A new comprehensive research Study is added in Data Bridge Market research’s database of 350 pages, titled as “Conversational Artificial Intelligence (AI) Market”. All the data and information, especially numerical data, involved in this market report has been represented very well in the form of graphs, charts or tables for the better understanding of users. This report serves the clients to tackle every strategic aspect including product development, exploring niche growth opportunities, product specification, application modelling, and new geographical markets. Few more data models employed for the research methodology are merchant positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, thorough analysis and vendor share analysis. A team of skilled analysts, statisticians, research experts, enthusiastic forecasters, and economists work painstakingly to structure such a great market research report for the businesses seeking a potential growth. We create Strategic reports with the help of very loyal sources such as journals, newspapers, company websites and annual reports of the companies have been referred to collect the data which can be relied upon confidently. This Conversational Artificial Intelligence (AI) report also gives explanation about strategic profiling of key players in the market, systematic analysis of their core competencies, and provides a competitive landscape for the market.
Global conversational artificial intelligence (AI) market was valued at USD 6.77 billion in 2021 and is expected to reach USD 37.94 billion by 2029, registering a CAGR of 24.04% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Key Players Mentioned in the Conversational Artificial Intelligence (AI) Market Research Report:
Google, LLC (U.S.)
Microsoft (U.S.)
IBM (U.S.)
Amazon Web Services, Inc. (U.S.)
Baidu (China)
Oracle (U.S.)
SAP SE (Germany)
FIS (U.S.)
Artificial Solutions (Sweden)
Kore.ai, Inc. (U.S.)
Conversica, Inc. (U.S.)
Inbenta Holdings Inc. (U.S.)
Creative Virtual Ltd. (U.S.)
SoundHound AI, Inc. (U.S.)
Avaamo (U.S.)
Jio Haptik Technologies Limited (U.S.)
Solvvy (U.S.)
Cisco Systems, Inc. (U.S.)
Kasisto (U.S.)
Gupshup (U.S.)
Recent Developments
- Vertex AI, a managed machine learning (ML) platform that enables businesses to expedite the development and maintenance of artificial intelligence (AI) models, will be generally available starting in March 2021, according to Google Cloud.
- Microsoft said in April 2021 that it would buy Nuance Communications, a leader in AI-based technologies, for USD 19.7 billion in an all-cash deal. Microsoft's voice recognition and transcription technology capabilities will be enhanced with the acquisition of Nuance.
- In September 2021, Astro will be released as a brand-new and distinctive type of robot that can assist users with various duties, including home monitoring and staying in touch with loved ones.
Conversational Artificial Intelligence (AI) Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- The trend of AI-powered customer support services
Growing awareness about the benefits of virtual robots and AI-powered chatbots to maximize the customer satisfaction and engagement rates, streamline the business processes and gain deeper business insights is positively influencing the market growth rate. Further, the integration of natural language processing and automated speech recognition technologies will spread positive word of mouth in the global territories.
- Growth and expansion
Growth and expansion of various end-user verticals such as banking, financial services, and insurance, retail and e-commerce, healthcare and life sciences, travel and hospitality, telecom, media and entertainment and others is fostering the market growth rate. Increased focus of these industries towards improving the customer care services will carve down greater opportunities.
Furthermore, the factors such as rising urbanization, industrialization and mounting need to extract in-depth insights from growing volumes of data and achieve benchmarking during the forecast period are some other important market drivers. Additionally, rising investment by the enterprises on integrated technologies combined with reduced costs for chatbots development are anticipated to drive the market's growth rate.
Opportunities
- Rising adoption of advanced technologies
It is projected that a new form of communication will develop as a result of the rapid uprooting of current mobile and web services by speech-based and AI-powered messaging apps. Chatbots and other digitalized platforms are used in conversational artificial intelligence to provide clients with a platform where they can solve their problems and communicate with virtual assistants.
- Increasing trend of digitalization
Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market. The rising number of BPOs, increased penetration rate of smartphones and other consumer electronics and complete digitization of operations will also work in favor of the market.
Restraints/Challenges
- Accuracy issues and concerns
Lack of accuracy in virtual assistants and chatbots will prove to be the biggest challenge for the market. Technical failure and accuracy problems are common with low cost or cheap chatbots. Chatbots and virtual assistants will take some time to attain the desired level of accuracy as these can only reply to certain queries of the customer with the information stored in the database.
