The Latin America, Middle East and Africa Conversational AI Market would witness market growth of 20.6% CAGR during the forecast period (2021-2027).
Conversation AI is a profitable technology for companies because it helps enterprises in various ways and offers a broad range of use cases. The increasing advancements in technologies are pushing companies to adapt to the latest technological trends. Conversational AI-based technologies are helping companies to improve their relations with the customers and also provide a better customer experience by using chatbots and voice assistants.
The increasing awareness among the companies about the benefits of conversational AI is estimated to bolster the growth of the regional conversational AI market over the forecast period. However, some companies are hesitant towards the usage of this technology due to inaccuracy in communication and lack of personal human touch, which would restrict the growth of the regional conversational AI market.
The rising adoption of social media channels is leading to the high deployment of smart advisors through these channels, which would support the growth of the conversational AI market. There are several people who spend most of a considerable amount of time on social networking sites. In this digital world, companies need to maintain their social presence and customer interaction in order to execute various marketing strategies and advertisements. Businesses use customer reviews and their social media threads & information for creating more awareness about offerings.
The growth of conversational AI would be fueled by the rising deployment of conversational AI chatbots in the automotive sector. Moreover, the growing demand for virtual assistance to enhance customer experience among various industrial verticals would augment the growth of the market.
The Brazil market dominated the LAMEA Travel & Hospitality Conversational AI Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $56.4 million by 2027. The Argentina market would witness a CAGR of 22.6% during (2021 - 2027). Additionally, The UAE market is expected to witness a CAGR of 21.5% during (2021 - 2027).
Based on Component, the market is segmented into Platform and Services. Based on Technology, the market is segmented into Natural Language Processing (NLP), Automated Speech Recognition, Deep Learning and Others. Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Type, the market is segmented into Chatbots and Intelligent Virtual Assistant (IVA). Based on End User, the market is segmented into Retail & eCommerce, BFSI, Travel & Hospitality, Healthcare, Telecom, Media & Entertainment, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Conversational AI Market is Predict to reach $15.6 Billion by 2027, at a CAGR of 16.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Baidu, Inc., IBM Corporation, SAP SE, Oracle Corporation, Google, Inc., Amazon.com, Inc., Artificial Solutions, Conversica, Inc. and Inbenta Technologies, Inc.
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