Chicago, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Increasing demand for AI-powered customer support services coupled with omnichannel deployment and reduced chatbot development costs to drive the demand for conversational AI solutions and services across the globe. The integration of predictive analytics technologies and data sources, along with significant advancements in NLP, will soon enable businesses to establish an inside-out awareness of their consumers’ needs to present lucrative market opportunities for conversational AI.
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Conversational AI Market Dynamics:
Drivers:
- Increasing demand for AI-powered customer support services
- Omnichannel deployment and reduced chatbot development cost
- Growing focus on customer engagement and retention
- Rising demand to embrace AI-powered digital experience across government sector
Restraints:
- Privacy and security breaches
- Limitations of voice command authentication
Opportunities:
- Increasing usage of generative models in conversational AI
- Rising demand for conversational commerce for better purchasing experience and streamlined business processes
- Integration of advanced AI capabilities to add value to existing conversational AI offerings
List of Key Players in Conversational AI Market:
- IBM (US)
- Microsoft (US)
- Google (US)
- AWS (US)
- Artificial Solutions (Sweden)
- Baidu (China)
- SAP (Germany)
- Oracle (US)
- OpenAI (US)
- Kore.ai (US)
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Based on component, the conversational AI market is segmented into solutions and Services. The service segment is further divided into training & consulting services, support & maintenance services, and deployment & integration services. Conversational AI streamlines business operations and reduce operational costs in various sectors, including BFSI, retail & eCommerce, Telecom, media & entertainment, healthcare & life sciences. Increasing demand for AI-powered customer support services with rising customer need for better experience is estimated to open new growth avenues for conversational AI vendors across the globe.
Based on conversational interface, the conversational AI market is segmented into chatbots, Interactive Voice Routing (IVR), and Intelligent Virtual Assistants (IVA). Most enterprises leverage conversational AI to automate customer interaction and analyze customer insights in real-time. Customers can determine which channels they want to use to interact with brands. Hence, companies are adopting AI technology to deliver consistent, omnichannel experiences. The adoption of IVA is rapidly expanding in all industries that prioritize customer service and engagement, including banking, telecom, healthcare, and government.
Based on business function, the Conversational AI market is segmented into sales and marketing, finance and accounting, operations and supply chain, Information Technology Service Management (ITSM), and Human Resource (HR). The ascending demand for better HR efficiency, simplify and automate admin processes, and need to deliver a better employee experience to spur the market growth of conversational AI across HR business function. Moreover, the need to automate conversation to optimize engagement & sales cycles and manage CRM data will boost the demand for conversational AI across sales & marketing departments.
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The conversational AI is segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. This section offers information on these regional markets' sizes, rates of growth, anticipated trends, and market forces. Asia Pacific has become a highly promising region due to the increasing awareness of rising productivity and the competently designed conversational AI solutions offered by leading vendors in the region. The rise in social media analytics spending and the shifting focus of enterprises on leveraging social media presence for improved marketing strategies are the key enablers of conversational AI market growth across the globe.
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