Press release
Conversational Artificial Intelligence (AI) Market is Estimated to Reach a Market Value of USD 15.82 Billion by 2024 | Key Market Companies are Google LLC, Microsoft Corporation, IBM Corporation, Oracle Corporation and Nuance Communications
Conversational AI Market
Market Highlights
Conversational Artificial Intelligence (AI) plays an important role in personal assistants that are capable of understanding open conversations in a particular case or scenario. Businesses are leveraging AI technology that utilizes the combination of machine learning and NLU that enables the assistants with industry-specific knowledge and different business data for coping up with the global market. The way of communication has changed in the past many years, with the organizations using the conversational AI solutions for the customer service functions.
The focus of the enterprises has shifted from providing customer service facilities to emailing and messaging to AI-powered chatbots that are helping the businesses to enhance the customer experience, engagement and management. These smart chatbots are using the NLP technology for carrying out human-like conversations and are assisting in catering to the needs of the customers in real time. They are also helping in facilitating business intelligence about customer preferences, purchasing behaviour and are enabling the organizations to provide proactive and more personalized experiences.
The global conversational artificial intelligence market report showcases the growth of the global market with a view of the market value that will reach USD 15.82 billion by the year 2024 that will be growing at a CAGR of 30.32% for the forecast period from 2019-2024.
AI is making it easier for organizations to provide proactive recommendations and personalized experiences to the users on the basis of account activity.
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Segmentation:
There are various segmentations of the global conversational artificial intelligence market on the basis of component, type, technology, deployment, organization size, applications and verticals.
On the basis of component, the global conversational artificial intelligence market can be split into:
Platform
Services
And on the basis of type, the global product market can be divided into:
Chatbots
Intelligent virtual assistants
In terms of technology, the global market can be categorized into:
Natural language processing
Machine learning and deep learning
Automated speech recognition
Based on deployment, the global conversational artificial intelligence market can be split into:
Cloud
On-premises
And on the organizational size, the global AI market can be divided into:
Large enterprises
SMEs
And by applications, the global market can be classified into:
Branding and marketing
Personal assistants
Customer engagement and support
Others
And by verticals, the global conversational artificial intelligence market can be classified into:
BFSI
Automotive
Healthcare
Mode and entertainment
Others
IT & Telecommunication
Regional analysis
The global conversational artificial intelligence market can be majorly divided into the regions of Europe, Americas, Middle East, Asia-Pacific and Africa. America owns the largest market share of the global market with the presence of high-quality artificial intelligence technologies. After this, the European market is the dominant market followed by Asia-Pacific. The large business and enterprises are adopting social media technologies that are driving the European market. Owing to the accelerated economic growth of countries in the region and the increasing need for controlling the healthcare costs. These factors play an important role among all the various organizations in this region. The Middle East and African region are growing at a steady pace in the overall market.
Industry news
Trinamix, a member of Oracle PartnerNetwork has announced the launch of Industry 4.0 Lab for helping the enterprises to enable smart manufacturing using the Oracle Internet of Things and other Oracle Blockchain applications. This lab will showcase several industry cases that will work in various industrial scenarios that are connected with machines through various devices and gateway.
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Conversational Artificial Intelligence (AI) Market, by Component (Platform, Services (System Integration and Deployment, Support and Maintenance, Training and Consulting), by Type (Intelligent Virtual Assistants, Chatbots), by Technology (Machine Learning and Deep Learning, Natural Language Processing, Automated Speech Recognition) by Deployment (Cloud, On-Premise), By Organization Size (Large enterprises, SMEs), by Application (Personal Assistants, Customer Engagement and Support, Branding and Marketing, Others), by Vertical (BFSI, IT & Telecommunications, Retail and e-Commerce, Media and Entertainment, Healthcare, Automotive, Others), by Region (North America, Europe, Asia-Pacific and the Rest of the world) - Industry Forecast till 2024
Related Reports:
https://www.marketresearchfuture.com/reports/artificial-intelligence-chipset-market-4987
https://www.marketresearchfuture.com/reports/artificial-intelligence-market-1139
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