Europe Conversational AI Market Forecast to 2031 – Regional Analysis – by Component (Platform and Service), Type (Chatbots and Intelligent Virtual Assistants), Deployment Type (On-Premise and Cloud), and Industry (Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, BFSI, IT & Telecom, Media & Entertainment, and Others)
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; it is estimated to register a CAGR of 21.7% from 2023 to 2031.
Increasing Demand for Chatbot Solutions Boost Europe Conversational AI Market
Chatbots can provide round-the-clock customer service by managing thousands of interactions at once. It allows customer service representatives to focus on complex cases rather than having consumers wait in line for long periods of time. With the rise of social media and growing digitization worldwide, people often want to express their problems to businesses via this medium. As a result, chatbots are becoming an essential aspect of CRM operations for top companies. Automation of customer service is achieved through the integration of chatbots with social networks. A chatbot provides intelligent responses in place of human customer service representatives. In addition, it can extract valuable information about clients' preferences and purchasing behaviors to better serve them. Furthermore, consumers are more interested in saving time while shopping. They prefer to use their smartphones to research and purchase products. For example, Amazon Echo customers can use voice commands to shop for products. Moreover, consumers frequently encounter challenges when attempting to find crucial information on the internet. It occurs because they occasionally are unable to locate the appropriate term to search for. A chatbot can quickly deliver the appropriate information by communicating with the user. As chatbot helps increase business efficiency, its demand is increasing globally, which fuels the conversational AI market growth.
Europe Conversational AI Market Overview
The fintech market in Germany expands considerably. Germany has the largest fintech market in the EU and ranks fourth globally, according to the ITA. The nation already has the required digital infrastructure and a strong consumer base. Although Germany has yet to surpass the UK in terms of aggregate mobile payments, its forecasted compound annual growth rate (CAGR) of mobile payment adoption is currently 43.8%, compared to the UK's 19.5%. Furthermore, the country has various fintech businesses, including N26, Fidor Bank, SolarisBank, and Auxmoney, that are active. In addition, a lot of Fintech businesses provide online banking. For instance, Solarisbank offers digital banking services in addition to infrastructure services for financial organizations. Furthermore, N26, Fidor Bank, Monzo, and Revolut are Fintech businesses that provide digital banking services in Germany. Deutsche Bank offers a vast array of online banking services. Thus, growing digitization in the banking sector drives the adoption of conversational AI in the country, as the technology helps provide enhanced customer experience.
Europe Conversational AI Market Revenue and Forecast to 2031 (US$ Million)
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Europe Conversational AI Market Segmentation
The Europe conversational AI market is categorized into component, type, deployment type, industry, and country.
Based on component, the Europe conversational AI market is bifurcated into platform and service. The platform segment held a larger share of the Europe conversational AI market share in 2023.
By type, the Europe conversational AI market is bifurcated into chatbots and intelligent virtual assistants. The chatbots segment held a larger share of Europe conversational AI market in 2023.
In terms of deployment type, the Europe conversational AI market is bifurcated into on-premise and cloud. The on-premise segment held a larger share of Europe conversational AI market in 2023.
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 the largest share of the Europe conversational AI market share in 2023.
By country, the Europe conversational AI market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Germany dominated the Europe conversational AI market share in 2023.
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 are some of the leading companies operating in the Europe conversational AI market.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Europe Conversational AI market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. Europe Conversational AI market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing E-Commerce Sector
5.1.2 Increasing Demand for Chatbot Solutions
5.2 Market Restraints
5.2.1 Rising Privacy Concerns
5.3 Market Opportunities
5.3.1 Rising Demand for Conversational AI in Healthcare Sector
5.3.2 Emergence of Generative AI
5.4 Market Trends
5.4.1 Growing Adoption of Conversational AI in Gaming Industry
5.5 Impact of Drivers and Restraints:
6. Conversational AI market – Europe Analysis
6.1 Europe Conversational AI Market Overview
6.2 Conversational AI market Revenue (US$ Million), 2021–2031
6.3 Conversational AI market Forecast Analysis
7. Europe Conversational AI market Analysis – by Component
7.1 Platform
7.1.1 Overview
7.1.2 Platform: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
7.2 Service
7.2.1 Overview
7.2.2 Service: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
8. Europe Conversational AI market Analysis – by Type
8.1 Chatbots
8.1.1 Overview
8.1.2 Chatbots: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
8.2 Intelligent Virtual Assistants
8.2.1 Overview
8.2.2 Intelligent Virtual Assistants: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
9. Europe Conversational AI market Analysis – by Deployment Type
9.1 On-Premise
9.1.1 Overview
9.1.2 On-Premise: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
9.2 Cloud
9.2.1 Overview
9.2.2 Cloud: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
10. Europe Conversational AI market Analysis – by Industry
10.1 Retail and E-commerce
10.1.1 Overview
10.1.2 Retail and E-commerce: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
10.2 Healthcare and Life Sciences
10.2.1 Overview
10.2.2 Healthcare and Life Sciences: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
10.3 Travel and Hospitality
10.3.1 Overview
10.3.2 Travel and Hospitality: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
10.4 BFSI
10.4.1 Overview
10.4.2 BFSI: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
10.5 IT and Telecom
10.5.1 Overview
10.5.2 IT and Telecom: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
10.6 Media and Entertainment
10.6.1 Overview
10.6.2 Media and Entertainment: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
10.7 Others
10.7.1 Overview
10.7.2 Others: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
11. Europe Conversational AI market – Country Analysis
11.1 Europe
11.1.1 Europe: Conversational AI market Breakdown, by Key Countries, 2023 and 2031 (%)
11.1.1.1 Europe: Conversational AI market – Revenue and Forecast Analysis – by Country
11.1.1.2 France: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
11.1.1.2.1 France: Conversational AI market Breakdown, by Component
11.1.1.2.2 France: Conversational AI market Breakdown, by Type
11.1.1.2.3 France: Conversational AI market Breakdown, by Deployment Type
