Conversational AI Market Overview
The worldwide Conversational AI Market size is registered to acquire a CAGR of 30.32% by the end of the year 2024. Further, this market has estimated to achieve approximately USD 15.82 billion throughout the forecast period of 2019 to 2024.
Artificial intelligence is capable of interacting with devices, websites, and applications that are increasing the global market demand among various business sectors. Moreover, the social media platforms like Facebook, Twitter,Instagram, and telegram have higher adoption of AI, which is fueling the Conversational Artificial Intelligence (AI) market growth.
Presently, conversational AI services have very limited support over languages, but the global market has aimed to engage the regional AI conversational support in the upcoming years. This will attract many vendors and end-users to enhance the demand of the conversational AI market. However, the lack of awareness about conversational AI technology in various parts of the world might affect the global market growth in the forecast period.
The worldwide Conversational Artificial Intelligence (AI) market report explains that the segmental growth of the market depends upon various segments such as types, web-based, organizational size, components, technology, verticals, and functions.
On the basis of type segment, the present market has been divided into chatbots and intelligent virtual assistants.In terms of the web-based segment, the current market has been categorized into web-based, telephonic, and app-based.Depending on the organization size segment, the worldwide market has been segregated into small-scale and large-scale organizations.
The global market has been segmented based on various components such as services, training, implementation, solutions, support, consulting, and maintenance.On the basis of the technology segment, the current market has been divided into MI, AI, and deep learning. Based on the vertical segment, the global market has been segmented into automotive, retail, travel, media and entertainment, and hospitality.Based on the function segment, the global Conversational Artificial Intelligence (AI) market has been classified into HR, sales, and IT.
Recently, the prominent market player Google has developed its conversational artificial intelligence market where it has ensured to integrate AI and ML technology. Apart from these, the major key players are working on voice recognition and conversational artificial intelligence that can result from increasing the expansion and higher development of the market.
Regionally, the Conversational Artificial Intelligence (AI) market is dividing the regions into North America, Asia Pacific, Europe, and the rest of the world.
The global market share is highly acquired by the North American region, which is dominating the global market due to the high requirement for quality customer service. Moreover, the demand for conversational artificial intelligence services is increasing among the e-commerce sectors, which is fueling regional market growth.
Furthermore, the Asia Pacific market is considered to generate the highest market growth during the forecast period. This regional market is expanding because of the increasing adoption of conversational AI in social media and increasing Bops and customer services in the region. Apart from these regions, the European market has been growing profitably throughout the research period due to the rising demand for conversational AI among SMEs.
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