Conversational Systems Market Opportunities by 2025
There are several advantages associated with the use of conversational systems which are driving their demand in the global market. The advent of artificial intelligence combined with the emergence of internet of things (IoT) is primarily driving the demand for the market. The changing lifestyle of the working population has resulted into the need for smart electronics which have the ability of interactive with them and operate accordingly. Moreover, the increasing disposable income of the working population is enabling them to afford home automation devices. The conversational system helps in understanding the owner’s requirement and acting accordingly. In addition, the system can also interact with the owner and help them out in their daily activities such as booking a taxi or suggesting restaurants near their locations. Going further, the conversational systems are also used by the organizations in the form of chatbots. These chatbots initiate a conversation with the client to get general information and requirements and the conversation is transferred to human personnel if the requirements are not listed. The use of chatbots reduces the need for human personnel. Furthermore, these chatbots can work continuously without getting tired. The chatbots are installed with conversational systems. Hence, the increasing demand for chatbot is directly driving the demand for conversational systems globally. Furthermore, the conversational systems such as Siri and Cortana are very popular with the users as their voice and approach seems very convincing and original.
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These artificial intelligence systems stores our conversation in their server. In case, of breach, personal and information might get leaked. Hence, the rising concern over privacy is a major reason hindering their demand in the market. Nevertheless, research and development is being conducted to develop advanced and secure conversational systems. Unlike traditional conversational system, the advanced conversational system will not be limited to text or voice. These conversational system will be integrated with sensors to use multiple modalities such as sound, sight and tactile among others. Hence, the demands for conversational systems are expected to grow in future.
The global market for conversation system has been broadly bifurcated by device types, modality types, end use verticals and geography. By device types, the market can be segmented into telephone based, in-car systems, desktops and robots among others. In terms of modality, the market can be categorized into dialog systems, text based and graphical user interface among others. By end use verticals, the market has been segmented into automotive, healthcare, retail, transportation, industrial, consumer electronics and banking & financial services among others.
By geography, the global dual view displays market can be segmented into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. North America and Europe have been identified to be developed regions and early adopters of new technology and are expected to market during the forecast period.However, the presence of emerging economies such as India which is developing rapidly in terms of technology and increasingly adopting conversational systems for conducting daily tasks which is expected to drive the demand in Asia Pacific primarily.
There are several players operating in the global conversation systemsmarket. These players are witnessing strong competition which is resulted into frequent mergers, acquisitions and partnerships between them in order to sustain in the highly competitive environment. The leading players operating in the conversational market includeConversational Technologies (U.S.), Voicebox (U.S.), Google, Inc. (U.S.), Apple, Inc. (U.S.), Microsoft Corporation (U.S.), Comverse Technology (Israel), Intel Corporation (U.S.), Philips (Netherlands) and Cisco Systems (U.S.) among other emerging players.
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