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Conversational Systems Market by Component (Compute Platforms, Solutions, Services), Type (Voice and Text), Application (Customer Support and Personal Assistant, Branding and Advertisement, and Compliance), Vertical, and Region - Global Forecast to 2024

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Date: 13-May-2019
No. of pages: 130
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The global conversational systems market size to grow at a Compound Annual Growth Rate (CAGR) of 30.8% during the forecast period

MarketsandMarkets forecasts the global conversational systems market size to grow from USD 4.6 billion in 2019 to USD 17.4 billion by 2024, at a CAGR of 30.8% during 2019–2024.The major growth drivers for the market include highly advanced AI and NLP tools and an increasing demand for AI-powered customer support services. However, lack of awareness may restrain the market growth.

Branding and advertisement application to grow at the highest rate during the forecast period

Enterprises are leveraging the computational platform to create awareness and post ads about the latest and upcoming products through the digital channel. The conversational systems can also be used by enterprises for cross-selling and up-selling purposes leading to the reduction in the operational cost. Moreover, conversations between customers and machines can be analyzed with the help of data aggregator tools integrated with the platform.

Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

APAC is expected to record the highest growth rate over the next few years in the conversational systems market, as a result of its growing technology adoption rate. APAC holds more than 50% of the world’s population, therefore any major technological shifts such as those being heralded by AI are expected to shape the future of the region. IBM, Microsoft, Google, and AWS account for a majority of share in the conversational systems market in the region, along with several other significant conversational systems solutions providers. SMEs and large enterprises in APAC have become more aware of government regulations and compliances and started adopting AI-based solutions proactively.


  • By Company: Tier I:15%, Tier II:42%, and Tier III:43%

  • By Designation: C-Level:62%, Director Level:20%, and Others:18%

  • By Region: North America: 40%, APAC: 30%,Europe: 20%, MEA: 5%, and Latin America: 5%


The report includes the study of the key players offering conversational systems solutions. It profiles major vendors in the global conversational systems market including Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), and Saarthi.ai (India).

Research coverage

The report segments the global conversational systems market by component, type, application, vertical, and region.The component segment comprises compute platforms, solutions, and services. The conversational systems market by type has voice assisted, text assistant, and other (gesture recognition, object recognition, and expression recognition). The conversational systems market by application has customer support and personal assistant, branding and advertisement, data privacy and compliance, and othersegments (campaign analysis and data aggregation). The conversational systems market by verticals covers Banking, Financial Services, and Insurance (BFSI),media and entertainment, retail and ecommerce, travel and hospitality, healthcare and life sciences, telecom, and other verticals (manufacturing, government, media and entertainment, and education). The report covers the conversational systems market with respect to 5 major regions: North America, Europe, APAC, Latin America, and Middle East and Africa (MEA).

The report would help the market leaders and new entrants in the global conversational systems market in the following ways:


  • The report segments the market into various sub segments, henceit covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its sub segments. The market numbers are further split across applications and regions.

  • It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.

  • It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.

Conversational Systems Market by Component (Compute Platforms, Solutions, Services), Type (Voice and Text), Application (Customer Support and Personal Assistant, Branding and Advertisement, and Compliance), Vertical, and Region - Global Forecast to 2024

Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primary Profiles
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Assumptions for the Study
2.6 Limitations of the Study

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Conversational Systems Market
4.2 Market By Application
4.3 Market By Region
4.4 Market in North America, By Component, Type, and Application

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Highly Advanced AI and NLP Tools Bolstering the Market Growth
5.2.1.2 Increasing Demand for AI-Powered Customer Support Services
5.2.2 Restraints
5.2.2.1 Dependency on Deployment Platforms
5.2.2.2 Lack of Awareness of Emerging Technologies
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Smartphones
5.2.3.2 Integration of Advanced AI Capabilities Adding Value to the Conversational Systems Offerings
5.2.3.3 Rise in Customer Engagement Through Social Media Platforms
5.2.4 Challenges
5.2.4.1 Lack of Awareness and Reluctance to Use Chatbots
5.2.4.2 Lack of Accuracy in Chatbots and Virtual Assistants
5.3 Use Cases
5.3.1 Use Case: Scenario 1
5.3.2 Use Case: Scenario 2
5.3.3 Use Case: Scenario 3
5.3.4 Use Case: Scenario 4
5.3.5 Use Case: Scenario 5
5.4 Regulatory Implications
5.4.1 GDPR
5.4.2 HIPAA
5.4.3 FTC
5.4.4 ISO/IEC JTC 1/SC 42

