PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1359088
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1359088
India Conversational AI Market, By Component ; By Type ; By Deployment Mode ; By Technology ; By Region, Trend Analysis, Competitive Landscape & Forecast, 2019-2029
India Conversational AI Market Size Zooming 3.8X to Touch USD 1.04 Billion by 2029.
India conversational AI market is flourishing because of an increasing desire for AI-driven customer support solutions and growing emphasis on engaging and retaining customers.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India conversational AI market size at USD 274.5 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India conversational AI market size to grow at a robust CAGR of 24.58% reaching a value of USD 1,037.3 million by 2029. Major growth drivers for the India conversational AI market include an increasing demand for seamless customer experiences, higher internet and smartphone usage rates, the thriving e-commerce sector, and the quest for cost-effective customer support solutions. India's flourishing e-commerce industry has been a pivotal force behind the expansion of conversational AI. As online shopping gains momentum, businesses are increasingly turning to AI-driven chatbots and virtual assistants to deliver efficient and personalized customer support, ultimately enhancing the overall shopping journey. The market also benefits from ongoing advancements in natural language processing (NLP) technology, catalyzed by innovations like Microsoft-backed OpenAI's ChatGPT. Also, conversational AI adoption spans multiple industries, including e-commerce, finance, and healthcare, highlighting its potential to enhance user engagement, streamline operations, and elevate customer satisfaction through intelligent and personalized interactions. These drivers collectively underpin the market's robust growth, positioning conversational AI as a transformative tool for enriching user engagement and customer support across the Indian business landscape. However, lack of awareness about conversational AI solutions and increasing privacy and security breaches are anticipated to restrain the India conversational AI market growth during the forecast period.
India Conversational AI Market - Overview:
India conversational AI market refers to the specific segment of the artificial intelligence (AI) market in India that focuses on the development, deployment, and utilization of conversational AI technologies. Conversational AI involves the use of AI-powered chatbots, virtual assistants, and natural language processing (NLP) systems to facilitate human-like conversations between machines and users. In the Indian context, this market encompasses businesses, organizations, and service providers that leverage conversational AI solutions to enhance customer experiences, streamline operations, and improve engagement across various industries such as e-commerce, finance, healthcare, customer support, and more. The India conversational AI market addresses the growing demand for intelligent and personalized interactions, driven by factors like increased internet and smartphone penetration, the need for cost-effective customer support solutions, and advancements in NLP technology. It encompasses the development, deployment, and integration of AI-driven conversational tools to cater to diverse user needs and industry requirements within the Indian business landscape.
Impact of COVID-19 on India Conversational AI Market:
COVID-19 pandemic had positive impact on the India conversational AI market. With the pandemic accelerating the shift towards digital engagement, businesses across various sectors, such as healthcare, e-commerce, and customer support, have increasingly turned to conversational AI solutions to meet evolving customer needs and ensure uninterrupted services. This surge in demand for AI-driven virtual assistants and chatbots has driven market growth. However, the economic challenges posed by the pandemic have also led to budget constraints for some businesses, affecting their adoption of conversational AI.
India Conversational AI Market - By Technology:
On the basis of technology, the India conversational AI market is segmented as Natural Language Processing (NLP), ML & Deep Learning, Automatic Speech Recognition (ASR) segments. The natural language processing segment hold the highest share in the India conversational AI market during the forecast period by technology. This prominence can be attributed to the critical role that NLP plays in enabling machines to understand, interpret, and generate human-like text and speech. NLP technology is the backbone of conversational AI, allowing chatbots and virtual assistants to engage in meaningful and context-aware conversations with users. As businesses in India increasingly seek to provide personalized and efficient customer interactions, the demand for NLP-driven conversational AI solutions is on the rise. This technology enables more natural and intuitive communication, enhancing user experiences across various industries, including customer support, e-commerce, and healthcare.
