Conversational System Market Portrays High-End Demand across Major Geographies during 2019 - 2023 | Microsoft, IBM, Google, SAP, Numenta, Palantir Technologies

The conversational system is a cognitive computing tool, which can process a simple and bidirectional text/voice dialog into meaningful output. It is an advanced model that makes use of multiple modalities (sound, sight, and tactile) to provide communication across the digital device mesh (IoT systems, sensors, and appliances). These systems can be used to process complex conversation; for instance, collecting verbal description from the witness and generating the sketch of the suspect for the police investigation purpose.

The conversational system is mainly an interactive platform designed to communicate with humans with specified coherent structure. These conversations are enabled with gestures, haptic feedback, and others. Conversational systems implement the functionalities of cognitive computing, artificial intelligence, Internet of Things, and others. These systems consist of hardware and software components being used to generate appropriate output responses. The deployment models for this system are cloud-based and on-premise.

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Market Analysis:

According to Publisher, the global conversational systems market revenue is expected to reach $850.65 million by 2023, growing at a CAGR of around 26.03% during the forecast period. Increasing IoT connectivity, M2M communication, need for real-time computing of time-critical process, and increase in demand for connected devices majorly drive the conversational systems market growth. In addition, the availability of a large volume of data and rapidly growing data complexity in the organization will spur the demand for conversational systems. The increase in the need for self-learning systems to mimic human brains is the primary factor responsible for the development of the industry.

Market Segmentation Analysis:

The report provides a wide-ranging evaluation of the market. It provides in-depth qualitative insights, historical data, and supportable projections & assumptions about the market size. The projections featured in the report have been derived using proven research methodologies and assumptions based on the vendor's portfolio, blogs, whitepapers, and presentations. Thus, the research report serves every side of the market and is segmented based on regional markets, deployment, and end-users.

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Table of Contents

1 Industry Outlook 8

2 Report Outline 9

3 Market Snapshot 11

4 Market Outlook 14

5 Market Characteristics 17

6 End-Users 23

7. Market Size and Analysis 24

8. Market Size and Analysis 25

9. Market Size and Analysis 26

10. Market Size and Analysis 27

11. Market Size and Analysis 28

12. Market Size and Analysis 32

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