Conversational AI Market Research Report

 

Growth Opportunities in the global conversational AI market look promising over the next six years. The strong demand for AI-powered customer support services and chatbots in several industries and the growing penetration of social media platforms across various nations are the key factors driving the growth of the global conversational AI market.

Introduction of the Conversational AI Market:

Conversational AI refers to technologies that allow the computers to understand, process, and respond to the text or voice inputs in natural ways. Conversational AI includes technologies behind speech-enabled or automated messaging applications, which communicate like human beings. The main use in aggregation with intelligent virtual assistants or chatbots. It offers a straightforward and direct pipeline for addressing the concerns, reaches the goals, and sorting the customer's problems.

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Conversational AI Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

The strong demand for AI-powered customer support services and chatbots across several industries, such as financial service, banking, travel and hospitality, retail & eCommerce, insurance, and other sectors, are the major factors surging the demand of the global conversational AI market size in the upcoming years. Various R&D activities and technological advancements for the conversation of AI solutions to improve the service offering to improve customer experience is bringing numerous growth opportunities in the market. According to conversational AI market research, the government across several countries have been widely investing in integrating AI capabilities or solutions in their environment. The growing penetration of social media platforms across various nations is one of the emerging conversational AI market trends in 2020, that is driving the market growth during the forecast period.

The conversational AI provides remarkable benefits, including easy scalability, improved customer experience & agent efficiency, 24/7 customer service, optimized data collection, and decreases operational cost. The recent outbreak of the COVID-19 pandemic has increased the demand for conversational AI. The constant lockdown across several nations and the increasing focus on staying inside the home have eventually reduced the number of working people, particularly BPOs. The emerging demand for customer service assistance in hospitals, banks, and civil bodies is directly propelling the demand of the market. On the other hand, the factors hampering the growth of the market include limited knowledge associated with technology and its benefits.

Key Players of the Global Conversational AI Market:

·        Microsoft

·        Google

·        IBM Corporation

·        Amazon Web Services, Inc.

·        Nuance Communications, Inc.

·        Oracle

·        SAP SE

·        Baidu

·        Kore.ai, Inc.

·        Artificial Solutions

Conversational AI Market Segmentation:

Segmentation by Component:

·        Services

o    Systems Integration & Deployment

o    Training & Consulting

o    Support & Maintenance

·        Platform

Segmentation by Type:

·        Chatbots

·        Intelligent Virtual Assistants

Segmentation by Technology:

·        Natural Language Processing

·        Machine Learning & Deep Learning

·        Automated Speech Recognition

Segmentation by Deployment Mode:

·        On-Premises

·        Cloud

Segmentation by Application:

·        Personal Assistant

·        Customer Support

·        Customer Engagement & Retention

·        Branding & Advertisement

·        Data Privacy & Compliance

·        Onboarding & Employee Engagement

·        Others

Segmentation by Vertical:

·        Retail & Ecommerce

·        BFSI

·        Travel & Hospitality

·        Healthcare & Life Sciences

·        Media & Entertainment

·        Telecom

·        Others

Segmentation by Region:

·        North America

o   United States of America

o   Canada

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.

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