Conversational Artificial Intelligence (AI) Industry 2019 Market Analysis on Size, Cost Structure, Innovation, Growth, Top Key Players (Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP , Nuance etc.) | Global Forecast to 2024

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The Global Conversational Artificial Intelligence (AI) Market size to grow from US$ 4.2 Billion in 2019 to US$ 15.7 Billion by 2024, at a CAGR of 30.2% during 2019–2024. The major growth drivers for the market include the increasing demand for AI powered customer support services, omni-channel deployment, and reduced chatbot development cost.

“The personal assistant application to grow at the highest rate during the forecast period”
Conversational Artificial Intelligence (AI) plays a crucial role in personal assistant. Personal assistants are capable of comprehending open conversations while contextualizing them to a particular case or scenario. Enterprises are leveraging AI technology by utilizing a combination of ML and NLU which enables the assistants to be trained with industry-specific knowledge and unique business data for a faster time to market.

“The ML and deep learning technology segment to grow at the highest rate during the forecast period”
Based on technology, the Conversational Artificial Intelligence (AI) market has been segmented into ML and deep learning, natural language processing (NLP), and Autometed Speech Recognition (ASR).The ML and deep learning segementis expected to grow at the highest rate during the forecast period,due to the growing demand to automate communication and create personalized customer experiences.

“Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period”
In the Conversational Artificial Intelligence (AI) market by region, APAC is expected to grow at the highest rate during the forecast period. The growth in the number of AI vendors in major APAC countries, such as China, India, and Japan and technological advancements, is expected to be a key growth driver for the market in APAC.

Breakdown of primary participants’ profile:
• By Company: Tier I:15%, Tier II:42%, and Tier III:43%
• By Designation:C-Level:62%, Director Level:20%, and Others:18%
• By Region: North America: 40%,APAC: 30%,Europe: 20%, MEA: 5%, and Latin America: 5%

#Report Highlights:
• To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the Conversational Artificial Intelligence (AI) ecosystem

• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the conversational AI market

• To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market

• To study the complete value chain of the market

• To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders

• To analyze strategic approaches, such as product launches, acquisitions, contracts, agreements, and partnerships in the market

#Top Key Players in the “Conversational Artificial Intelligence (AI) Market” include are Google (US),Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US),Creative Virtual (UK) and Saarthi.ai (India).

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#Competitive Landscape of Conversational Artificial Intelligence (AI) Market:
• Competitive Leadership Mapping
• Visionary Leaders
• Innovators
• Dynamic Differentiators
• Emerging Companies
• Strength of Product Portfolio
• Business Strategy Excellence

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