Conversations artificial intelligence is a nascent technology and has already gained traction of the industry. The technology is anticipated to witness innovations and developments which is poised to drive its demand over the next couple of years. According to the observation presented by Market Research Future (MRFR), the global conversational (AI) market is poised to strike 30.32% CAGR over the forecast period 2018 to 2024. The technology is being widely adopted and is highly likely to gain more traction over the next couple of years.
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.
By component, the conversational artificial intelligence market size has been segmented on the basis of platform and service.
By service, the market has been segmented into system 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.
The global conversational artificial intelligence (AI) market has been studied on a regional basis. The regional segments of the market profiled are – North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). These segments are sub-segmented on the basis of country-level basis for further assessment. North America is a profit-making regional segment owing to the presence of key players such as Amazon and Google. The region is well equipped for the early adoption of innovations and technological developments. It is anticipated to drive the expansion of the regional market in the forthcoming years. Europe is also a technologically advanced region and is poised to attain a decent valuation over the assessment period. The region is expected to witness rapid expansion in the coming years. Also, Asia Pacific is expected to exhibit rapid market developments over the next few years.
Conversational Artificial Intelligence (AI) as Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Nuance Communications, Amazon Web Services, Baidu Inc., Facebook Inc., SAP SE, Artificial Solutions, Conversica Inc., Avaamo Technologies Pvt Ltd., Haptik, Pypestream, Solvvy, and Creative Virtual Ltd. are few of the key players of the global conversational artificial intelligence (AI) market. These players are likely to invest in technological advancements to maintain their standings in the marketplace. Some of the growth strategies leveraged by market players are – mergers, product development, acquisitions, technological innovations, partnerships, collaborations, strategic alliances, and agreements among others.