Conversational Artificial Intelligence (AI) Market 2020 Analytical Analysis, Key Drivers, Growth and Opportunities to 2028 – Instant Interview
The Global Conversational Artificial Intelligence (AI) Market The size reached USD 4.91 billion in 2020 and is expected to register a CAGR of 22.6% during the forecast period, according to the latest analysis from Emergen Research. Rising demand for artificial intelligence-based customer support services is expected to drive the revenue growth of the global conversational AI market over the forecast period. The growing implementation of conversational AI chatbots in the automotive industry is expected to increase the growth of the global conversational AI market in the future. One of the biggest market trends is the growing use of chatbots to retain employees. AI-powered chatbots help companies provide useful details about an employee’s level of engagement, which can lead to lower churn, which is expected to drive market growth in the future.
Researchers have reviewed all the factors influencing the growth of the Conversational Artificial Intelligence (AI) Market globally and regionally. The report considers the COVID-19 pandemic as one of the major influencing factors for the conversational artificial intelligence (AI) market. The pandemic has disrupted the supply chains and economic scenario of the market and hampered the growth of the market. The report examines in detail the overall impact of the COVID-19 pandemic on the Conversational Artificial Intelligence (AI) market and its key segments. The report also offers current and future impact of the COVID-19 pandemic on the market.
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Some highlights of the report
- On-premises segment revenue is expected to grow at a significant CAGR during the forecast period. The increasing deployment of on-premises conversational AI platforms among end users to ensure data privacy is expected to drive the revenue growth of this segment in the future.
- The services segment is expected to lead in terms of revenue over the forecast period owing to the growing adoption rate of the conversational AI platform across various industries to provide enhanced customer service, which increases the service request.
- Increase in the implementation of chatbots with social media networks is expected to drive the revenue growth of the chatbots segment, which is expected to lead in terms of revenue contribution to the global conversational AI market during the forecast period.
Furthermore, the report provides details about new players entering the market, barriers to entry and offers strategic recommendations to overcome these hurdles to gain a substantial presence in the industry.
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Major players operating in the Conversational Artificial Intelligence (AI) industry are:
Google LLC, Microsoft Corporation, Oracle Corporation, International Business Machines Corporation, Baidu Inc., Nuance Communications Inc., SAP SE, Conversica Inc., Inbenta Technologies Inc. and Avaamo Inc.
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Emergen Research has segmented the global conversational AI market on the basis of deployment, component, type, technology, end-use, and region:
- Deployment Outlook (Revenue, USD Billion; 2018-2028)
- Components Outlook (Revenue, USD Billion; 2018-2028)
- Type Outlook (Revenue, USD Billion; 2018-2028)
- Smart Virtual Assistants
- Technology Outlook (Revenue, USD Billion; 2018-2028)
- natural language processing
- Automated Speech Recognition
- machine learning
- deep learning
- End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Health care
- Media and entertainment
The global Conversational Artificial Intelligence (AI) market is further analyzed in major geographical locations where the market has expanded to significant size. The main regions analyzed are North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. The report offers analysis by country to provide a comprehensive analysis of the Conversational Artificial Intelligence (AI) market in terms of production & consumption patterns, supply/demand ratio, import/export, revenue contribution, trends and presence of leading players in each region.
The regional analysis covers:
- North America (USA, Canada)
- Europe (UK, Italy, Germany, France, Rest of EU)
- Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)
The comprehensive report on Global Conversational Artificial Intelligence (AI) Market added by Emergen Research demonstrates that the global Conversational Artificial Intelligence (AI) Market is expected to grow at a stable CAGR throughout the forecast period. The report has analyzed key market drivers, restraints, growth opportunities, investment opportunities, threats and limitations of the Conversational Artificial Intelligence (AI) Market. The report also offers an accurate forecast estimate at global and regional level to give a better understanding of the scope of the market.
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Sweeping Features of Conversational Artificial Intelligence (AI) Market Report:
- The report includes Conversational Artificial Intelligence (AI) market overview along with market share, supply & demand ratio, production & consumption patterns, supply chain analysis supply and other ley items.
- An in-depth analysis of the different approaches and procedures undertaken by key players to conduct their business effectively
- Offers an overview of production and manufacturing value, products and services offered in the market, and fruitful information on investment strategies
- Supply chain analysis along with the technological advancements offered in the report
- The report covers an in-depth analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Conversational Artificial Intelligence (AI) industry.
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