The global conversational Artificial Intelligence (AI) market size reached USD 4.91 Billion in 2020 and is expected to register a CAGR of 22.6%, during the forecast period, according to latest analysis by Emergen Research. Rising demand for Artificial Intelligence-driven customer support services is expected to drive global conversational AI market revenue growth over the forecast period. Increasing implementation of conversational AI chatbots in the automotive industry is expected to augment global conversational AI market growth going ahead.
Significant driving forces shaping the future of the Conversational Artificial Intelligence (AI) Market for the forecast period 2020 – 2028 find a special mention in the study and are backed by a real-time statistics. Thorough segmentation of the industry by type, application, classification, and geography works as an impetus towards increasing the sale figures and boosting business prospects alongside the hindrances that often restrict the industry’s growth. In addition, bifurcation of the market on the basis of consumption volume, customer preference, end-user, and production capacity is explained through important resources including but not limited to charts, graphic images, and tables.
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One of the most prominent trends in the market is increasing application of chatbots to retain employees. AI-powered chatbots assist businesses in delivering useful details about an employee’s level of engagement that can result in a lower churn rate, which is expected to boost the market growth going aheadHowever, lack of awareness of conversational AI platforms among end-users is expected to hamper growth of the global conversational AI market over the forecast period.
Some Key Highlights From the Report
The on-premises segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing deployment of on-premises conversational AI platforms among end-users to ensure data privacy is expected to boost revenue growth of this segment going ahead.
The service segment is expected to lead in terms of revenue over the forecast period due to rising adoption rate of conversational AI platform across various sectors for providing improved customer service is increasing demand for services.
Increasing implementation of chatbots with social media networks is expected to drive revenue growth of the chatbots segment, which is expected to lead in terms of revenue contribution to the global conversational AI market during the forecast period.
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Top Leading Players in the market include:
Google LLC, Microsoft Corporation, Oracle Corporation, International Business Machines Corporation, Baidu Inc., Nuance Communications Inc., SAP SE, Conversica Inc., Inbenta Technologies Inc., and Avaamo Inc.
The research provides answers to the following key questions:
What will be the market size and growth rate of the Conversational Artificial Intelligence (AI) Market for the forecast period 2020 -2028 across different regions?
What are the key driving forces expected to shape the future of the industry worldwide?
What strategies are the prominent vendors adapting to stay ahead of their competitors?
Which major trends are impacting the development of the Conversational Artificial Intelligence (AI) Market worldwide?
Which factors can hinder, challenge or even restrict the expansion of the Conversational Artificial Intelligence (AI) Market worldwide?
What are the opportunities or future prospect for the business owners operating in the market for the forecast period, 2020 – 2028?
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Market Overview:
The Technology industry has rapidly grown in terms of revenue in the recent years and is expected to register robust revenue growth throughout the forecast period. Factors such as technological advancements in manufacturing techniques and rapid urbanization and industrialization are boosting market revenue growth. These factors along with latest trend for redevelopment and advanced flooring for aesthetic look and increasing adoption of automation across the globe are technological market growth. In addition, government schemes and increasing investments to develop enhanced products is expected to open favorable growth opportunities going ahead.
Component Outlook (Revenue, USD Billion; 2018–2028)
Service
Platform
Type Outlook (Revenue, USD Billion; 2018–2028)
Intelligent Virtual Assistants
Chatbots
Technology Outlook (Revenue, USD Billion; 2018–2028)
Natural Language Processing
Automated Speech Recognition
Machine Learning
Deep Learning
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Regional Landscape:
Geographical distribution of the includes analysis of the Conversational Artificial Intelligence (AI) Market leading players present in the key regions of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report offers valuable insights into the market size, share, growth rate, production and consumption rate, supply and demand ratio, import/export, revenue contribution, and strategies adopted by the prominent companies located in each region. Overall, the report offers deep insights into the current and emerging trends of the Conversational Artificial Intelligence (AI) Market , along with the projected growth rate over the forecast timeline.
Table of Contents:
Chapter 1 includes an introduction of the global Conversational Artificial Intelligence (AI) Market , along with a comprehensive market overview, market scope, product offerings, and an investigation of the market drivers, growth opportunities, risks, restraints, and other vital factors.
Chapter 2 offers an in-depth analysis of the key manufacturers engaged in this business vertical, along with their sales and revenue estimations.
Chapter 3 elaborates on the highly competitive terrain of the market, highlighting the key manufacturers and vendors.
In Chapter 4, our team has fragmented the market on the basis of regions, underscoring the sales, revenue, and market share of each region over the forecast timeline.
Chapters 5 and 6 have laid emphasis on the market segmentation based on product type and application
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About Us:
At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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