Global Chat AI Market, 2021-2026: Increased Demand for AI-Based Chatbots to Stay Connected and Informed During COVID-19

Dublin, November 26, 2021– (work wire)–The Conversational AI Market by Component (Solutions and Services), Type (Chatbots and IVA), Technology (NLP and ASR), Business Function (Sales and Marketing, Operations), Integration Method, Vertical, and Region – Global Outlook to 2026 Report added to ResearchAndMarkets.com an offer.

The global conversational AI market size is growing from $6.8 billion in 2021 to $18.4 billion by 2026, with a compound annual growth rate (CAGR) of 21.8% over the forecast period. Various factors such as increased demand for AI-powered customer services, multi-channel deployment, reduced chatbot deployment cost, and increased demand for

AI-based chatbots to stay informed and connected during Covid-19 are expected to drive the growth of the chat AI market

The COVID-19 pandemic has affected businesses across regions. It had a moderate impact on all elements of the technology sector. The hardware business is expected to be the hardest hit in the IT industry. Due to slowing hardware supply and declining manufacturing capacity, the growth of IT infrastructure has slowed. Businesses providing solutions and services are also expected to slow down for a while. However, adoption of collaborative applications, analytics, security solutions, and artificial intelligence is set to increase in the remainder of the year. Vertical sectors such as manufacturing, retail, energy and utilities saw a moderate slowdown, while BFSI, government, healthcare and life sciences saw little impact.

Segment the cloud to get a larger market size during the forecast period

The conversational AI market is segmented on the basis of deployment mode which includes on-premises and cloud. The cloud segment is expected to account for a larger market share during the forecast period. With cloud-based applications, small and medium businesses can easily collect and analyze data to improve their customers’ experience. Organizations that rely more on data security and privacy are moving toward local publishing to gain more control over their data and security.

The SME sector will maintain a higher compound annual growth rate during the forecast period

On the basis of enterprise size, the conversational AI market has been segmented into large enterprises and small and medium enterprises. The SME segment is expected to register a higher compound annual growth rate (CAGR) during the forecast period. Verticals focuses on adopting technologically advanced solutions and processes at a lower cost that will drive the adoption of conversational AI solutions and services among SMBs. The availability of conversational AI technologies such as AI, machine learning, and deep learning will enable large organizations to provide employee insights into customers’ purchasing behavior for a better customer experience.

The web-based segment to have the largest market size during the forecast period

On the basis of integration mode, the conversational artificial intelligence market has been segmented into web-based segment, application-based segment, and phone. The web-based segment is estimated to hold the largest market volume during the forecast period. Conversational AI offers around-the-clock customer service as it answers common customer questions, solves problems, and provides solutions in real time. The app-based segment is expected to have the highest CAGR during the forecast period as conversational AI enables brands to detect consumer intentions in real time, build conversational bots to achieve those intents at scale along with human experts, and deploy these AI-powered interactions across the most popular messaging channels.

Among the regions, North America will maintain a higher CAGR during the forecast period

North America is expected to maintain a higher compound annual growth rate (CAGR) during the forecast period. In North America, conversational AI solutions and services are very effective in most organizations and sectors due to the growing need to handle customer inquiries and enhance user experience. Europe is gradually moving towards integrating conversational AI into its market. APAC shows a significant rise in adoption of Conversational AI solutions and services during the forecast period, while Latin America and the Middle East and Africa region is slowly selecting Conversational AI due to its benefits to various industries for user insights.

Distinctive insights

  • Attractive market opportunities in the conversational artificial intelligence market

  • Increased demand for AI-powered customer support services to drive market growth

  • Operations business function grows at highest compound annual growth rate during forecast period

  • North America will have the largest market share in 2021

  • Putting the web-based integration and sales and marketing function to account for the largest shares in the market in 2021

Market Overview

drivers

  • Increased demand for AI-powered customer support services

  • Deploy Omnichannel and Reduce Chatbot Development Cost

  • The growing demand for AI-based chatbots to stay connected and informed during COVID-19

  • Increased focus on customer engagement

limitations

chances

Challenges

Cumulative growth analysis

mentioned companies

  • AmplifyReach

  • artificial solutions

  • Avamo

  • AWS

  • Baidu

  • Clinic

  • cognigi

  • conversation

  • creative virtual

  • pass any

  • FIS

  • google browser

  • jobshop

  • Feel

  • IBM

  • Inbenta

  • Treasurer

  • kore.ai

  • Microsoft

  • mind mix

  • Mindsey

  • inspiration

  • Pipestream

  • flavor

  • rolay

  • Sarthi

  • succulents

  • Senseforth.ai

  • Solve

  • SoundHound

For more information about this report visit https://www.researchandmarkets.com/r/ifnrpo

View the source version on businesswire.com: https://www.businesswire.com/news/home/20211126005351/ar/

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