Conversational AI Market Research Report


Conversational AI Market

Conversational AI Market is predicted to touch USD 20,418 Million by 2027, registering a CAGR of 21% over the forecast period, owing to the reduced chatbot development expenses.

Request For a FREE Sample Report on Conversational AI Market

One of the major factors strengthening the conversational AI market includes the growing awareness about its remarkable features such as round the clock customer service, improved efficiency, better experience to customers with lower operational costs. Increasing adoption of AI-driven customer support services across BFSI, travel and hospitality, and retail & e-commerce has bolstered the market size. Other factors including ongoing technological innovation, accelerating internet penetration, and increasing investment in incorporating AI solutions are other drivers propelling the market growth. However, inadequate awareness regarding the benefits of technology might curb the Conversational AI Market share

By type, the Chatbots segment is predicted to expand at a higher CAGR over the forecast period. The growing emphasis towards developing self-learning chatbots to provide continuous customer support at a lower cost has driven the segment’s growth. Moreover, as per the Conversational AI Market forecast, with the growing focus on improving customer involvement across different channels, the adoption of chatbots has increased.

By technology, the Machine Learning & Deep Learning segment is expected to hold a larger share over the forecast period, owing to the continuous technological advancement. Further, the technology can manage multi-dimensional data without any human intervention and better reliability.

By region, the North America region is forecast to surge at a higher CAGR over the coming years, owing to the ongoing advancements and the existence of leading manufacturers. Furthermore, the Conversational AI Market research projects that government across the nation has enforced various initiatives to encourage the adoption of AI, thereby fueling the market growth.

Leading players in the market include Google, IBM Corporation, Microsoft, Amazon Web Services, Inc., Nuance Communications, Inc., SAP SE, Baidu, Kore.ai, Inc., Oracle, and Artificial Solutions, among others.

Key Developments:

In 2019, Microsoft developed a dialogue generative pre-trained transformer (DialoGPT); a pre-trained deep learning NLP model with the potency of automatic conversation response generation.

In 2020, Nuance Communications, Inc. innovated NuanceMix, an open enterprise-grade, software-as-a-service tooling suite used to generate advanced conversational experiences that power the IVR & VA with the cloud-agnostic conversational AI of the company.

Conversational AI Market Segmentation:

Conversational AI Market by Component

·         Services

o   Systems Integration & Deployment

o   Training & Consulting

o   Support & Maintenance

·         Platform

Conversational AI Market by Type

·         Chatbots

·         Intelligent Virtual Assistants

·         Global Conversational AI Market by Technology

·         Natural Language Processing

·         Machine Learning & Deep Learning

·         Automated Speech Recognition

Conversational AI Market by Deployment Mode

·         On-Premises

·         Cloud

Conversational AI Market by Application

·         Personal Assistant

·         Customer Support

·         Customer Engagement & Retention

·         Branding & Advertisement

·         Data Privacy & Compliance

·         Onboarding & Employee Engagement

·         Others

Conversational AI Market by Vertical

·         Retail & Ecommerce

·         BFSI

·         Travel & Hospitality

·         Healthcare & Life Sciences

·         Media & Entertainment

·         Telecom

·         Others

Conversational AI Market by Region:

·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         North America

o   United States of America

o   Canada

·         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

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to inv
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B
Read more