Global Conversational AI Market – Analysis and Forecast (2019-2024)

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3. Global Conversational AI Market Industry Overview The global conversational AI market is projected to reach USD 16.2 billion by 2024, registering a CAGR of 29.2% during the forecast period. Rising demand for AI-powered customer support services, omni-channel deployment, and reduced chatbot development cost, propelling the growth of the Market Segmentation market. On the basis of component, the global conversational AI market is categorized into platform and service, wherein platform category held a larger share in the market in 2018. Further, service category is sub-segmented into support and maintenance, training and consulting, and system integration. Of all, the support and maintenance service category is expected to witness faster growth during the forecast period. The growth of this segment is attributed towards rising need for automation, upgrades and technical advancements, and © 2018 VynZ Research All rights reserved optimize work operations.

4. Global Conversational AI Market Growth Drivers Global conversational AI market has been driven by several key factors, predominantly increasing demand for AI-powered customer support services, increasing adoption of artificial intelligence (AI) solutions in customer service application, continuous focus of government on spending in AI-based technologies in developed countries, increasing number of solution providers in the conversational AI market, and positive Return on Investment (ROI) for companies deploying conversational AI solutions. Restraints High deployment cost of AI-powered chatbots hindering the adoption in small and medium enterprises (SMEs), and low accuracy of AI Chatbots in handling customer queries are hindering the growth of the conversational AI market, globally. © 2018 VynZ Research All rights reserved

5. Global Conversational AI Market Geography Insight Geographically, North America has accounted for the largest share in the conversational AI market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of established players such as Google LLC, International Business Machines Corporation, Oracle Corporation, and Microsoft Corporation, increasing number of investments related to integration of machine learning and NLP, rapid technological advancements, and continuous focus of government on spending in AI-based technologies in the region. © 2018 VynZ Research All rights reserved

6. Global Conversational AI Market Competitive Insight Some of the key players operating in the global conversational AI market are Nuance Communications Inc., Haptik Inc., Oracle Corporation, Google LLC, Microsoft Corporation, International Business Machines Corporation, SAP SE, Baidu Inc., Conversica Inc., Amazon.com Inc., Solvvy Inc., Creative Virtual Ltd., Avaamo Inc., Inbenta Technologies Inc., Artificial Solutions International AB, and Kore.ai Inc. © 2018 VynZ Research All rights reserved

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