The Global Conversational AI Platform Market is anticipated to grow from USD 3.4 Bn in 2019 at a CAGR of 30.10% during the forecast period and reach USD 36.3 Bn by 2028. This can be largely attributed to rapid technological advancements, presence of conversational AI vendors like Microsoft Corporation, Google LLC, International Business Machines Corporation, and Oracle Corporation, rising investments concerning the integration of machine learning and NLP, in existing conversational solutions, and continuous focus of government on spending in AI-based technologies.
Key Factors Impacting the Growth of Conversational AI Platform Market:
- Increasing adoption of artificial intelligence (AI) solutions in customer service application is expected to have a positive impact on the market growth
- Growing demand for AI-powered customer support services is likely to attract more potential consumers
- Integration of chatbots for employee retention and engagement
Market Segmentation:
By Type
- Chatbot
- IVA
- IVR
By Deployment
- Cloud
- On-Premise
By Technology
- Natural Language Processing
- Machine Learningd
- Automated Speech Recognition
By Region:
- North America Conversational AI Platform Market
- By Country (US, Canada, Mexico)
- By Type
- By Deployment
- By Technology
- Europe Conversational AI Platform Market
- By Country (Germany, Russia,UK, France, Italy, Spain, Rest of Europe)
- By Type
- By Deployment
- By Technology
- Asia Pacific Conversational AI Platform Market
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Type
- By Deployment
- By Technology
- Middle East & Africa Conversational AI Platform Market
- By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
- By Type
- By Deployment
- By Technology
- South America Conversational AI Platform Market
- By Country (Brazil, Argentina, Colombia, Rest of South America)
- By Type
- By Deployment
- By Technology