Conversational AI Market Overview
The Conversational AI Market research identifies industry-specific challenges, opportunities, and technological advancements that can help Conversational AI key competitors increase revenue and growth. Market research Conversational AI covers present and emerging trends that are influencing the development of the market for which the data was collected by using primary and secondary research methods.
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Conversational AI Market Report Scope and Research Methodology
The report provides a detailed analysis of the Conversational AI market size and share at global and regional levels. It covers the Conversational AI market's most recent revenue and trends. It provides Conversational AI market overview, definition, and structure, as well as preventative and pre-planned management. Geographically, the report is segmented into several key countries, with market size, growth rate and import and export of Conversational AI market. It focuses on the factors that affect the Conversational AI market, such as gross margin, cost, market share, capacity utilization, and supply. The report provides an analysis of the major players in the Conversational AI market in terms of their size, share, growth, revenue, production volume, and profitability. The research includes the growth strategies that are being used by Conversational AI key players, including strategic alliances and so on. The competitive landscape is a significant feature of the Conversational AI industry that all key stakeholders in the industry look for.
Conversational AI Market Regional Insights
In the regional and country sections, a detailed analysis of the factors influencing the Conversational AI market growth and changes in market regulation that impact current and future market trends are also discussed. Consumption quantities, manufacturing sites and volumes, import-export analysis, price trend analysis, cost of raw materials, and downstream and upstream value chain analysis are some of the major indicators used to forecast Conversational AI market conditions for each country.
Conversational AI Market Segmentation
The Solutions category dominated the global Conversational AI Market in 2022, accounting for nearly 50% of the market by component, and is predicted to continue dominating the market at the end of the forecast period. Professional services and Managed services segments are anticipated to increase quickly during the projected period. Large-scale adoption of internal conversational AI technology by enterprises is attributed to the segment's overwhelming share. AI-enhanced support options may offer users system availability and round-the-clock assistance, enabling businesses to deliver dependable customer service. As a result, the populace is impressed, and demand gradually rises. The services are necessary for conversational AI systems to function well. The variety and richness of human languages contribute to the frequent difficulty of human relationships.
In terms of revenue, the chatbots segment accounted for around half of the market in 2022, and it is anticipated that it would continue to dominate for the duration of the forecast period.
This is as a result of its ability to significantly improve customer service. The majority of their use is for data collection. Customers can communicate with chatbots to set up appointments, request information, or obtain clarification on any service or product. Digital assistants and chatbots with limited user-personalized features are being produced by a variety of conversational AI service providers in the market. As an illustration, Astro (a special and distinctive sort of robot) was unveiled in September 2022. It is made to help clients with responsibilities like keeping in touch with home and family monitoring.
Because the retail and e-commerce sectors would better serve clients by employing persuading, illustrative, and intelligent conversational AI tools and strategies, the segment for retail and e-commerce is anticipated to rise quickly during the projected period. Based on a number of variables, including the usage of AI chatbots in the financial and banking services business, which are used to help customers make secure payments and participate in conversation, it is predicted that the BFSI category would grow significantly during the projected period. Sending notifications directly to clients and banks in the event of any suspected fraud is likely to occur, as well as supporting staff members who engage in challenging tasks, are a few more components.
1 Global Conversational AI Market, by Component (2022-2029)
• Solutions
• Services
• Professional Services
2 Global Conversational AI Market, by Type (2022-2029)
• Chatbots
• Intelligent Virtual Assistants (IVA)
3 Global Conversational AI Market, by Deployment Mode (2022-2029)
• Cloud
• On-premises
4 Global Conversational AI Market, by Technology (2022-2029)
• ML and Deep Learning
• Natural Language Processing (NLP)
• Automatic Speech Recognition (ASR)
5 Global Conversational AI Market, by Vertical (2022-2029)
• Banking Finance Services and Insurance (BFSI)
• Healthcare and Life Sciences
• IT and Telecom
• Retail and eCommerce
• Travel and Hospitality
• Media and Entertainment
• Automotive
• Others (government, education, energy and utilities, and manufacturing)
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Conversational AI Market Key Players
1. Google
2. Microsoft
3. Amazon Web Services, Inc.
4. IBM
5. Oracle
6. Nuance Communications, Inc.
7. FIS
8. SAP SE
9. Artificial Solutions
10. Kore.ai, Inc.
11. Avaamo
12. Conversica, Inc.
13. Jio Haptik Technologies Limited
14. Rasa Technologies Inc.
15. Solvvy
16. Pypestream Inc.
17. Kasisto
18. Cognigy
19. Baidu, Inc.
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Key Questions answered in the Conversational AI Market Report are:
- What is Conversational AI?
- What is the CAGR of the Conversational AI market during the forecast period?
- What is the expected Conversational AI market size by 2029?
- Which segment held the largest Conversational AI market share in 2022?
- What is the competitive scenario of the Conversational AI market?
- What are the main factors driving the growth of the Conversational AI market?
- Which region has the maximum Conversational AI market share?
- Who are the major players in the Conversational AI market?
Key Offerings:
- Market Overview
- Market Share
- Market Size
- Forecast by Revenue | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by segments, sub-segments and region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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