According to Stratistics MRC, the Global Conversational AI Market is accounted for $3.81 billion in 2019 and is expected to reach $18.37 billion by 2027 growing at a CAGR of 21.7% during the forecast period. Rise in customer engagement through social media platforms, and increasing adoption of AI solutions in customer service applications are the major factors propelling the market growth. However, the lack of awareness about conversational AI solutions is hampering the market growth.
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Based on the component, the services segment is going to have a lucrative growth during the forecast period due to the wide adoption of conversational AI solutions across major verticals for offering enhanced customer support, thereby generating demand for professional and managed services across the globe. By geography, Europe is going to have a lucrative growth during the forecast period due to the growing demand to reduce enterprise workloads regarding customer engagement and retention is the key factor in adopting conversational AI solutions in Europe.
Some of the key players profiled in the Conversational AI Market include Google, Kore.AI, Avaamo, Conversica, Haptik, Rasa, Solvvy, Pypestream, Inbenta, Microsoft, AWS, IBM, Oracle, Nuance, Baidu, SAP and Artificial Solutions.
Technologies Covered:
• Automated Speech Recognition (ASR)
• Machine Learning and Deep Learning
• Natural Language Processing (NLP)
Deployment Modes Covered:
• Cloud
• On-Premises
Types Covered:
• Intelligent IVR system
• Intelligent Virtual Assistants (IVA)
• Chatbots
Components Covered:
• Services
• Platform
Organization Sizes Covered:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
Applications Covered:
• Onboarding and Employee Engagement
• Customer Support
• Customer Engagement and Retention
• Branding and Advertisement
• Personal Assistant
• Data Privacy and Compliance
• Other Applications
End Users Covered:
• Media and Entertainment
• IT & Telecommunications
• Retail and E-commerce
• Healthcare and Life Sciences
• Travel and Hospitality
• Banking, Financial Services and Insurance (BFSI)
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
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