Kenneth Research has published a detailed report on Conversational Artificial Intelligence (AI) Market, which has been categorized by market size as well as growth indicators, and further encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2021-2025.
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In the statistics by Eurostat, the total value of the ICT sector including manufacturing and services of ICT in Europe, was estimated to be more than EUR 475 billion in the year 2017. Out of these, the ICT services sector accounted for the largest share. Moreover, the ICT services sector is predicted to be ten times larger than that of ICT manufacturing. On the other hand, the ICT services consist of computer programming, consultancy and related activities, along with telecommunication activities, out of which the former held about 49.1% share while the latter held around 30.3% share in the year 2017. These factors are estimated to impact positively towards the growth of the market in the next few years.
The primary way of communication has changed drastically since the past few years. From face to face communication to communicating over calls, technology has brought us in the age of AI that enables the communication between machines and humans. In addition, the growing adoption of smartphones messaging and social media applications are also growing which are in turn fuelling the demand for chatbots. Moreover, the conversational AI platform comprises technologies that allow machines to understand human languages in the form of text, gesture, and speech.
The personal assistant application to grow at the highest rate during the forecast period
Conversational AI plays a crucial role in personal assistant. Personal assistants are capable of comprehending open conversations while contextualizing them to a particular case or scenario. Enterprises are leveraging AI technology by utilizing a combination of ML and NLU which enables the assistants to be trained with industry-specific knowledge and unique business data for a faster time to market
Growing demand for AI-powered customer support services
Growing demand for AI-powered customer support services is amongst the major factors supporting the growth of the global conversational AI market. With the combination of conversational AI solutions such as chatbots, IVA and IVR has enabled in the adoption of automated customer support services. The deployment of AI-enabled conversational tools engages customers, gather relevant information about them, before redirecting it to a human agent, which results in enhancing work efficiency and create a personalized experience for the user. It also assists users in taking better decisions related to the purchase of product or service.
Based on Type
Based on Technology
ML and Deep Learning
Based on Components
Training and Consulting
System Integration and Testing
Support and Maintenance
Based on Deployment Mode
Based on Applications
Branding and Advertisement
Customer Engagement and Retention
Data Privacy and Compliance
By Regional Ananlysis
*Rest of Europe
*Rest of Asia-Pacific
*Rest of LATAM
Middle East & Africa
*Rest of MEA
The conversational AI market is fragmented in nature, owing to the presence of established players including Microsoft Corporation, International Business Machines Corporation, SAP SE, Oracle Corporation, Google LLC, Nuance Communications Inc., Haptik Inc., Conversica Inc., Amazon.com Inc., and Baidu Inc. The market also consists of regional players such as Avaamo Inc., Creative Virtual Ltd., Inbenta Technologies Inc., Artificial Solutions International AB, Kore.ai Inc., and Solvvy Inc.
The Information and Communications Technologies (ICT) sector in Canada consists of more than 41,500 companies, out of which, over 37,000 companies come under the category of software and computer services industries. Hence, around 89.8% of key players in the ICT industry are involved in software and computer services, 4.5% companies are in ICT wholesaling, 3.4% in communications services and the remaining 2.2% companies are involved in ICT manufacturing in the country, as per the Canadian ICT Sector Profile released by the Government of Canada in 2018.
Reasons to Purchase this Report
* Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
* Provision of market value (USD Billion) data for each segment and sub-segment
* Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
* Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
* Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
* Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
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