Published Date: 18-Nov-2021
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According to a new report Global Conversational AI Market, published by KBV research, The Global Conversational AI Market size is expected to reach $15.6 billion by 2027, rising at a market growth of 16.8% CAGR during the forecast period.
The service segment is anticipated to showcase a significant growth rate over the forecast period. It is owing to the high adoption of conversational AI solutions across key industrial verticals for providing improved customer support, thus creating more demand for professional & managed services around the world.
The Machine Learning and deep learning segment is estimated to exhibit the highest growth rate over the forecast period. In addition, this conversational AI market consists of three main technologies including NLP, ML & deep learning, and ASR. By using AI technology, machines can perform activities just like human beings, which would further create lucrative opportunities for the key market players over various application areas. In AI technology, the major advancement has occurred in the area of deep learning that includes the usage of crude-simulated neurons to process information.
North America is estimated to acquire the largest market share over the forecast period. The high demand for improving customer support service to support customer retention initiatives is among the key factors fueling the growth of the regional market. In addition, the increasing number of market players across various countries is anticipated to spur the growth of the regional market. The Asia Pacific region would exhibit the fastest CAGR over the forecast period. Furthermore, this regional market would witness substantial developments and high adoption of solutions over the forecast period.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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