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Blog: Why Conversational AI is Set to Bloom in 2019


Conversational AI refers to using messaging apps, text-based and voice-based bots to create and enhance the customer experience. It offers the most straight forward way for customers to inquire and solve their problems. Conversational AI Market is set to boom due to the rapid adoption of messaging apps, voice platforms, and chatbots.

In the age of Omni-channel communication, Conversational AI has created an interface which enables personalized customer experience. Conversational AI Market is driven by the massive demand for AI enabled services such as chatbots, virtual assistants for a variety of use cases. On the other hand, lack of technological awareness negatively impacts the market growth. However, increased engagement of customers in social platforms, voice platforms are creating new opportunities for Conversational AI Market.

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The “Global Conversational AI Market Analysis to 2027” is a specialized and in-depth study of the Conversational AI industry with a special focus on the global market trend analysis. The report aims to provide an overview of Conversational AI market with detailed market segmentation by technology, type and geography. The global Conversational AI market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Conversational AI market players and offers key trends and opportunities in the market.

Companies profiled in this report includes, Amazon Web Service, Facebook, Google, Gupshup, IBM, iFLYTEK Co Ltd, Microsoft, Nuance Communication Inc., Oracle Corporation, Rasa Technologies Inc.

MARKET SEGMENTATION

The global conversational AI market is segmented on the basis of component, type, technology, application and industry vertical. Based on component, the market is segmented as platform and services. On the basis of the type the market is segmented into intelligent virtual assistants and chatbots. Based on technology the market is segmented as machine learning and deep learning, natural language processing, and automated speech recognition. Based on application the market is segmented into customer support, personal assistant, branding and advertisement, customer engagement and retention, onboarding and employee engagement, data privacy and compliance and on the basis of industry vertical the market is segmented as banking financial services and insurance, retail and ecommerce, healthcare and life sciences, travel and hospitality, telecom, media and entertainment.

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Conversational AI market based on various segments. It also provides market size and forecast estimates from year 2017 to 2027 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The Conversational AI market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.

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Reason to Buy:

– Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Conversational AI Market

– Highlights key business priorities in order to assist companies to realign their business strategies.

– The key findings and recommendations highlight crucial progressive industry trends in the Conversational AI Market, thereby allowing players to develop effective long term strategies.

– Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

– Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

– Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

Source: Artificial Intelligence on Medium

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