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Conversational AI Market is driven by increasing use of AI-powered chatbots | Baidu Inc., Conversica Inc., Haptik, IBM Corporation
Conversational AI Market
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Conversational AI technology is used to create and interpret human-like or natural communication between humans and artificial intelligence systems. This technology can be used to create chatbots, which are computer programs designed to mimic human conversation, or to interpret and respond to human conversation in a way that is natural and human-like. This technology is becoming increasingly important as the use of artificial intelligence systems grows.
Key Trends and Drivers
One key trend is the increasing use of AI-powered chatbots by businesses. Chatbots can be used to automate customer service tasks, such as answering FAQs or providing product recommendations. They can also be used to improve the customer experience by engaging in natural conversations with customers.
Another key trend is the increasing use of voice assistants, such as Amazon Alexa and Google Assistant. Voice assistants are becoming more popular as they are becoming more accurate at understanding natural language. Voice assistants can be used for tasks such as setting alarms, adding items to a shopping list, or playing music.
Restraints & Challenges
The technology is still in its early stages, which presents several key restraints and challenges for the Conversational AI market.
A key challenge is the limited data available to train Conversational AI models. This is because the technology is still new and there are not many real-world data sets available. This lack of data limits the ability of developers to create accurate and realistic models.
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Market Segments
By Component
• Platform
• Services
• Support and Maintenance
• Training and Consulting
• System Integration
By Deployment
• Cloud
• On-Premises
Key Players
• Amazon Web Services Inc.
• Artificial Solutions Holding ASH AB
• Baidu Inc.
• Conversica Inc.
• Haptik
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
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• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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