Conversational AI Market Driven by Demand for Automated Customer Support Solutions

Conversational AI Market report published by Value Market Research, which studies the future outlook of the market.

It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.

The major players in the conversational ai market include Amazon Web Services, Inc., Microsoft, Oracle, IBM, Google LLC, SAP ERP, Baidu, Inc., Nuance, Artificial Solutions, Haptik and Creative Virtual.

This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Conversational AI Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/conversational-ai-market/download-sampleMarket DynamicsAt the time of omni-channel communication, conversational AI has created an interface that allows personalized customer experience.

The Conversational AI market is mainly driven by the massive demand for AI-enabled services such as chatbots and virtual assistants for various use cases.

The technological advancement and innovations in the field of artificial intelligence are the driving factor for the growth of the market.

Global Conversational AI Market The GMI Research foresees an exponential growth in the Conversational AI Market over the forecast period.

This is because of the ongoing research and development activities and increasing investment by the government to encourage research and development activities.Request a free sample of this reportConversational AI Market DynamicsGrowth opportunities in the global conversational AI market look auspicious primarily because of the intensified research and development activities.

Further, the robust investment by the government to incorporate AI solutions in the environment will stimulate the market growth.

The conversation AI offers remarkable features, such as, easy extensibility, continuous service, less operational cost, and better effectiveness and customer experience.

Also, as per the Global Conversational AI Market Report, the aggravating demand for AI-powered support services and chatbots across different industries, such as, travel and hospitality, banking, financial services, and other industries will impel the market growth.

The lockdown imposed across various nations and the surging focus to stay home has reduced the number of working people, primarily in the BPOs.

Market HighlightsConversational artificial intelligence (AI) is revolutionizing the way enterprises interact with customers.

Intelligent virtual assistants and chatbots help organizations to resolve repetitive customer queries and proactively offer suggestions to make real-time decisions.

With advances in artificial intelligence, machine learning, deep learning, natural language processing, and speech and image recognition technologies, machines are capable of addressing customer queries and providing online solutions.Chatbots are rapidly being implemented for business-to-business and internal applications in enterprises.

For instance, in India, HDFC bank has partnered with Niki, an artificial intelligence company based in Bengaluru, to introduce conversational banking with the help of chatbots to facilitate banking transactions from the chat window.

In April, 2019, Nuance Communications Inc., and Morris Garages (MG) Car Company Ltd announced a partnership to implement Naunce’s conversational AI-powered mobility assistant in their cars, with MG Hector being India’s first internet-enabled car with voice-enabled features.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/7913Segmentation:By component, the market has been segmented on the basis of platform and service.By service, the market has been segmented into ssystem integration and deployment, support and maintenance, training, and consulting.By type, the market has been segmented into intelligent virtual assistants and chatbots.By technology, the market has been segmented into machine learning and deep learning, natural language processing, and automated speech recognition.By deployment, the market has been segmented into cloud and on-premise.By organization size, the market has been segmented into large enterprises and SMEs.Key Players:Google LLCMicrosoft CorporationIBM CorporationOracle CorporationAmazon Web ServicesNuance CommunicationsBaidu Inc.SAP SEFacebook Inc.Artificial SolutionsAvaamo Technologies Pvt Ltd.Conversica Inc.HaptikSolvvyPypestreamCreative Virtual Ltd.Regional Analysis:The global market for conversational artificial intelligence (AI) is estimated to grow at a significant rate during the forecast period from 2019 to 2024.

The geographical analysis of conversational artificial intelligence (AI) market is covered for the regions namely North America (the US, Canada, Mexico), Europe (the UK, Germany, France, Spain, Italy, the rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, the rest of Asia-Pacific) and the rest of the world (the Middle East and Africa and South America).North America holds the largest market share owing to the increasing adoption of conversational artificial intelligence (AI) solutions by enterprises in verticals such as banking, financial services and insurance, retail & e-commerce, IT & telecom, automotive, healthcare, and media & entertainment.

As the enterprise market begins to mature and become attracted to smarter AI solutions that bring real value, they abandon failing solutions and migrate to proven technologies — technology can pursue improvements and structures in their businesses.

Maturity in the Marketplace for Conversational AI SolutionsWe are seeing huge maturity in the market and measured by companies that are starting to realize the value they can gain from conversational artificial intelligence, and it is also coming from companies that are testing, testing and failing with a variety of solutions.Now, the CIO’s (Chief Information Officers) are being asked to take control of a very complex and chaotic landscape and build the best business centers that allow companies to create use cases that work within their business.For example, we see our professional services consultants (who were building interactive AI projects and solutions for our customers 12 months ago) now supporting these excellence centers and asking them to be a consultant and expertise.And guides how to implement these solutions.

Reuse of conversational data to improve solutionsThe second trend is around conversational data reuse.When you and I speak humanly, we are exposed to what we are thinking — our likes, dislikes and what we are looking for.You can use that information to understand what your customers think and use that data and knowledge to improve your products and services and improve your communication system as part of a closed-loop machine.

The learning environment.As a result, our customers are increasingly recognizing the value of this conversational data.

Convert from Chatbots to Advanced Conversation Intelligent SolutionsWe have already seen geographies as very mature #markets, including the Nordics, Germany, Holland, and the UK, but as countries such as Spain and Italy are very mature, we are seeing a definite shift towards more conversationally intelligent solutions.Six months ago, these markets were seeing FAQ chatbots, and I think they started to realize that [FAQ chatbots] don’t add tangible business value.

So, there’s real maturity there too.

MarketsandMarkets expects the global Conversational AI market size to grow from USD 4.2 billion in 2019 to USD 15.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.2% during forecast period (2019–2024).

The increasing demand for AI powered customer support services, omni-channel deployment, and reduced chatbot development cost are expected to drive the global conversational AI market.Download Complete Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=49043506With the advancements in AI technology during the last couple of years, organizations are making use of conversational AI solutions in their customer service function.

Enterprises’ focus has shifted from providing customer support services through emailing or messages to AI-powered chatbots that help enterprises enhance customer experience and engagement.

The AI-powered chatbots use NLP technology to carry out human-like conversation and assist the customers in real time.

They help enterprises fetch business intelligence about customers’ preferences, opinions, and purchase behavior and enable organizations to provide proactive recommendations and more personalized experience to users based on their account activity.The major vendors of the conversational AI include IBM (US), Google (US), Microsoft (US), AWS (US), SAP (US), Oracle (US), Baidu (China), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Avaamo (US), Kore.aiI (India), Inbenta (US), Rulai (US), Solvvy (US), Pypestream (US), Creative Virtual (UK) and Saarthi.ai (India).

Moreover, the company is adopting organic growth strategies to gain a competitive advantage in the conversational AI market.

According to Stratistics MRC, Conversational AI Market Value is expected to reach $18.37 billion by 2027 growing at a CAGR of 21.7% during the forecast period.

Conversational AI is the utilization of speech-based assistance, messaging apps, chatbots to make the content to be automated.

It also personalizes the user experience at a level.

Companies are utilizing AI innovation by using a blend of NLU and ML, which empowers the assistants to be trained with industry-explicit information and extraordinary business information for an increased time to market.

View complete Conversational AI Market with Table of Content @ https://www.strategymrc.com/report/conversational-ai-market/toc 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.

Request a Sample of Conversational AI Market research @ https://www.strategymrc.com/report/conversational-ai-market/request-sample 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.