The widespread North America Conversational AI Market analysis report is a historical overview and comprehensive study on the current & future market of the This industry. This business document puts forward s an in-depth evaluation of each crucial aspect of the worldwide market that relates to the market size, market share, market growth factor, key vendors, revenue, top regions, industry trends, product demand, sales volume, capacity, cost structure, and expansion in the market. North America Conversational AI Market study has been analyzed and takes into account the CAGR of the Market, valuation, volume, revenue including historical and forecast, sales (current and future), and other significant factors related to the global market.
The large scale North America Conversational AI Market analysis report performs market competition by top manufacturers, with respect to production, price, revenue (value) and each manufacturer. This report also provides an exhaustive analysis of geographical scenario of the This industry including detailed analysis of market scope, share, year on year development and opportunity analysis about the major regions. With this business research document, get answers to several market related queries such as what is the overall market size in 2022? Which region is expected to have a high demand for a product in the forthcoming years? What are the market openings for current and entry-level players?
The North America conversational AI market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 24.8% in the forecast period of 2021 to 2028 and is expected to reach USD 7,536.27 million by 2028. Increasing demand for AI-powered customer support services is boosting the requirement of conversational AI in the market.
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Key Players Mentioned in the North America Conversational 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.
North America Conversational 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 North America Conversational 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 North America Conversational 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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Based on types, the North America Conversational 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 North America Conversational 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.
North America Conversational AI Market : Key Questions Answered in the Report:
-How has the rapidly evolving business environment become an important growth engine for the North America Conversational AI market?
-What are the underlying macroeconomic factors that impact the growth of the North America Conversational AI market?
-What are the key trends that constantly shape the growth of the North America Conversational AI market?
-What are the prominent regions that offer abundant opportunities for the North America Conversational 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 North America Conversational AI market circumstances on a regional and country-by-country basis.
- The North America Conversational 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 North America Conversational 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 North America Conversational AI Market Report
- Part 03: Global North America Conversational AI Market Landscape
- Part 04: Global North America Conversational AI Market Sizing
- Part 05: Global North America Conversational 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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