6 Conversational Systems Market, By Component
6.1 Introduction
6.2 Compute Platforms
6.2.1 Increasing Demand to Develop Nlp and Ml Enabled Conversational Solutions to Drive the Growth of Market
6.3 Solutions
6.3.1 AI-Enabled Solutions to Automate Conversation Across Channels to Grow at A Rapid Pace in the Coming Years
6.4 Services
6.4.1 Increasing Need to Provide Post Purchase Engagement With Clients to Drive the Growth of Services in Market

7 Conversational Systems Market, By Typ
7.1 Introduction
7.2 Voice Assisted
7.2.1 Increasing Demand for Voice Assisted Solutions to Pave the Way for Market in Different Verticals
7.3 Text Assistant
7.3.1 AI-Enabled Text Assistant Solutions to Automate Conversation Across Channels to Grow at A Rapid Pace in the Coming Years
7.4 Others

8 Conversational Systems Market, By Application
8.1 Introduction
8.2 Customer Support and Personal Assistance
8.2.1 Growing Demand for Handling Customer Queries to Increase the Demand for Market in Various Verticals
8.3 Branding and Advertisement
8.3.1 Growing Need to Create Awareness and Perform Effective Branding Activities to Increase the Demand for Market
8.4 Data Privacy and Compliance
8.4.1 Increasing Need to Secure Customers’ Data and Comply With Stringent Regulations to Fuel the Adoption of Conversational Systems Among Enterprises
8.5 Others

9 Conversational Systems Market, By Vertical
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.2.1 Presence of A Large Number of Data Across BFSI Vertical to Help Financial Institutions Provide Enhanced Customer Experience
9.3 Media and Entertainment
9.3.1 Personalized and Enhanced Customer Experience Using Conversational Systems Solutions
9.4 Retail and Ecommerce
9.4.1 Increasing Deployment of Conversational Systems Solutions By Retail and Ecommerce Vertical on Various Channels for Greater Customer Engagement
9.5 Travel and Hospitality
9.5.1 Automation of Booking Process Through Various Platforms to Increase the Adoption of Chatbots and Personal Assistants
9.6 Telecom
9.6.1 Increasing Use of Chatbots to Provide Customized Services to Customers Will Lead Market
9.7 Healthcare and Life Sciences
9.7.1 Conversational Systems Solutions to Improve Patient Management, Monitoring, and Experience and Engagement
9.8 Others

10 Conversational Systems Market, By Region
10.1 Introduction
10.2 North America
10.2.1 United States
10.2.1.1 Growing Implementation of AI- and Ml-Based Solutions to Fuel the Demand for Conversational Systems in the Us
10.2.2 Canada
10.2.2.1 Increase in AI-Based Investments and Research Activities to Drive the Growth of Market in Canada
10.3 Europe
10.3.1 United Kingdom
10.3.1.1 Growing Investments to Fuel the Adoption of Conversational Systems Solutions in the Uk
10.3.2 Germany
10.3.2.1 Increasing Adoption of Conversational Systems Solutions Across Major Verticals to Drive the Market in Germany
10.3.3 France
10.3.3.1 Heavy Inflow of Capital From Various Investors to Drive the Market in France
10.3.4 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Increasing Investments in AI Landscape to Drive the Adoption of Conversational Systems Solutions in China
10.4.2 Japan
10.4.2.1 Rising Use of Chatbots and Intelligent Virtual Agents in the Telecom Vertical to Fuel the Adoption of Conversational Systems Solutions in Japan
10.4.3 India
10.4.3.1 Increase in Investments Among Startups and Growth of AI Technology Among Verticals to Trigger Conversational Systems Adoption in India
10.4.4 Rest of Asia Pacific
10.5 Middle East and Africa
10.5.1 Israel
10.5.1.1 Upcoming AI Startups in the Country to Drive the Growth of Market in Israel
10.5.2 United Arab Emirates
10.5.2.1 Government Initiatives to Drive the Adoption of AI-Based Solutions in the UAE
10.5.3 Rest of Middle East and Africa
10.6 Latin America
10.6.1 Brazil
10.6.1.1 Emerging Startups in Brazil to Drive the Growth of Conversational Systems Market in the Coming Years
10.6.2 Mexico
10.6.2.1 Growing Demand for AI-Based Technologies to Fuel the Adoption of Conversational Systems Solutions in Mexico
10.6.3 Rest of Latin America

