Conversational AI Platform Market Analysis Reports Revenue Growth Globally During the Forecast Period 2019-2027|Industry Crucial Players- Microsoft Corporation, Live Chat, Inc., CM.com, Alphabet, Inc. and Artificial Solutions

Research Nester released a report titled "Conversational AI Platform Market: Global Industry Analysis & Opportunity Outlook 2027" which delivers detailed overview of the global conversational AI Platform market in terms of market segmentation by deployment type, type, technology, application, vertical and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.

The global conversational AI Platform market is estimated to register notable growth over the forecast period, i.e., 2019-2027. Various factors that have been driving the growth of the market are the availability of various services for customers round the clock every day, apart from other services such as customer service agents offering to help individuals who are engaged in performing labour-oriented tasks that involve repetition and on a continuous basis. Moreover, these tasks can be completed independent of the user by having direct conversation with the customer, including providing the customers with rich and personalized experiences. Moreover, adoption of client-centric approach by businesses over the past few years has encouraged the adoption of Omni-Channel platform by businesses to provide personalized solutions to their customers, irrespective of the platforms being used by the customers.

The conversational AI Platform market is segmented by deployment type, type, technology, application, vertical and by region. On-premise falling under deployment type segment is predicted to occupy the largest market share over the forecast period. Several factors are anticipated to support the growth of on-premise segment such as the lower costs involved for the user, in addition to offering flexibility to the user. The user has to pay only once and subsequently own the hardware. On-premise is able to provide the user with facilities at lesser costs as against the costs required to be incurred by the user if he is using the cloud.

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Based on region, the global conversational AI platform market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America and Europe are anticipated to grow at a higher rate over the forecast period. This growth can be mainly attributed to factors such as several recent technologies obtaining considerable investments in both the regions, as well as a growing number of vendors who have been able to offer conversational AI solutions over the past few years.

Asia Pacific is predicted to register a CAGR of 4.02% over the forecast period.

Omnichannel platform for users that can decrease Operational Costs

The adoption of business models that are concentrated around the client by businesses would lead to higher need for every platform to unite with the user. Omnichannel Platform is being seen as a way of offering solutions for businesses who are able to deliver more customized and user-friendly experiences to their customers. The customers would be able to interact smoothly regardless of the platform being used by them, as these platforms are based on a single user.

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However, some of the factors such as lower levels of protection of data that can be prone to any form of theft, including affecting the privacy of individuals are some of the major barriers faced in the process of growth of the market over the next few years. The operations on cloud-based service model is still not completely free from any security related threats, especially with huge quantities of data being loaded onto cloud platforms. Additionally, the trust deficit observed in interaction with an automated software such as Intelligent Virtual Assistants and specific solutions that would not be provided by Chatbots, as they are programmed only for offering a specified set of solutions are all anticipated to act as barriers to the growth of the market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global conversational AI platform market which includes company profiling of Microsoft Corporation, LiveChat, Inc., CM.com, Alphabet, Inc. and Artificial Solutions. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global conversational AI platform market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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