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Conversational Artificial Intelligence (AI) Market Future Insights, Market Revenue and Threat Forecast by 2024 | COVID-19 Pandemic

Market Highlights

The global conversational artificial intelligence market report showcases the growth of the global market with a view of the market value that will reach USD 15.82 billion by the year 2024 that will be growing at a CAGR of 30.32% for the forecast period from 2019-2024.

Conversational Artificial Intelligence (AI) plays an important role in personal assistants that are capable of understanding open conversations in a particular case or scenario. Businesses are leveraging AI technology that utilizes the combination of machine learning and NLU that enables the assistants with industry-specific knowledge and different business data for coping up with the global market. The way of communication has changed in the past many years, with the organizations using the conversational AI solutions for the customer service functions.

The focus of the enterprises has shifted from providing customer service facilities to emailing and messaging to AI-powered chatbots that are helping the businesses to enhance the customer experience, engagement and management. These smart chatbots are using the NLP technology  for carrying out human-like conversations and are assisting in catering to the needs of the customers in real time. They are also helping in facilitating business intelligence about customer preferences, purchasing behaviour and are enabling the organizations to provide proactive and more personalized experiences.

AI is making it easier for organizations to provide proactive recommendations and personalized experiences to the users on the basis of account activity.

Also Read: http://www.marketwatch.com/story/conversational-ai-market-is-gaining-an-upward-trend-due-to-rising-adoption-of-virtual-assistants-2020-02-25 

Regional analysis 

The global conversational artificial intelligence market can be majorly divided into the regions of Europe, Americas, Middle East, Asia-Pacific and Africa. America owns the largest market share of the global market with the presence of high-quality artificial intelligence technologies. After this, the European market is the dominant market followed by Asia-Pacific. The large business and enterprises are adopting social media technologies that are driving the European market. Owing to the accelerated economic growth of countries in the region and the increasing need for controlling the healthcare costs. These factors play an important role among all the various organizations in this region. The Middle East and African region are growing at a steady pace in the overall market.

Segmentation:

There are various segmentations of the global conversational artificial intelligence (AI) market size on the basis of component, type, technology, deployment, organization size, applications and verticals.

On the basis of component, the global conversational artificial intelligence market can be split into:

 

  • Platform
  • Services

 

And on the basis of type, the global product market can be divided into:

 

  • Chatbots
  • Intelligent virtual assistants

 

In terms of technology, the global market can be categorized into:

 

  •  Natural language processing
  • Machine learning and deep learning
  • Automated speech recognition

 

Based on deployment, the global conversational artificial intelligence market can be split into:

 

  • Cloud
  • On-premises

 

And on the organizational size, the global AI market can be divided into:

  • Large enterprises
  • SMEs

 

And by applications, the global market can be classified into:

  • Branding and marketing
  • Personal assistants
  • Customer engagement and support
  • Others

 

And by verticals, the global conversational artificial intelligence market can be classified into:

  • BFSI
  • Automotive
  • Healthcare
  • Mode and entertainment
  • Others
  • IT & Telecommunication

Industry news

Trinamix, a member of Oracle PartnerNetwork has announced the launch of Industry 4.0 Lab for helping the enterprises to enable smart manufacturing using the Oracle Internet of Things and other Oracle Blockchain applications. This lab will showcase several industry cases that will work in various industrial scenarios that are connected with machines through various devices and gateway.