11.1.1.2.4 France: Conversational AI market Breakdown, by Industry
11.1.1.3 Germany: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
11.1.1.3.1 Germany: Conversational AI market Breakdown, by Component
11.1.1.3.2 Germany: Conversational AI market Breakdown, by Type
11.1.1.3.3 Germany: Conversational AI market Breakdown, by Deployment Type
11.1.1.3.4 Germany: Conversational AI market Breakdown, by Industry
11.1.1.4 United Kingdom: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
11.1.1.4.1 United Kingdom: Conversational AI market Breakdown, by Component
11.1.1.4.2 United Kingdom: Conversational AI market Breakdown, by Type
11.1.1.4.3 United Kingdom: Conversational AI market Breakdown, by Deployment Type
11.1.1.4.4 United Kingdom: Conversational AI market Breakdown, by Industry
11.1.1.5 Italy: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
11.1.1.5.1 Italy: Conversational AI market Breakdown, by Component
11.1.1.5.2 Italy: Conversational AI market Breakdown, by Type
11.1.1.5.3 Italy: Conversational AI market Breakdown, by Deployment Type
11.1.1.5.4 Italy: Conversational AI market Breakdown, by Industry
11.1.1.6 Russia: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
11.1.1.6.1 Russia: Conversational AI market Breakdown, by Component
11.1.1.6.2 Russia: Conversational AI market Breakdown, by Type
11.1.1.6.3 Russia: Conversational AI market Breakdown, by Deployment Type
11.1.1.6.4 Russia: Conversational AI market Breakdown, by Industry
11.1.1.7 Rest of Europe: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
11.1.1.7.1 Rest of Europe: Conversational AI market Breakdown, by Component
11.1.1.7.2 Rest of Europe: Conversational AI market Breakdown, by Type
11.1.1.7.3 Rest of Europe: Conversational AI market Breakdown, by Deployment Type
11.1.1.7.4 Rest of Europe: Conversational AI market Breakdown, by Industry
12. Competitive Landscape
12.1 Heat Map Analysis by Key Players
12.2 Company Positioning & Concentration
13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 Product Development
14. Company Profiles
14.1 Amazon.com Inc
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 International Business Machines Corp
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Alphabet Inc
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Oracle Corp
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 SAP SE
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Microsoft Corp
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Artificial Solutions International AB
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Cognigy GmbH
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Kore.ai Inc.
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 Rasa Technologies Inc
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Word Index
List of Tables
Table 1. Conversational AI market Segmentation
Table 2. Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Table 3. Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 4. Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 5. Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Deployment Type
Table 6. Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Industry
Table 7. Europe: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 8. France: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 9. France: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 10. France: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Deployment Type
Table 11. France: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Industry
Table 12. Germany: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 13. Germany: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 14. Germany: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Deployment Type
Table 15. Germany: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Industry
Table 16. United Kingdom: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 17. United Kingdom: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 18. United Kingdom: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Deployment Type
Table 19. United Kingdom: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Industry
Table 20. Italy: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 21. Italy: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 22. Italy: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Deployment Type
Table 23. Italy: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Industry
Table 24. Russia: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 25. Russia: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 26. Russia: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Deployment Type
Table 27. Russia: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Industry
Table 28. Rest of Europe: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 29. Rest of Europe: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 30. Rest of Europe: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Deployment Type
Table 31. Rest of Europe: Conversational AI market – Revenue and Forecast to 2031 (US$ Million) – by Industry
Table 32. Heat Map Analysis by Key Players
Table 33. List of Abbreviation
List of Figures
Figure 1. Conversational AI market Segmentation, by Country
Figure 2. Ecosystem Analysis: Conversational AI Market
Figure 3. Conversational AI market – Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Conversational AI market Revenue (US$ Million), 2021–2031
Figure 6. Conversational AI market Share (%) – by Component (2023 and 2031)
Figure 7. Platform: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Service: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Conversational AI market Share (%) – by Type (2023 and 2031)
Figure 10. Chatbots: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Intelligent Virtual Assistants: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Conversational AI market Share (%) – by Deployment Type (2023 and 2031)
Figure 13. On-Premise: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Cloud: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Conversational AI market Share (%) – by Industry (2023 and 2031)
Figure 16. Retail and E-commerce: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Healthcare and Life Sciences: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Travel and Hospitality: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. BFSI: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. IT and Telecom: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Media and Entertainment: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Others: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Europe Conversational AI Market, by Key Countries - Revenue (2023) (US$ Million)
Figure 24. Europe: Conversational AI market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 25. France: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. Germany: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. United Kingdom: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 28. Italy: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 29. Russia: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 30. Rest of Europe: Conversational AI market – Revenue and Forecast to 2031 (US$ Million)
Figure 31. Company Positioning & Concentration
- 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
- SAP SE
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