Conversational Systems Market worth $17.4 billion by 2024
The report "Conversational Systems Market by Component (Compute Platforms, Solutions, Services), Type (Voice and Text), Application (Customer Support and Personal Assistant, Branding and Advertisement, and Compliance), Vertical, and Region - Global Forecast to 2024", The global conversational systems market size is expected to grow from USD 4.6 billion in 2019 to USD 17.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.8% during the forecast period. An increasing demand for AI-powered customer support services and highly advanced AI and NLP tools are major growth factors for the market. Increasing customer engagement through social media platforms and integration of advanced AI capabilities adding value to conversational systems offerings would provide opportunities for vendors in the conversational systems market.
Browse 46 market data Tables and 37 Figures spread through 130 Pages and in-depth TOC on "Conversational Systems Market by Component (Compute Platforms, Solutions, Services), Type (Voice and Text), Application (Customer Support and Personal Assistant, Branding and Advertisement, and Compliance), Vertical, and Region - Global Forecast to 2024"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/conversational-systems-market-232318863.html
Compute platforms segment to hold the largest market size during the forecast period
Developers use conversational compute platforms to build chatbots, conversational interfaces, and virtual assistants as per the need of their organizations. The platform comprises various modules of software tools and can integrate with third-party interfaces, such as messaging platforms, social media, SMS, and website chat. The platform can create a detailed analysis of the chat logs in real time to provide feedback for the conversation, improve and maintain the system, and deliver actionable insights to the business.
Voice assisted segment to grow at a higher CAGR during the forecast period
Voice assisted is the ability of a machine or a program to identify phrases or words in spoken language and then convert them into a machine-readable format. Customer services, product information, marketing, and sales support are a few of the areas where the use of AI-enabled voice assisted solutions has increased. A varied voice portfolio, custom voices, powerful tuning tools, and multi-language capabilities enhance the voice assisted conversational solutions productivity with robust customer satisfaction which is highly important for enterprises.
North America to hold the largest market size during the forecast period
The US and Canada are contributing to the growth of conversational systems market in North America. Organizations, especially in the US, have leveraged AI, ML, and deep learning technologies as a part of their ongoing business process to stay ahead in the market. The US and Canada also have a well-established economy, which enables conversational systems vendors to invest in new technologies.
Major vendors in the global conversational systems market include 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).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
- Triangulate with your Own Data
- Get Data as per your Format and Definition
- Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the Conversational Systems Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
- Defend your Market Share or Win Competitors
- Get a Scorecard for Target Partners