- Lack of awareness and technical expertise
The dearth of expert knowledge and technical expertise and lack of awareness, especially in underdeveloped economies will create hurdles for the market regarding the smooth growth in the market value. For instance, India and Brazil are the two countries that use cell phones the most, yet they are less aware of the advantages of technology than industrialized nations like Europe and North America are. Furthermore, according to a recent HubSpot poll, only 37% of consumers are aware of AI.
This conversational artificial intelligence (AI) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the conversational artificial intelligence (AI) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
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The top notch Conversational Artificial Intelligence (AI) Market document provides essential information, objective insights regarding international market trends and leads, competitor analysis, and much more. All the teams involved in formulating this market research report including consultants, market researchers, and data providers work hand-in-hand to generate more insightful data. This business report provides industry players with crucial support to expand their customer base within diverse market spaces. In Conversational Artificial Intelligence (AI) Market research report, traditional research methodologies are supplemented with innovative approaches to offer evidence-based insights.
Based on types, the Conversational Artificial Intelligence (AI) Market Segmentations
Component
- Platform
- Services
- Training and Consulting
- Support and Maintenance
- Deployment and Integration
Type
- Intelligent Virtual Assistants
- Chatbots
Technology
- Machine Learning and Deep Learning
- Natural Language Processing
- Automated Speech Recognition
Deployment Model
- On-Premises
- Cloud
Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
Application
- Customer Support
- Personal Assistant
- Branding and Advertisement
- Customer Engagement and Retention
- Onboarding and Employee Engagement
- Data Privacy and Compliance
- Others
Business Function
- Sales and Marketing
- Finance
- HR
- Operations
- IT Service Management
Mode of Integration
- Web-based
- App-based
- Telephonic
End User
- Banking, Financial Services, and Insurance
- Retail and Ecommerce
- Healthcare and Life Sciences
- Travel and Hospitality
- Telecom
- Media and Entertainment
- Others
Global Conversational Artificial Intelligence (AI) Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2022-2029):
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Spain etc.)
Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
South America (Brazil, Argentina and Colombia etc.)
Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)
The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Conversational Artificial Intelligence (AI) Market : Key Questions Answered in the Report:
-How has the rapidly evolving business environment become an important growth engine for the Conversational Artificial Intelligence (AI) market?
-What are the underlying macroeconomic factors that impact the growth of the Conversational Artificial Intelligence (AI) market?
-What are the key trends that constantly shape the growth of the Conversational Artificial Intelligence (AI) market?
-What are the prominent regions that offer abundant opportunities for the Conversational Artificial Intelligence (AI) market?
-What are the key differential strategies adopted by key players to control a significant part of the global market share?
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The report also tracks the latest market dynamics, such as driving factors, restraining factors, and industry news like mergers, acquisitions, and investments. It provides market size (value and volume), market share, growth rate by types, applications, and combines both qualitative and quantitative methods to make micro and macro forecasts in different regions or countries.
Benefits:
- This research offers a comprehensive analysis of current trends, projections, and dynamics for the years, with the goal of assisting in the identification of current market opportunities.
- The individual market revenue of the major countries in each area is mapped.
- The research examines the Conversational Artificial Intelligence (AI) market circumstances on a regional and country-by-country basis.
- The Conversational Artificial Intelligence (AI) market’s major participants have been identified.
- To understand the competitive environment across geographies, this study assesses the competitive landscape and conducts a value chain analysis.
- An in-depth analysis of the Conversational Artificial Intelligence (AI) market’s segmentation within the market has been offered, which is predicted to aid in the current market opportunities.
Table of Contents
- Part 01: Executive Summary
- Part 02: Scope of the Conversational Artificial Intelligence (AI) Market Report
- Part 03: Global Conversational Artificial Intelligence (AI) Market Landscape
- Part 04: Global Conversational Artificial Intelligence (AI) Market Sizing
- Part 05: Global Conversational Artificial Intelligence (AI) Market Segmentation By Product
- Part 06: Five Forces Analysis
- Part 07: Customer Landscape
- Part 08: Geographic Landscape
- Part 09: Decision Framework
- Part 10: Drivers and Challenges
- Part 11: Market Trends
- Part 12: Vendor Landscape
- Part 13: Vendor Analysis
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