Worldwide Conversational AI Industry to 2027 - Strategic Recommendations for New Entrants - ResearchAndMarkets.com

According to this report, the Global Conversational AI market accounted for $3.81 billion in 2019 and is expected to reach $18.37 billion by 2027 growing at a CAGR of 21.7% during the forecast period.Rise in customer engagement through social media platforms, and increasing adoption of AI solutions in customer service applications are the major factors propelling market growth. However, the lack of awareness about conversational AI solutions is hampering market growth.Conversational AI is the utilization of speech-based assistance, messaging apps, chatbots to make the content to be automated. It also personalizes the user experience at a level. Conversational AI accounts for an important place in the personal assistance activities. It can analyze the open interactions when relating it with the scenario or case. Companies are utilizing AI innovation by using a blend of NLU and ML, which empowers the assistants to be trained with industry-explicit information and extraordinary business information for an increased time to market.Based on the component, the services segment is going to have lucrative growth during the forecast period due to the wide adoption of conversational AI solutions across major verticals for offering enhanced customer support, thereby generating demand for professional and managed services across the globe. By geography, Europe is going to have lucrative growth during the forecast period due to the growing demand to reduce enterprise workloads regarding customer engagement and retention is the key factor in adopting conversational AI solutions in Europe.