Higher demand for AI-powered customer support services and the increasing number of technological advancements for the conversion of AI solutions are the two major factors that are contributing to the growth of the conversational AI market.
Dublin, Ireland – July 10, 2020 /MarketersMedia/ —
The conversational AI market is projected to experience strong demand over the forecast period due to the accelerating demand for AI-powered customer support services and chatbots across several industry verticals such as healthcare. Additionally, various research & development activities and continuous technological advancements for the conversation of AI solution to improve the service offering for better customer experience is opening new doors for growth of the conversational AI market size. Moreover, the governments of numerous countries have been heavily investing in integrating AI capabilities or solutions in their environment. The combination of these factors, along with the growing penetration of social media platforms in various countries, are responsible for the expansion of the conversational AI market share in terms of revenue.
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According to the conversational AI market report, the conversational AI provides various remarkable advantages, such as improved customer experience & agent efficiency, easy scalability, optimized data collection, 24/7 customer service, and decreased operational cost. The rapid emergence of COVID-19 has boosted the demand for conversational AI. The strict lockdown in countries around the world and the increasing emphasis on staying at home have eventually reduced the number of working people, especially in the BPOs. The rapid increase in the demand for customer service assistance in banks, hospitals, and civil bodies is enhancing the demand of the market. On the other hand, the lack of awareness regarding technology will hamper market growth.
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On the basis of type, the chatbots segment is projected to emerge as the maximum revenue generating segment over the forecast period. This is attributed to the increasing adoption of chatbots among numerous industries due to the rising focus on enhancing customer engagement through the use of several channels. In addition to this, inclination towards the development of self-learning chatbots for improving the conversational experience and the ability of chatbots to offer 24*7 customer support at a reduced cost are further energizing the demand of the segment over the coming years.
Based on the technology, the machine learning & deep learning segment is expected to experience substantial growth over the forecast period. This is due to the increasing technological advancements and various advantages related to the use of this technology. The machine learning & deep learning technology provides numerous benefits such as the ability to handle multi-variety & multi-dimensional data, eliminates the need of human intervention, improved reliability, less requirement of data & computing power, and enhanced consistency.
On the basis of the region, North America is predicted to dominate the conversational AI market in the next six years. The key drivers boosting the conversational AI market size in this region are the increasing adoption of conversational AIs driven by the growing number of advancements and the presence of leading manufacturers in this region. Moreover, the increasing number of government initiatives to support the adoption of AI and the strong demand for machine learning and artificial intelligence technologies among the private & public sectors will further surge the market growth in this region. For example, The General Services Administration, Information Technology (ITC), and Federal Acquisition Service (FAS) have launched several acquisition solutions to procure augmented/automated intelligence products, professional services, and solutions.
The key players of the conversational AI market include Amazon Web Services, Inc., Baidu, Kore.ai, Inc., Nuance Communications, Inc., Oracle, Microsoft, Google, IBM Corporation, SAP SE, and Artificial Solutions, among others.
The research report on the conversational AI market provides an in-depth analysis of the market revenue based on component, type, technology, deployment mode, application, vertical, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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