Conversational AI Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Global Conversational AI Market: Overview
The global conversational AI market is gaining traction, owing to the convenience it provides to the customer in delivering personalized communication. Conversational AI includes computerized programs for conducting a conversation via textual or auditory methods. Such Artificial intelligence and computer programs are mostly designed to convincingly simulate humans’ behaviors as a conversational partner, therefore passing the Turing test. Conversational AI is typically used in various dialog systems for several practical purposes such as information acquisition or customer service. All such advantages are driving the global conversational AI market.
From the perspective of applications, the global conversational AI market is segmented into chatbots, messaging apps, digital/personal assistants, and voice search. Among these applications, the personal assistants segment accounts for the largest share and is expected to boost the global conversational AI market during the forecast period. This is because of the rising demand for open conversations as well as contextualization at the same time. Many enterprises are now leveraging AI technology through using a combination of NLU and ML, which helps in training the assistants with unique business data and industry-specific knowledge. Such USPs are fueling growth in the global conversational AI market.
Global Conversational AI Market: Notable Developments
Some of the recent developments that may influence the contours of the conversational AI market in a big way are:
Key players operating in the global conversational AI market include Baidu, Nuance, Oracle, Microsoft, Google, SAP, and Haptik.
Global Conversational AI Market: Key Growth Dynamics
Rising Demand for AI-powered Customer Support Services to Boost Market’s Growth
The biggest strength of conversational AI lies in their potentiality to carry out human-like conversations. Conversational AI interfaces help people in finding places to eat, looking for gift recommendations, checking status of order, and also the ways for resolving a problem associated with the recently brought products. Due to all such advantages, conversational AI is becoming more ubiquitous day by day. Such factors are boosting the global conversational AI market. Along with this, rising demand for AI-powered customer support services, and growing need for Omni-channel deployment are also fueling growth in the global conversational AI market.
Furthermore, rising demand for easy-to-use, scalable, and cost-effective conversational AI solutions from various organizations, and growing need for reducing chatbot development cost are the factors majorly propelling expansion in the global conversational AI market. Along with all these, rapid proliferation rate of human-machine interactions in natural languages, rising need for efficient regular messaging, and growing demand for voice assistants are also fueling growth in the global conversational AI market.
Poor Communication Quality May Hinder Market’s Growth
High costs of the products, risk associated with malfunctioning electronic devices, and poor communication quality are the major challenges in the global conversational AI market which are hampering growth of the market. Nonetheless, such deterrents may not impact the momentum expected in the global conversational AI market in the near term.
Global Conversational AI Market: Regional Outlook
Geographically, North America is expected to lead the global conversational AI market as the region has seen rapid technological advancements. Rising investments for enhancing AI and ML technologies, rapid adoption of conversational AI, and increasing governments’ investments on AI-based technologies are also responsible for fueling growth in the conversational AI market I this region.
The study presents reliable qualitative and quantitative insights into:
The regional analysis covers:
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
Highlights of the report:
Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.
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