Conversational AI is a technology that allows users to use their voice to have conversations with applications, devices and computer interfaces. Put another way, it is what allows us to use natural language to interact with intelligent assistants, chatbots and smart speakers.
Natural Language Processing (NLP) is an application of Artificial Intelligence that enables computers to process and understand human language. Recent advances in machine learning, and more specifically its subset, deep learning, have made it possible for computers to better understand natural language.
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 Global Conversational AI Market are Google LLC, Microsoft, Amazon Web Services, IBM Corporation, Oracle, Nuance Communications, Baidu, SAP SE, Artificial Solutions, Kore.ai, Inc., Avaamo, Conversica, Inc., Haptik, Inc., Rasa Technologies Inc., Solvvy, Pypestream Inc., Inbenta Technologies Inc., Rulai, Creative Virtual
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DBMR team is focused on understanding client’s business and their needs so that the finest market research report is delivered to the client for a potential growth and success. In addition, The Conversational AI marketing research report helps in planning by providing accurate and state-of-the-art information about the consumer’s demands, their buying preferences, attitudes and their changing tastes about the specific product. The report focuses on specific stock, currency, commodity and geographic region or country. This Conversational AI market research report serves the clients by providing data and information on their business scenario with which they can stay ahead of the competition in today’s rapidly changing business environment.
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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.
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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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