Conversational AI is a type of artificial intelligence that enables the software to understand and interact with people naturally, using spoken or written the language. Since the invention of intelligent systems, hundreds and thousands of experts, linguists, and computer scientists have dedicated their work to promoting human-machine communication in natural languages. Even though the idea is finally around the corner with the expansion of private sector employees such as Siri, Alexa, Google Assistant, and Cortana, the development of these contacts is still difficult. and also many unanswered questions and challenges.
Global Conversational AI Market is expected to rise from its initial estimated value of USD 3.27 billion to an estimated value of USD 27.08 billion by 2026, registering a CAGR of 30.25% in the forecast period of 2019-2026.
Influencing players of Conversational AI Market are: Amazon Web Services, IBM Corporation, Oracle, Nuance Communications, Rasa Technologies, Baidu, SAP SE, Artificial Solutions, Kore.ai, Avaamo, Conversica, Haptik, Google LLC, Microsoft, Solvvy, Pypestream, Inbenta Technologies, Rulai, Creative Virtual
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The development rate assessed in this Conversational AI report by virtue of far reaching examination gives total information about the Conversational AI Market. The data has been presented in form tables, pie-charts, gathering of graphical portrayals, and figures which depict a clear picture of ABC industry. Furthermore, the report has a reasonable goal to identify key market players such as shareholders, manufacturers, suppliers, buyers and investors of the organization. It unequivocally offers an official synopsis of market advancement. In this way it turns out to be easy to figure out the obstacles and in uplifting profit statistics.
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- Less development cost of the chatbot is driving the growth of this market
- Technological advancement and development in the conversational AI is another factor driving the market.
- Less information about the conversational AI is restraining the market
- Lack of efficiency in chatbot is another factor restraining the growth of this market.
Table of Contents
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Product Conversational AI Market, By Type
7 Product Conversational AI Market, By Organization Size
8 Product Conversational AI Market Analysis, By Region
9 Competitive Landscape
10 Company Profiles
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Segmentation: Conversational AI Market
By Component (Platform, Services),
By Type (Intelligent Virtual Assistants, Chatbots),
By Technology (Machine Learning and Deep Learning, Natural Language Processing, Automated Speech Recognition),
By Deployment Mode (Cloud, On- Premises),
By Application (Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Onboarding and Employee Engagement, Data Privacy and Compliance, Others),
By Vertical (Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare and Life Sciences, Travel and Hospitality, Telecom, Media and Entertainment, Others),
By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
The global conversational AI market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of the conversational AI market for global, Europe, North America, Asia-Pacific and South America.
Key Developments in the Market:
- In March 2019, Boost.ai announced the launch of their new software which is specially designed to build, implement and operate the virtual agents to the U.S. The main aim is to create software that can improve the relationship between customer and business and help the customer to get the high level of accuracy. This new technology will be available on both on-premise deployments.
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