11 Competitive Landscape
11.1 Competitive Leadership Mapping
11.1.1 Visionary Leaders
11.1.2 Innovators
11.1.3 Dynamic
11.1.4 Emerging
11.2 Competitive Landscape Overview
11.3 Competitive Scenario
11.3.1 New Product Launches/Product Enhancements
11.3.2 Partnerships, Agreements, and Collaborations
11.3.3 Mergers and Acquisitions

12 Company Profiles
12.1 Introduction
(Business Overview, Platforms Offered, Recent Developments, SWOT Analysis, and MnM View)*
12.2 Google
12.3 Microsoft
12.4 AWS
12.5 IBM
12.6 Oracle
12.7 Nuance
12.8 Baidu
12.9 SAP
12.1 Artificial Solutions
12.11 Kore.Ai
12.12 Avaamo
12.13 Conversica
12.14 Haptik
12.15 Rasa
12.16 Solvvy
12.17 Pypestream
12.18 Inbenta
12.19 Rulai
12.2 Saarthi.Ai

*Details on Business Overview, Platforms Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix
13.1 Discussion Guide
13.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
13.3 Available Customizations
13.4 Related Reports
13.5 Author Details

List of Tables

Table 1 Currency Exchange Table
Table 2 Factor Analysis
Table 3 Global Market Size and Growth Rate, 2017–2024 (USD Million, Y-O-Y %)
Table 4 Conversational Systems Market Size, By Component, 2017–2024 (USD Million)
Table 5 Compute Platforms: Market Size By Region, 2017–2024 (USD Million)
Table 6 Solutions: Market Size By Region, 2017–2024 (USD Million)
Table 7 Services: Market Size By Region, 2017–2024 (USD Million)
Table 8 Market Size By Type, 2017–2024 (USD Million)
Table 9 Market Size By Application, 2017–2024 (USD Million)
Table 10 Conversational Systems Market Size, By Vertical, 2017–2024 (USD Million)
Table 11 Banking, Financial Services, and Insurance: Market Size By Region, 2017–2024 (USD Million)
Table 12 Media and Entertainment: Market Size By Region, 2017–2024 (USD Million)
Table 13 Retail and Ecommerce: Market Size By Region, 2017–2024 (USD Million)
Table 14 Travel and Hospitality: Market Size By Region, 2017–2024 (USD Million)
Table 15 Telecom: Market Size By Region, 2017–2024 (USD Million)
Table 16 Healthcare and Life Sciences: Market Size By Region, 2017–2024 (USD Million)
Table 17 Others: Market Size By Region, 2017–2024 (USD Million)
Table 18 Conversational Systems Market Size, By Region, 2017–2024 (USD Million)
Table 19 North America: Market Size By Component, 2017–2024 (USD Million)
Table 20 North America: Market Size By Type, 2017–2024 (USD Million)
Table 21 North America: Market Size By Application, 2017–2024 (USD Million)
Table 22 North America: Market Size By Vertical, 2017–2024 (USD Million)
Table 23 North America: Market Size By Country, 2017–2024 (USD Million)
Table 24 Europe: Conversational Systems Market Size, By Component, 2017–2024 (USD Million)
Table 25 Europe: Market Size By Type, 2017–2024 (USD Million)
Table 26 Europe: Market Size By Application, 2017–2024 (USD Million)
Table 27 Europe: Market Size By Vertical, 2017–2024 (USD Million)
Table 28 Europe: Market Size By Country, 2017–2024 (USD Million)
Table 29 Asia Pacific: Conversational Systems Market Size, By Component, 2017–2024 (USD Million)
Table 30 Asia Pacific: Market Size By Type, 2017–2024 (USD Million)
Table 31 Asia Pacific: Market Size By Application, 2017–2024 (USD Million)
Table 32 Asia Pacific: Market Size By Vertical, 2017–2024 (USD Million)
Table 33 Asia Pacific: Market Size By Country, 2017–2024 (USD Million)
Table 34 Middle East and Africa: Conversational Systems Market Size, By Component, 2017–2024 (USD Million)
Table 35 Middle East and Africa: Market Size By Type, 2017–2024 (USD Million)
Table 36 Middle East and Africa: Market Size By Application, 2017–2024 (USD Million)
Table 37 Middle East and Africa: Market Size By Vertical, 2017–2024 (USD Million)
Table 38 Middle East and Africa: Market Size By Country, 2017–2024 (USD Million)
Table 39 Latin America: Conversational Systems Market Size, By Component, 2017–2024 (USD Million)
Table 40 Latin America: Market Size By Type, 2017–2024 (USD Million)
Table 41 Latin America: Market Size By Application, 2017–2024 (USD Million)
Table 42 Latin America: Market Size By Vertical, 2017–2024 (USD Million)
Table 43 Latin America: Market Size By Country, 2017–2024 (USD Million)
Table 44 New Product Launches/Product Enhancements
Table 45 Partnerships, Agreements, and Collaborations
Table 46 Mergers and Acquisitions

