Key players have adopted partnerships and new product launches strategies majorly from 2017 to
2018 in Conversational Artificial Intelligence Market
MarketsandMarkets expects the global Conversational Artificial Intelligence market size to grow from USD 4.2
billion in 2019 to USD 15.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.2% during forecast
period (2019–2024). The increasing demand for AI powered customer support services, omni-channel deployment,
and reduced chatbot development cost are expected to drive the global conversational AI market.
Browse 52 market data Tables and 46 Figures spread through 160 Pages and in-depth TOC on "Conversational
Artificial Intelligence Market by Component (Platform and Services), Type (IVA and Chatbots), Technology,
Application (Customer Support, Personal Assistant, and Customer Engagement and Retention), Deployment Mode,
Vertical, and Region - Global Forecast to 2024"
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With the advancements in AI technology during the last couple of years, organizations are making use of
conversational AI solutions in their customer service function. Enterprises’ focus has shifted from providing
customer support services through emailing or messages to AI-powered chatbots that help enterprises enhance
customer experience and engagement. The AI-powered chatbots use NLP technology to carry out human-like
conversation and assist the customers in real time. They help enterprises fetch business intelligence about
customers’ preferences, opinions, and purchase behavior and enable organizations to provide proactive
recommendations and more personalized experience to users based on their account activity.
The major vendors of the conversational Artificial Intelligence include IBM (US), Google (US), Microsoft (US), AWS
(US), SAP (US), Oracle (US), Baidu (China), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India),
Rasa (Germany), Avaamo (US), Kor