Summary

The Conversational AI Market stood at a market size of around USD 7 billion and is expected to grow at a steady rate of around 23% owing to the growing demand for AI-based customer support services. Conversational AI is a technology that enables natural language interactions between humans and machines, such as chatbots or voice assistants. Conversational AI has become increasingly popular in the business world, as it offers numerous benefits, such as improved customer experience, increased efficiency, and cost savings. It can be used for a wide range of applications, including customer support, sales, marketing, and operations. Conversational AI can be deployed in various forms, such as chatbots on websites or mobile apps, voice assistants in smart speakers or smartphones, and virtual assistants in customer service centers or call centers. Moreover, the increasing popularity of AI-based chatbots and the surge in the deployment of omnichannel methods are other factors helping the market to grow. Additionally, the increasing number of products launched in the conversational AI market and increasing investment in AI are some of the most prominent factors contributing to the growth of the market. For instance, in May 2023, Google made new announcements for its AI generative tool Google Bard at the Google I/O 2023 event. The toll will now be available in 180+ countries and territories.

Some of the major players operating in the market include IBM; Amazon Web Services, Inc.; Microsoft; Cisco Systems, Inc.; Oracle; SAP; OpenAI; Rasa Technologies Inc.; Kore.ai Inc.; Google. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst technology, the natural language processing segment held a significant share of the market in 2021”
Based on technology, the market is divided into deep learning, automated speech recognition, and natural language processing. The natural language processing segment held a prominent share of the market in 2021 and is expected to grow at a prominent CAGR during the forecasted period. This is due to technological advancements, growing demand for more sophisticated AI systems, and the availability of large amounts of data to train these systems.

“Amongst deployment, the on-premises segment held a prominent share of the market in 2021”
On the basis of deployment, the market is bifurcated into on-premises and cloud. Among these, on-premises deployment dominated the market in 2021 mainly due to the flexibility delivered to the customer, due to which the transaction is done only once. Moreover, on-premises deployment gives businesses greater control and ownership over their data and infrastructure. This is particularly important for companies that deal with sensitive or confidential information, such as financial or healthcare data, and need to maintain a high level of security and compliance.

“North America dominated the market in 2021”
North America held the major share of the global conversational AI market in 2021. technologically advanced business landscape, diverse population, the high adoption rate of digital technologies, complex healthcare industry, and focus on innovation and entrepreneurship are some of the most prominent factors driving the growth of this market in the region. Moreover, North America has a high adoption rate of digital technologies, with a large percentage of the population using smartphones, social media, and other digital platforms. Conversational AI can help businesses to engage with their customers through these platforms, providing a more seamless and convenient experience.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global conversational AI market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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