Competitive Landscape:
Major players operating in the India conversational AI market include: Haptik, Upshup, Yellow Messenger, Active.Ai, Engati, Kore.ai, Senseforth.ai, Verloop.io, Zoho SalesIQ, and CropIn. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Conversational AI Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Conversational AI Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Technology Overview
- 1.3. Market Segmentation
2. Executive Summary
3. India Conversational AI Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Rising demand for AI-powered customer support services
- 3.2.1.2. Increasing focus on customer engagement and retention
- 3.2.2. Restraints
- 3.2.2.1. Lack of awareness about conversational AI solutions
- 3.2.2.2. Increasing privacy and security breaches
- 3.2.3. Opportunities
- 3.2.3.1. Surge in integration of advanced AI capabilities
- 3.2.3.2. Increasing usage of generative models in conversational AI
- 3.2.4. Challenges
- 3.2.4.1. Lack of accuracy in chatbots and virtual assistants
- 3.2.4.2. Inability to effectively recognize customer intent and behavior
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. India Conversational AI Market Overview
- 4.1. Market Size & Forecast, 2019-2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Component
- 4.2.1.1. Solutions
- 4.2.1.2. Managed Services
- 4.2.1.3. Professional Services
- 4.2.2. By Type
- 4.2.2.1. Chatbots
- 4.2.2.2. Intelligent Virtual Assistants (IVAs)
- 4.2.3. By Deployment
- 4.2.3.1. Cloud
- 4.2.3.2. On-Premises
- 4.2.4. By Technology
- 4.2.4.1. Natural Language Processing (NLP)
- 4.2.4.2. ML & Deep Learning
- 4.2.4.3. Automatic Speech Recognition (ASR))
- 4.2.5. By Region
- 4.2.5.1. North India
- 4.2.5.2. South India
- 4.2.5.3. East India
- 4.2.5.4. West India
- 4.2.1. By Component
5. North India Conversational AI Market
- 5.1. Market Size & Forecast, 2019-2029
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Component
- 5.2.2. By Type
- 5.2.3. By Deployment
- 5.2.4. By Technology
6. South India Conversational AI Market
- 6.1. Market Size & Forecast, 2019-2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Component
- 6.2.2. By Type
- 6.2.3. By Deployment
- 6.2.4. By Technology
7. East India Conversational AI Market
- 7.1. Market Size & Forecast, 2019-2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Component
- 7.2.2. By Type
- 7.2.3. By Deployment
- 7.2.4. By Technology
8. West India Conversational AI Market
- 8.1. Market Size & Forecast, 2019-2029
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Component
- 8.2.2. By Type
- 8.2.3. By Deployment
- 8.2.4. By Technology
9. Competitive Landscape
- 9.1. List of Key Players and Their Offerings
- 9.2. India Conversational AI Company Market Share Analysis, 2022
- 9.3. Competitive Benchmarking, By Operating Parameters
- 9.4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India Conversational AI Market
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 11.1. Haptik
- 11.2. Upshup
- 11.3. Yellow Messenger
- 11.4. Active.Ai
- 11.5. Engati
- 11.6. Kore.ai
- 11.7. Senseforth.ai
- 11.8. Verloop.io
- 11.9. Zoho SalesIQ
- 11.10. CropIn
- 11.11. Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
- 13.1. Qualitative Research
- 13.1.1. Primary & Secondary Research
- 13.2. Quantitative Research
- 13.3. Market Breakdown & Data Triangulation
- 13.3.1. Secondary Research
- 13.3.2. Primary Research
- 13.4. Breakdown of Primary Research Respondents, By Region
- 13.5. Assumption & Limitation
*Financial information of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
- Figure 1 India Conversational AI Market Segmentation
- Figure 2 India Conversational AI Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 India Conversational AI Market Size, By Value (USD Million), 2019-2029
- Figure 5 India Conversational AI Market Share, By Component, By Value, 2019-2029
- Figure 6 India Conversational AI Market Share, By Type, By Value, 2019-2029
- Figure 7 India Conversational AI Market Share, By Deployment, By Value, 2019-2029
- Figure 8 India Conversational AI Market Share, By Technology, By Value, 2019-2029
- Figure 9 India Conversational AI Market Share, By Region, By Value, 2019-2029
- Figure 10 North India Conversational AI Market Size, By Value (USD Million), 2019-2029
- Figure 11 North India Conversational AI Market Share, By Component, By Value, 2019-2029
- Figure 12 North India Conversational AI Market Share, By Type, By Value, 2019-2029
