Conversational AI Market size, share

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Conversational AI Market size, share

The factors driving the growth of Conversational Market includes growing demand for chatbots and AI-Powered Customer Support Services in end use industries

Conversational AI Market

Conversational AI Market is expected to reach USD 20,418 Million by 2027, expanding at a higher CAGR of 21% over the forecast period.

The factors driving the growth of Conversational Market includes growing demand for chatbots and AI-Powered Customer Support Services in end use industries such as banking, Hospitality, retail & E-commerce along with increasing investment on Research and development for enhancing the overall customer experience. The increasing government expenditure on Artificial Intelligence to enhance the growth of specific sectors in the economy, for instance, France in 2017, developed its National AI Strategy, AI strategy, “AI for Humanity” and plans to invest €1.5 billion to disseminate the importance of Artificial Intelligence in the economy and society, will boost the growth of Global Conversational AI Market.

Conversational AI provides several benefits such as information accuracy and time efficiency, Contactless Customer Experience and Conversational AI can record consumer preferences, current weather and provides businesses the best upsell strategies to increase their profits. India-based food delivery company Swiggy became the fifth startup in India to reach decacorn status, within the month of launching the chatbot, Swiggy was able to solve 10% of all customer queries and expecting to increase it by 25% over the coming few months.

Some of the prominent players operating in the market are Kore.ai Inc., Artificial Solutions, Amazon Web Services Inc., Nuance Communications Inc., Amazon Web Services Inc., Nuance Communications, Inc., Microsoft, Google, Baidu, Oracle, and Baidu among others.

Type: Segment Analysis

Based on the type, the Chatbots segment is anticipated to expand at a faster CAGR over the forecast period. The growing use of Chatbots in end use industries such as E-commerce, Medicines, and Real Estate and its ability to provide 24*7 customer support at a low cost are some of the factors supplementing the growth of the segment.

Technology: Segment Analysis

Based on the technology, the Machine Learning & Deep Learning segment is projected to grow at a faster CAGR during the forecast period. Machine Learning & Deep Learning eliminates human intervention and enhances reliability and provides increased consistency to its users, are some of the factors augmenting the growth of the segment.

Region: Segment Analysis

Based on the region, the North America region is anticipated to grow at a faster CAGR over the forecast period. The growing demand for customer support services for retaining customers, rising demand for technologies such as AI and Machine Learning in private and public sectors and increasing Government Initiatives to disseminate the awareness of Artificial Intelligence in the society, are some of the factors increasing the Conversational AI Market Share in the region.

Market Segmentation:

Global Conversational AI Market by Component

• Services

• Systems Integration & Deployment

• Training & Consulting

• Support & Maintenance

• Platform

Global 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

Global Conversational AI Market by Deployment Mode

• On-Premises

• Cloud

Global Conversational AI Market by Application

• Personal Assistant

• Customer Support

• Customer Engagement & Retention

• Branding & Advertisement

• Data Privacy & Compliance

• Onboarding & Employee Engagement

• Others

Global Conversational AI Market by Vertical

• Retail & Ecommerce

• BFSI

• Travel & Hospitality

• Healthcare & Life Sciences

• Media & Entertainment

• Telecom

• Others

Global 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

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