The study further explores and provides an in-depth analysis of current market dynamics and recent trends, focusing on various key factors and potential growth opportunities and risks. The report focuses on leading regions and their major countries to anticipate market growth in the forecast years.
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. 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 ahead.
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The report also profiles established and emerging players of the market, covering the business overview, product portfolio, strategic alliances, and business expansion strategies.
Key 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.
Objectives of the Report:
- Industrial structure analysis of the Conversational Artificial Intelligence market by identification of various sub-segments
- Extensive analysis of key market players along with their SWOT analysis
- Competitive landscape benchmarking
- Analysis of Conversational Artificial Intelligence market based on growth trends, futuristic outlook, and contribution to the total growth of the market
- Analysis of drivers, constraints, opportunities, challenges, and risks in the global Conversational Artificial Intelligence market
- Comprehensive analysis of competitive developments such as expansions, agreements,
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The report studies the historical data of the Conversational Artificial Intelligence Market and offers valuable information about the key segments and sub-segments, revenue generation, demand and supply scenario, trends, and other vital aspects.
Emergen Research has segmented the global conversational AI market on the basis of deployment, component, type, technology, end-use, and region:
Deployment Outlook (Revenue, USD Billion; 2018–2028)
- On-Premises
- Cloud
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
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Healthcare
- Media & Entertainment
- Automotive
- E-Commerce
- Retail
- BFSI
- Telecom
- Others
The complete regional analysis covers:
North America (U.S., Canada, Mexico
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Points of Conversational Artificial Intelligence Market:
- 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.
- The machine learning segment is expected to lead in terms of revenue over the forecast period due to rising integration of machine learning with conversational AI platforms.
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