Just AI has conducted a study and made a forecast about the development of the conversational AI market until 2025. The value of the Russian market in 2020 was estimated at $44 million, or $76 million, taking into account government contracts. The industry is growing by 46-93% year-over-year, the total growth since 2015 is estimated at 1288%. According to Just AI forecasts, by the end of 2021 the market will reach $80 million, or $120 million, taking into account government contracts. In the next five years the industry will maintain growth rates of 38-81% and in 2025 the industry will reach $561 million (not taking into account government contracts).

In the structure of the Speech Technology Center’s annual revenue of one billion rubles more than 80% is the income from government contracts. Just AI with a revenue of 500 million rubles focuses on NLP/NLU/DM-platforms, No-code/Low-code constructors and custom voice assistants. The group of companies with an annual revenue of 200 million rubles includes Yandex.Cloud (speech technologies), 3iTech (solutions for the public sector, speech technologies and speech analytics platforms) and ATS Aero (solutions for the public sector, outgoing telephone communications).

Speech technologies (speech synthesis and recognition, voice cloning, speech biometrics, voice activation) and NLP (natural language processing) platforms were the largest segments in the market in 2020. Solutions for business and NLP platforms grew the fastest in 2020.

According to Just AI forecasts, in five years half of the Russian market will be occupied by conversational AI solutions targeted at certain business tasks and industries, for example, voice search in the catalog for retail, virtual assistants for housing and utility services and chatbots for hotels. They will grow by 100-120% annually, and experts in medicine, HoReCa, e-commerce, tourism, and the beauty industry are already showing interest in such solutions.

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