New York, According to a new market research report published by Global Insight Services Conversational AI Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Conversational AI technology is used to create and interpret human-like or natural communication between humans and artificial intelligence systems. This technology can be used to create chatbots, which are computer programs designed to mimic human conversation, or to interpret and respond to human conversation in a way that is natural and human-like. This technology is becoming increasingly important as the use of artificial intelligence systems grows.
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Key Trends and Drivers
One key trend is the increasing use of AI-powered chatbots by businesses. Chatbots can be used to automate customer service tasks, such as answering FAQs or providing product recommendations. They can also be used to improve the customer experience by engaging in natural conversations with customers.
Another key trend is the increasing use of voice assistants, such as Amazon Alexa and Google Assistant. Voice assistants are becoming more popular as they are becoming more accurate at understanding natural language. Voice assistants can be used for tasks such as setting alarms, adding items to a shopping list, or playing music.
Restraints & Challenges
The technology is still in its early stages, which presents several key restraints and challenges for the Conversational AI market.
A key challenge is the limited data available to train Conversational AI models. This is because the technology is still new and there are not many real-world data sets available. This lack of data limits the ability of developers to create accurate and realistic models.
The current state of Conversational AI technology presents a challenge for businesses who want to implement the technology. This is because the technology is still immature and there are not many applications that are ready for deployment in a business environment. This lack of maturity means that businesses need to be prepared to invest in research and development in order to create their own Conversational AI applications.
Market Segments
By Component
Platform
Services
Support and Maintenance
Training and Consulting
System Integration
Key Players
Amazon Web Services Inc.
Artificial Solutions Holding ASH AB
Baidu Inc.
Conversica Inc.
Haptik
IBM Corporation
Microsoft Corporation
Oracle Corporation
Google
SAP
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Reasons to buy Conversational AI Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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