Rising demand for AI-driven customer support services and increasing implementation of conversational AI chatbots in the automotive industry are some key factors driving global conversational AI market growth
The global conversational Artificial Intelligence (AI) market size reached USD 4.91 Billion in 2020 and is expected to register a CAGR of 22.6%, during the forecast period, according to latest analysis by Emergen Research. Rising demand for Artificial Intelligence-driven customer support services is expected to drive global conversational AI market revenue growth over the forecast period. Increasing implementation of conversational AI chatbots in the automotive industry is expected to augment global conversational AI market growth going ahead. One of the most prominent trends in the market is increasing application of chatbots to retain employees.
The latest market intelligence report, titled ‘Global Conversational AI Market’, is intended to provide the target audience with the necessary information about the global Conversational AI industry.
Increasing implementation of chatbots with social media networks is expected to drive revenue growth of the chatbots segment, which is expected to lead in terms of revenue contribution to the global conversational AI market during the forecast period.
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Key players in the market include Google LLC, Microsoft Corporation, Oracle Corporation, International Business Machines Corporation, Baidu Inc., Nuance Communications Inc., SAP SE, Conversica Inc., Inbenta Technologies Inc., and Avaamo Inc.
Factors such as high presence of conversational AI service and platform providers such as Google LLC, Microsoft Corporation, and Oracle Corporation among others in countries in North America are expected to drive growth of the market in the region during the forecast period.
The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. Furthermore, several analytical tools like investment assessment, SWOT analysis, and Porter’s Five Forces Analysis have been implemented by our analysts’ team to evaluate the production and distribution capacities of the Conversational AI market players.
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The research study presents an industry-wide summary of the Conversational AI market, including drivers, constraints, technological advancements, product developments, limitations, growth strategies, growth prospects, etc. among others. The Conversational AI7 report analyzes the market based on different categories, such as product types, end-user applications, and leading geographical regions.
The Conversational AI market report provides an in-depth analysis of the key competitors operating in the industry. The report offers insights into their product portfolio, business overview, financial standing, market position, revenue generation, market share and market size, and production and manufacturing capacity along with pricing analysis.
Emergen Research has segmented the global conversational AI market on the basis of deployment, component, type, technology, end-use, and region:
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The Conversational AI industry report mainly focuses on the key market regions where the market is spread, including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report further focuses on the key segments of the market, such as product types, application spectrum, technology, end-user industries, among others.
Major Geographies Analyzed in the Report:
Key Questions Answered in the Report:
Take a look “Table of Content Conversational AI market”:
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2021–2028
Chapter 3. Key Insights
Chapter 4. Conversational AI Market Segmentation & Impact Analysis
4.1. Conversational AI Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
188.8.131.52. Growing demand for artificial intelligence driven customer support services
184.108.40.206. Increasing customer engagement through social networking sites
220.127.116.11. Rising implementation of conversational AI chatbots in automotive industry
18.104.22.168. Increasing demand for virtual assistance to improve customer experience
4.2.3. Market restraints analysis
22.214.171.124. Dearth of awareness of conversational AI platforms
126.96.36.199. Lack of skilled professionals
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Conversational AI Market By Deployment Insights & Trends, Revenue (USD Billion)
5.1. Deployment Dynamics & Market Share, 2021–2028
Chapter 6. Conversational AI Market By Component Insights & Trends, Revenue (USD Billion)
6.1. Component Dynamics & Market Share, 2021–2028
Chapter 7. Conversational AI Market By Type Insights & Trends, Revenue (USD Billion)
7.1. Type Dynamics & Market Share, 2021–2028
7.1.1. Intelligent Virtual Assistants
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