- Figure 13 North India Conversational AI Market Share, By Deployment, By Value, 2019-2029
- Figure 14 North India Conversational AI Market Share, By Technology, By Value, 2019-2029
- Figure 15 South India Conversational AI Market Size, By Value (USD Million), 2019-2029
- Figure 16 South India Conversational AI Market Share, By Component, By Value, 2019-2029
- Figure 17 South India Conversational AI Market Share, By Type, By Value, 2019-2029
- Figure 18 South India Conversational AI Market Share, By Deployment, By Value, 2019-2029
- Figure 19 South India Conversational AI Market Share, By Technology, By Value, 2019-2029
- Figure 20 East India Conversational AI Market Size, By Value (USD Million), 2019-2029
- Figure 21 East India Conversational AI Market Share, By Component, By Value, 2019-2029
- Figure 22 East India Conversational AI Market Share, By Type, By Value, 2019-2029
- Figure 23 East India Conversational AI Market Share, By Deployment, By Value, 2019-2029
- Figure 24 East India Conversational AI Market Share, By Technology, By Value, 2019-2029
- Figure 25 West India Conversational AI Market Size, By Value (USD Million), 2019-2029
- Figure 26 West India Conversational AI Market Share, By Component, By Value, 2019-2029
- Figure 27 West India Conversational AI Market Share, By Type, By Value, 2019-2029
- Figure 28 West India Conversational AI Market Share, By Deployment, By Value, 2019-2029
- Figure 29 West India Conversational AI Market Share, By Technology, By Value, 2019-2029
List of Tables
- Table 1 India Conversational AI Market Size, By Value (USD Million), 2019-2029
- Table 2 India Conversational AI Market Share, By Component, By Value, 2019-2029
- Table 3 India Conversational AI Market Share, By Type, By Value, 2019-2029
- Table 4 India Conversational AI Market Share, By Deployment, By Value, 2019-2029
- Table 5 India Conversational AI Market Share, By Technology, By Value, 2019-2029
- Table 6 India Conversational AI Market Share, By Region, By Value, 2019-2029
- Table 7 North India Conversational AI Market Size, By Value (USD Million), 2019-2029
- Table 8 North India Conversational AI Market Share, By Component, By Value, 2019-2029
- Table 9 North India Conversational AI Market Share, By Type, By Value, 2019-2029
- Table 10 North India Conversational AI Market Share, By Deployment, By Value, 2019-2029
- Table 11 North India Conversational AI Market Share, By Technology, By Value, 2019-2029
- Table 12 South India Conversational AI Market Size, By Value (USD Million), 2019-2029
- Table 13 South India Conversational AI Market Share, By Component, By Value, 2019-2029
- Table 14 South India Conversational AI Market Share, By Type, By Value, 2019-2029
- Table 15 South India Conversational AI Market Share, By Deployment, By Value, 2019-2029
- Table 16 South India Conversational AI Market Share, By Technology, By Value, 2019-2029
- Table 17 East India Conversational AI Market Size, By Value (USD Million), 2019-2029
- Table 18 East India Conversational AI Market Share, By Component, By Value, 2019-2029
- Table 19 East India Conversational AI Market Share, By Type, By Value, 2019-2029
- Table 20 East India Conversational AI Market Share, By Deployment, By Value, 2019-2029
- Table 21 East India Conversational AI Market Share, By Technology, By Value, 2019-2029
- Table 22 West India Conversational AI Market Size, By Value (USD Million), 2019-2029
- Table 23 West India Conversational AI Market Share, By Component, By Value, 2019-2029
- Table 24 West India Conversational AI Market Share, By Type, By Value, 2019-2029
- Table 25 West India Conversational AI Market Share, By Deployment, By Value, 2019-2029
- Table 26 West India Conversational AI Market Share, By Technology, By Value, 2019-2029
- Table 27 Haptik Company Overview
- Table 28 Haptik Financial Overview
- Table 29 Upshup Company Overview
- Table 30 Upshup Financial Overview
- Table 31 Yellow Messenger Company Overview
- Table 32 Yellow Messenger Financial Overview
- Table 33 Active.Ai Company Overview
- Table 34 Active.Ai Financial Overview
- Table 35 Engati Company Overview
- Table 36 Engati Financial Overview
- Table 37 Kore.ai Company Overview
- Table 38 Kore.ai Financial Overview
- Table 39 Senseforth.ai Company Overview
- Table 40 Senseforth.ai Financial Overview
- Table 41 Verloop.io Company Overview
- Table 42 Verloop.io Financial Overview
- Table 43 Zoho SalesIQ Company Overview
- Table 44 Zoho SalesIQ Financial Overview
- Table 45 CropIn Company Overview
- Table 46 CropIn Financial Overview
