At 21.7% CAGR, Europe Conversational AI Market is Projected to be Worth US$ 11,770.33 million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe conversational AI market was valued at US$ 2,446.14 million in 2023 and is expected to reach US$ 11,770.33 million by 2031, registering a CAGR of 21.7% from 2023 to 2031. Rising demand for conversational AI in healthcare sector and increasing demand for chatbot solutions are among the critical factors attributed to drive the Europe conversational AI market growth.

Conversational AI is revolutionizing the way healthcare professionals interact with their patients through the use of machine learning (ML) and natural language processing (NLP). Conversational AI offers a variety of applications that enhance the quality of healthcare for patients and providers, from scheduling appointments to tracking conditions. Conversational AI solutions allow patients to easily make an appointment with their preferred physician, modify it, or cancel an existing appointment without the inconvenience of a complex user interface. Another benefit of conversational AI in appointment scheduling is that it acts as a large database of clinics, doctors, and current calendars, allowing patients to match their specific timetables. Also, it can provide reminders and other crucial information, such as if a patient has to bring a specific document to the appointment or if they require assistance following a procedure.

Furthermore, an AI assistant can answer a typical question or FAQ about a specific illness, medical condition, or pandemic. It can increase public awareness of a particular health issue or emergency by providing quick access to timely, accurate, and reliable information, in an engaging and conversational manner across a variety of digital platforms such as websites, social media, and messaging applications. Moreover, with the use of conversational AI, patients can better manage their physical health by recognizing symptoms early and seeking online advice from medical professionals. Patients can also take control of their health by having the resources and knowledge at their fingertips. Along with regular advice on how to live a healthy lifestyle, people can create and achieve their health objectives. Conversational AI systems support the tracking of body weight, recommended prescription regimens, individuals' progress toward their health objectives, and more. It also provides reminders and health updates on a regular basis that keeps people inspired to reach their wellness objectives. Hence, all the above factors would increase the demand for conversational AI in the healthcare sector, which is expected to offer opportunities for the conversational AI market during the forecasted period.

On the flip side, rising privacy concerns hampers the growth of Europe conversational AI market.

Based component, the Europe conversational AI market is bifurcated into platform and service. The platform segment held 73.8% share of Europe conversational AI market share in 2023, amassing US$ 1,804.38 million. It is projected to garner US$ 9,036.77 million by 2031 to register 22.3% CAGR during 2023–2031.

By type, the Europe conversational AI market is bifurcated into chatbots and intelligent virtual assistants. The chatbots segment held 70.3% share of Europe conversational AI market in 2023, amassing US$ 1,718.99 million. It is anticipated to garner US$ 8,504.65 million by 2031 to expand at 22.1% CAGR during 2023–2031.

In terms of deployment type, the Europe conversational AI market is bifurcated into on-premise and cloud. The on-premise segment held 60.7% share of Europe conversational AI market in 2023, amassing US$ 1,485.56 million. It is anticipated to garner US$ 6,755.56 million by 2031 to expand at 20.8% CAGR during 2023–2031.

Based on industry, the Europe conversational AI market is segmented into retail & e-commerce, healthcare & life sciences, travel & hospitality, BFSI, IT & telecom, media & entertainment, and others. The retail & e-commerce segment held 23.6% share of Europe conversational AI market in 2023, amassing US$ 576.87 million. It is anticipated to garner US$ 3,153.52 million by 2031 to expand at 23.7% CAGR during 2023–2031.

By country, the Europe conversational AI market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Germany segment held 27.6% share of Europe conversational AI market in 2023, amassing US$ 675.87 million. It is anticipated to garner US$ 3,631.15 million by 2031 to expand at 23.4% CAGR during 2023–2031

Key players operating in the Europe conversational AI market are Alphabet Inc, Amazon.com Inc., Artificial Solutions International AB, Cognigy GmbH, International Business Machines Corp, Kore.ai Inc., Microsoft Corp, Oracle Corp, Rasa Technologies Inc, and SAP SE, among others.

• In 2024, Amazon.com, Inc. announced the general availability of Amazon Q for businesses and developers. Amazon Q is the most capable generative artificial intelligence (AI)-powered assistant for accelerating software development and leveraging companies’ internal data.

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