Conversational AI Market Scope, Timelines And Challenges … – Taiwan News Feedzy

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The Conversational AI Market Projected to Grow at a CAGR of 23.4% by 2028

The conversational AI market is experiencing rapid growth with a high Compound Annual Growth Rate (CAGR) due to heightened business demands for customer support services, aiming to enhance customer experiences. Additionally, the broadening adoption of conversational AI across various sectors like BFSI, media, healthcare, travel, and hospitality is fostering substantial growth prospects.

A recent study by strategic consulting and market research firm Report Ocean disclosed that the conversational AI market, valued at USD 6.9 billion in 2021, is expected to reach around USD 29.9 billion by 2028, driven by the escalating demand for customer support services. This surge in demand spans across sectors like BFSI, media, healthcare, and travel, presenting promising growth avenues for conversational AI technology.

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Cloud Deployment and App-Based Integration Fuel Market Expansion

The market is segmented based on deployment into on-premise and cloud. The cloud deployment segment dominates the market due to its flexibility and cost-effectiveness, primarily favored by SMEs. Conversely, on-premise deployment, chosen by large enterprises for its advanced security measures, restricts external access to data, contributing to market growth.

In terms of integration modes (web-based, app-based, and telephonic), the app-based segment leads in 2021. Technologies such as Google Assistant, Alexa, and Siri operate via app-based integration. Moreover, the growing number of SME websites and the increased demand for chat services are propelling the growth of the web-based integration mode.

Key Technology Segments and Regional Insights

The conversational AI market, classified based on technology into machine learning, deep learning, natural language processing (NLP), and automatic speech recognition, witnesses NLP commanding the largest market share in 2021. NLP plays a pivotal role in enabling systems to understand and respond to human language, enhancing the overall conversational experience.

Regionally, North America held dominance in 2021, with the Asia-Pacific region projected to exhibit the highest CAGR due to a rising number of SMEs, startups, and the escalating adoption of conversational AI for customer queries and operational efficiency. Europe is also experiencing substantial growth due to the presence of multinational corporations.

COVID-19 Impact and Competitive Landscape

The COVID-19 pandemic accelerated the conversational AI market growth, with a notable increase in customer service requests through websites and applications. This led organizations to swiftly adopt conversational AI to address the surge in service queries and deliver timely solutions amid challenges faced by human customer care executives.

Key players in the market include Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, among others. The market is dominated by major industry players, yet startups are emerging with significant investment backing. These companies constantly innovate and launch upgrades to maintain a competitive edge. Strategies such as partnerships, mergers, acquisitions, and collaborations are prevalent in this space.

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Consult Analysts for Crucial Business Insights

Analysts provide invaluable insights and guidance for strategic business growth in this dynamic market. Reports encompass growth potential, upcoming trends, market statistics, recent technological trends, industry insights, and competitive dynamics, aiding stakeholders in making informed decisions.

Market OverviewMarket Size & Forecast by Value, 2018-2028By Value (USD Million)Market Share & Forecast

By ComponentSolutionsServices

By TypeChatbotsIntelligent Virtual assistants

By Deployment ModeCloudOn-premise

By TechnologyMachine Learning (ML) and Deep LearningNatural Language Processing (NLP)Automatic Speech Recognition (ASR)By Organization SizeLarge enterprisesSmall and medium-sized enterprises (SMEs)

By VerticalBanking Finance Services and Insurance (BFSI)Healthcare and Life SciencesIT and TelecomRetail and eCommerceOthersBy Mode of IntegrationWeb-basedApp-basedTelephonic

By RegionNorth AmericaEuropeThe Asia PacificLatin AmericaThe Middle East and Africa

Competitive Landscape

The leading market players of the conversational AI market are Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, FIS, Artificial Solutions, Kore.ai, Conversica, Inbenta, Creative Virtual, SoundHound, Avaamo, Haptik, Solvvy, MindMeld, and other prominent players. The conversational AI market is highly concentrated with the presence of leading industry players such as Google, IBM, Oracle, Microsoft, etc. However, several startups are also emerging and attracting significant investment to expand their presence. The companies constantly launch new upgrades and innovations to gain a competitive edge. Furthermore, the adoption of market strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Dont miss the business opportunity of the conversational AI market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the conversational AI market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the conversational AI market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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Table of Contents:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

Key Reasons to Purchase this Report:

Strategic Direction
Comprehensive Analysis
Growth Opportunities
Competitive Landscape
Detailed Company Profiles
Future Market Outlook
Industry Analysis
Value Chain Insights

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