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The global conversational systems market size to grow at a Compound Annual Growth Rate (CAGR) of 30.8% during the forecast period
MarketsandMarkets forecasts the global conversational systems market size to grow from USD 4.6 billion in 2019 to USD 17.4 billion by 2024, at a CAGR of 30.8% during 2019–2024. The major growth drivers for the market include highly advanced AI and NLP tools and an increasing demand for AI-powered customer support services. However, lack of awareness may restrain the market growth.
Branding and advertisement application to grow at the highest rate during the forecast period
Enterprises are leveraging the computational platform to create awareness and post ads about the latest and upcoming products through the digital channel. The conversational systems can also be used by enterprises for cross-selling and up-selling purposes leading to the reduction in the operational cost. Moreover, conversations between customers and machines can be analyzed with the help of data aggregator tools integrated with the platform.
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Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to record the highest growth rate over the next few years in the conversational systems market, as a result of its growing technology adoption rate. APAC holds more than 50% of the world’s population, therefore any major technological shifts such as those being heralded by AI are expected to shape the future of the region. IBM, Microsoft, Google, and AWS account for a majority of share in the conversational systems market in the region, along with several other significant conversational systems solutions providers. SMEs and large enterprises in APAC have become more aware of government regulations and compliances and started adopting AI-based solutions proactively.
- By Company: Tier I: 15%, Tier II: 42%, and Tier III: 43%
- By Designation: C-Level: 62%, Director Level: 20%, and Others: 18%
- By Region: North America: 40%, APAC: 30%, Europe: 20%, MEA: 5%, and Latin America: 5%
The report includes the study of the key players offering conversational systems solutions. It profiles major vendors in the global conversational systems market including Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), and Saarthi.ai (India).
The report segments the global conversational systems market by component, type, application, vertical, and region. The component segment comprises compute platforms, solutions, and services. The conversational systems market by type has voice assisted, text assistant, and other (gesture recognition, object recognition, and expression recognition). The conversational systems market by application has customer support and personal assistant, branding and advertisement, data privacy and compliance, and other segments (campaign analysis and data aggregation). The conversational systems market by verticals covers Banking, Financial Services, and Insurance (BFSI), media and entertainment, retail and ecommerce, travel and hospitality, healthcare and life sciences, telecom, and other verticals (manufacturing, government, media and entertainment, and education). The report covers the conversational systems market with respect to 5 major regions: North America, Europe, APAC, Latin America, and Middle East and Africa (MEA).
The report would help the market leaders and new entrants in the global conversational systems market in the following ways:
- The report segments the market into various subsegments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across applications and regions.
- It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
- It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market.
- The study also presents the positioning of the key players based on their product offerings and business strategies.