List of Figures

Figure 1 Global Conversational Systems Market: Research Design
Figure 2 Market: Top-Down and Bottom-Up Approaches
Figure 3 Market Snapshot By Component
Figure 4 Market Snapshot By Type
Figure 5 Market Snapshot By Application
Figure 6 Market Snapshot By Vertical
Figure 7 Market Snapshot By Region
Figure 8 Increasing Demand for AI-Powered Customer Support Services to Drive the Overall Growth of the Conversational Systems Market During the Forecast Period
Figure 9 Branding and Advertisement Segment to Grow at A Significant Pace During the Forecast Period
Figure 10 North America to Hold the Highest Market Share in 2019
Figure 11 Compute Platforms, Text Assistant, and Customer Support and Personal Assistant Segments in North America Accounted for the Highest Market Shares in the Conversational Systems Market in 2019
Figure 12 Drivers, Restraints, Opportunities, and Challenges: Conversational Systems Market
Figure 13 Services Segment to Grow at the Highest CAGR During the Forecast Period
Figure 14 Voice Assisted Segment to Grow at the Highest CAGR During the Forecast Period
Figure 15 Customer Support and Personal Assistant Segment to Hold the Highest Market Size During the Forecast Period
Figure 16 Retail and Ecommerce Segment to Register the Highest CAGR During the Forecast Period
Figure 17 North America to Hold the Largest Market Size During the Forecast Period
Figure 18 India to Register the Highest CAGR During the Forecast Period
Figure 19 Asia Pacific to Account for the Highest CAGR During the Forecast Period
Figure 20 North America: Market Snapshot
Figure 21 Asia Pacific: Market Snapshot
Figure 22 Conversational Systems Market (Global) Competitive Leadership Mapping, 2019
Figure 23 Key Developments in the Market During 2017–2019
Figure 24 Geographical Segmentation of the Top Players in the Market
Figure 25 Google: Company Snapshot
Figure 26 Google: SWOT Analysis
Figure 27 Microsoft: Company Snapshot
Figure 28 Microsoft: SWOT Analysis
Figure 29 AWS: Company Snapshot
Figure 30 AWS: SWOT Analysis
Figure 31 IBM: Company Snapshot
Figure 32 IBM: SWOT Analysis
Figure 33 Oracle: Company Snapshot
Figure 34 Oracle: SWOT Analysis
Figure 35 Nuance: Company Snapshot
Figure 36 Baidu: Company Snapshot
Figure 37 SAP: Company Snapshot

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