Conversational AI is the technology behind automated messaging and speech. This technology offers interactions between computers and humans. Conversational AI can communicate like a human by recognizing speech and text, by understanding different language and respond in a same way. The conversational AI technologies understand human language, speech, communication, emotions and real intent. Now a days due to more engagement in social media platform and increased integration of advanced AI Capabilities, the market for conversational AI is gaining popularity. The future seems promising with opportunities in home automation, automobiles, marketing, advertising, e-learning, as economies undergoing digital transformation.
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CONVERSATIONAL AI MARKET DYNAMICS
Increasing demand for AI- powered customer support services further drives the growth of the conversational AI market. Now-a-days customers get help from call centers, websites, emails, applications, and others. With the AI technology organizations are making use of conversational AI solutions to offer customer services efficiently. Today, enterprises focus on more engagement with the customers by providing them quality service as per their satisfaction. Al powered chatbots use NLP technology to carry out human-like conversations and assist customer. With use of automation, organizations can gain higher productivity with lower manpower. This technology help enterprises to understand customer preferences, opinions, purchase behaviors and further drives the growth of conversational AI market.
COVID-19 IMPACT ON CONVERSATIONAL AI MARKET
COVID-19 has affected market customer behavior and has impact on economies and substantial impact on the overall technology sector. Due to slow down of hardware supply and reduced manufacturing capacity, IT infrastructure growth slowed down. With offices, educational institutions and manufacturing facilities shut down and work-from-home policies effect, businesses are looking for technologies to assist their employees. During pandemic many companies have experienced more pressure from customers and limited number of employees caused delay in customer service queries and this affected the customer experience. To overcome this situation enterprises are advancing their plan to digitalize and to gain more profit and protect their business from disruption.
CONVERSATIONAL AI MARKET OVERVIEW
The report analyses the Conversational AI market based on Component, Technology, Deployment Mode and Geography
CONVERSATIONAL AI MARKET BY COMPONENT
Conversational AI market component includes services and solutions. Increasing adoption of conversational AI solutions across major verticals to solve customer queries, provide advice and recommendation using NLP is the major factor responsible of the segment. Whereas, the services segment is expected to grow at a faster rate. The service segment is sub-divided into training & consulting, system integration & testing, and support & maintenance service.
CONVERSATIONAL AI MARKET BY DEPLOYMENT MODE
On-premises and cloud are the two major part of the deployment mode in conversational AI market. Deployment refers to the setting-up of an IT infrastructure with hardware, operating systems, and applications that are essential to manage the IT ecosystem. Conversational AI solutions can be deployed either on cloud or on-premise based on security, availability, and scalability. Nowadays majority of conversational AI solutions are getting deployed on the cloud as it provides various advantages, like affordable low installation as well as low maintenance cost. It also provides services as per use. This deployment mode is anticipated show high growth in the upcoming periods.
CONVERSATIONAL AI MARKET BY TECHNOLOGY
Conversational AI technology include ML, deep learning, NLP, and ASR. Out of this technology ML and deep learning technologies are anticipated to show potential growth. AI technology enables devices to perform like humans and this technology opened more opportunities across multiple applications. Deep learning has evolved hand-in-hand with the today’s digital world, which has brought about an explosion of data in all forms and formats from all over the world. This large amount of data, known as big data is derived from all possible sources like social media, machine data and transactional data. This enormous amount of data is readily accessible and can be shared through the applications like cloud computing. One of the major advancements in AI technology has taken place in the field of deep learning, which involves using crude-simulated neurons to process data. The penetration of AI technology came as a requirement for different sectors like BFSI, healthcare and life sciences, retail, eCommerce, telecom, manufacturing, and travel & hospitality industry.
CONVERSATIONAL AI MARKET BY GEOGRAPHY
Geographically, conversational AI market studies across the countries of key region such as North America, Europe Latin America, Asia Pacific and others. Out of these countries North America holds the largest market size for conversation AI market. The key factor driving the growth of the market in North America is increasing demand for enhancing the customer support service to strengthen customer retention initiatives. Additionally, the rising number of players across different regions is expected further to drive the market. The growing demand to reduce enterprise workloads regarding customer engagement is another major reason supporting the growth of the market.
CONVERSATION AI MARKET KEY PLAYERS
Major vendors in the conversational AI market include Microsoft (US), Oracle (US), IBM (US), Google (US), SAP (Germany), Haptic (India), Kore. Ai (US), Solvvy (US), Mindsay (US), Rulai (US), Conversica (US), Nuance (US), FIS(US), Creative Virtual (US) and clinc (US), Rasa (Germany), Artificial Solution (Spain), Amplify Reach (India), Quosphere (US). Microsoft has broad customer base in North America.
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