The global conversational AI market is anticipated to grow at a considerable CAGR of 20.5% during the forecast period (2021-2027). There are several growth opportunities that could be taken advantage by major companies to maximize the potential of the conversational AI market. One such key opportunity is to rise in integration of the existing conversational AI capabilities into advance AI capabilities. Several key market companies are building intelligent agents and services to perform integrated tasks with multiple other platforms that are using AI and NLP technology. To offer the user smart controls without touching and speech, companies are innovating the integration of AI and gesture control. The integrated technology can also be used in high noise disturbance environments or when the user’s tone and accent is unrecognizable.
Browse the full report description of "Global Conversational AI Market Size, Share & Trends Analysis Report by Type (Intelligent Virtual assistant (IVA) and Chatbot), by Mode of Integration (Web-based, App-based, and Telephonic), by Technology (Machine & Deep learning, Natural Learning Process (NLP), and Automatic Speech Recognition (ASR)), by Application (Customer Service, Personal Assistance, and Branding & Advertising), and by End-User (BFSI, Retail & E-Commerce, Healthcare, IT & Telecom, Media & Entertainment, and Others), Forecast 2021-2027" at https://www.omrglobal.com/industry-reports/conversational-ai-market
For instance, in February 2021, Anexinet Corp., which a leading provider of digital business solutions partnered with an IPsoft Company named Amelia. Amelia is an independent leader in enterprise AI. In conjunction with their licensed, innovative AI solution, the partnership enabled Anexinet to launch its newest kickstart: Conversational AI Strategy & Roadmap. This three-week program jumpstarts every organization’s ability to elevate their customer experience and streamline processes by replicating human behavior through advanced automation bots.
Furthermore, conversational AI only offers assistance in English language with a few additional languages in key company’s chatbots and virtual assistants. Thus, the global adoption of advance conversational AI would support creating chatbots and virtual assistants in regional language, further driving the growth of the market. For instance, in February of 2018, Google announced that their Google assistant would start supporting seven new languages. Additionally, the Google assistant will also provide support to 16 languages and new actions using Dialogflow.
Market Coverage
• The market number available for – 2020-2027
• Base year- 2020
• Forecast period- 2021-2027
• Segment Covered-
o By Type
o By Mode of Integration
o By Technology
o By Application
o By End-user
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- including Amazon Web Services Inc., Artificial Solutions International AB, Jio Haptik Technologies Ltd., IBM Corp., Microsoft Corp., and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Conversational AI Market Report Segment
By Type
• IVA
• Chatbot
By Mode of Integration
• Web-based
• App-based
• Telephonic
By Technology
• Machine & Deep learning
• Natural Learning Process (NLP)
• Automatic Speech Recognition (ASR)
By Application
• Customer Support
• Personal Assistance
• Branding & Advertising
By End-user
• BSFI
• Retail & E-commerce
• Healthcare
• IT & Telecom
• Media & Entertainment
• Others (Travel & Hospitality and Government Institutions)
Global Conversational AI Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa