coming Years 10.4 Branding and Advertisement 10.4.1 Need to Create Awareness and Perform Effective Branding Activities to Boost Growth of Conversational AI Market 10.5 Customer Engagement and Retention 10.5.1 Need to Provide Omnichannel Customer Experience to Fuel the Growth of Customer Engagement and Retention Application 10.6 Onboarding and Employee Engagement 10.6.1 Growing Demand for Employee Retention and Engagement for Organizational Growth and Development 10.7 Data Privacy and Compliance 10.7.1 Need to Secure Customers' Data and Stringent Regulatory Compliance to Pave Way for Adoption of Conversational AI 10.8 Others 11 Conversational AI Market, By Vertical 11.1 Introduction 11.1.1 Major Use Cases: By Industry 11.2 Banking, Financial Services, and Insurance 11.2.1 Conversational AI Solutions Help Financial Institutions Effortlessly Connect With Customers to Provide Enhanced Customer Experience 11.3 Retail and E-commerce 11.3.1 Increasing Deployment of Conversational AI Solutions By Retail and E-commerce Vertical on Various Channels for Greater Customer Engagement 11.4 Healthcare and Life Sciences 11.4.1 Conversational AI Solutions to Improve Patient Management, Monitoring, and Experience and Engagement 11.5 Travel and Hospitality 11.5.1 Automation of Booking Process Through Various Platforms to Increase Adoption of Chatbots and Intelligent Virtual Assistants 11.6 Telecom 11.6.1 Growing Demand for Effective Contact Centre and Operational Cost Reduction Will Give A Boost to the Growth of Conversational AI in the Telecom Vertical 11.7 Media and Entertainment 11.7.1 Demand for Personalized and Enhanced Customer Experience to Increase Adoption of Conversational AI Solutions 11.8 Others 12 Market, By Region 13 Competitive Landscape 13.1 Competitive Leadership Mapping 13.1.1 Visionary Leaders 13.1.2 Innovators 13.1.3 Dynamic Differentiators 13.1.4 Emerging Companies 13.2 Strength of Product Portfolio 13.3 Business Strategy Excellence 14 Company Profiles 14.1 Google 14.2 Microsoft 14.3 AWS 14.4 IBM 14.5 Oracle 14.6 Nuance 14.7 Baidu 14.8 SAP 14.9 Artificial Solutions 14.10 Kore.AI 14.11 Avaamo 14.12 Conversica 14.13 Haptik 14.14 Rasa 14.15 Solvvy 14.16 Pypestream 14.17 Inbenta 14.18 Rulai 14.19 Creative Virtual 14.20 Saarthi.AI For more information about this report visit https://www.researchandmarkets.com/research/7zt67r/conversational_ai?w=5 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets View original content:http://www.prnewswire.com/news-releases/conversational-ai-iva-and-chatbots-market-by-component-type-technology-application-deployment-mode-vertical-region---global-forecast-to-2024-300816467.html SOURCE Research and Markets |