Conversational AI Market Set for Exquisite Growth with Globally Leading Players
MarketsandMarketsexpects the global Conversational AI market size to grow from USD 4.2 billionin 2019 to USD 15.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of30.2% during forecast period (2019–2024). The increasing demand for AI poweredcustomer support services, omni-channel deployment, and reduced chatbotdevelopment cost are expected to drive the global conversational AI market.
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With theadvancements in AI technology during the last couple of years, organizationsare making use of conversational AI solutions in their customer servicefunction. Enterprises’ focus has shifted from providing customer supportservices through emailing or messages to AI-powered chatbots that helpenterprises enhance customer experience and engagement. The AI-powered chatbotsuse NLP technology to carry out human-like conversation and assist thecustomers in real time. They help enterprises fetch business intelligence aboutcustomers’ preferences, opinions, and purchase behavior and enableorganizations to provide proactive recommendations and more personalizedexperience to users based on their account activity.
The majorvendors of the conversational AI include IBM (US), Google (US), Microsoft (US),AWS (US), SAP (US), Oracle (US), Baidu (China), Nuance (US), ArtificialSolutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Avaamo(US), Kore.aiI (India), Inbenta (US), Rulai (US), Solvvy (US), Pypestream (US),Creative Virtual (UK) and Saarthi.ai (India). These players have adoptedvarious growth strategies, such as partnerships, agreements, andcollaborations; and new product launches, to further expand their presence inthe global conversational AI market. The key players have adopted partnershipsand new product launches strategies majorly from 2017 to 2018, which havehelped them innovate their offerings and broaden their customer base.
Google isone of the key technology players in the Conversational AI market. It reliesheavily on its organic growth strategy and continuously aims for coming up withinnovative next-gen products. Google is making significant R&D investmentsin the area of strategic focus, such as advertising, cloud, Machine Learning(ML), and search, as well as, in new products and services. Google has madesignificant investments and advancements in AI. The company is well-positionedto take advantage of the increasing demand for AI-enabled applications, AItools for developers, and cloud-based AI services. Moreover, the company isadopting organic growth strategies to gain a competitive advantage in theconversational AI market. For instance, in April 2018, Google launched anenterprise edition of its Dialogflow platform. The platform would helpcompanies build and run their own bots, without any AI expertise. These botsuse AI-based natural language understanding (NLU) and processing to interactwith end users.
Microsoftspent significantly on R&D to enhance its Conversational AI and serviceofferings. The company is working on the development of AI, ML, and IoTtechnologies. The company has made significant progress with AI initiatives andis well-positioned to take advantage of increasing demand for AI tools,AI-enabled applications, and AI-based solutions. It focuses on organic as wellas inorganic growth strategies to strengthen its market position in the globalconversational AI market. It has various plans to invest in the latesttechnologies to develop innovations. In 2018, it has acquired 4 companies:Semantic Machines, Lobe Artificial Intelligence, GitHub, and Bonsai. Theseacquisitions would enable Microsoft to strengthen its imperatives of puttingsimple and effective AI developments into the hands of non-engineers andnon-experts.
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