Conversational Artificial Intelligence (AI) Market-Overview
The application of chatbots to extend improved customer support services is projected to spur the conversational AI market 2020. The AI & analytics reports are produced by Market Research Future, which contains market alternatives for progress. A CAGR of 30.32% is estimated to drive the earnings to USD 15.82 billion by 2024.
The intensifying investments in advance of conversational AI-powered voice-based solutions by important players are projected to transform the growth potential of the market for conversational AI. The improvement in the use of business-to-business applications is predicted to bolster the conversational AI market share in the forecast period.
The segmental evaluation of the conversational AI market is conducted on the basis of service, type, technology, deployment, component, organization size, application, and vertical. The service-based segmentation of the conversational AI market consists of support and maintenance, system integration and deployment, training, and consulting. The vertical, based segmentation of the conversational AI market consists of healthcare, BFSI, media and entertainment, IT & telecommunications, retail and e-commerce, automotive, and others. The type-based segmentation of the conversational AI market consists of intelligent virtual assistants and chatbots. The technology-based segmentation of the conversational AI market consists of machine learning and deep learning, natural language processing, and automated speech recognition. The deployment based segmentation of the conversational AI market consists of cloud and on-premise. The component-based segmentation of the conversational AI market consists of service and platform. The organization size based segmentation of the conversational AI market consists of large enterprises and SMEs. The application-based segmentation of the conversational AI market consists of customer engagement and support, personal assistants, branding and marketing, and others.
Detailed Regional Analysis
The regional assessment of the conversational AI market states that the North American region is accountable for the principal market share in terms of implementation and expansion of conversational AI solutions. Mounting investments in artificial intelligence technologies in terms of deep learning, machine learning, and natural language processing. The European region is credited to gain momentum due to the collective adoption of intelligent virtual assistants in nations in the region. The Asia-Pacific region is anticipated to accomplish the peak growth owing to the rising implementation of conversational AI solutions. The Middle East and African regions are expected to attain a substantial growth with the implementation of virtual assistants in nations such as Turkey, Oman, Saudi Arabia, and UAE.
The market state is attuned to the development of the contenders in the market. The presence of positive economic factors is estimated to guide the continual and fast-paced development of the market. The need to conserve and optimize the output of resources is estimated to guide the expansion of the international market in the upcoming period. The progress of the market in the future is estimated to be triggered by the investments being funneled into the market at present. The need to innovate the product offerings of individual contributors is predicted to give leverage to boost the overall income power of the market. The simplification of the market processes is estimated to create further situations that lead to an increase in the growth momentum of the market. The employment of analytical tools is estimated to spur the enhancement of the products being distributed at a global scale in the market, to meet the specific requirements of the user demographic in a particular region.
The companies such as Oracle Corporation, Nuance Communications, Baidu Inc., SAP SE, Facebook Inc., Google LLC, Artificial Solutions, Amazon Web Services, Avaamo Technologies Pvt Ltd., Conversica Inc., Haptik, Microsoft Corporation, IBM Corporation, Solvvy, Pypestream, and Creative Virtual Ltd. are estimated to contribute significantly in the coming years.
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