The global conversational AI market is anticipated to grow at a significant CAGR of 20.5% during the forecast period. One of the major drivers of the conversational AI market is the significantly increasing demand of conversational-AI for consumer support services across the globe. Prior to the advancements in AI technology customer service used to take place via e-mail, call centres, websites, and applications. However, after the advancement in technology organizations have started using conversational AI to offer a much more efficient process to deal with customer service. To enhance the customer experience and engagement, companies have shifted from customer support through messages and e-mails to AI-powered chatbots and virtual assistants. To assist the customer in real-time AI-powered chatbots uses NLP that carry out more natural and human-like conversations. To provide the company with proactive recommendations and a more personalized experience AI chatbots collect the business intelligence about the customer’s behaviour, preferences, opinions based on their activity. Virtual assistants and chatbots can be used for repetitive and non-dynamic tasks such as balance inquiry, order placement, manual processes, technical assistance, general inquiry, and other customer service-related issues.
The implementation of AI-based technology can reduce the use of manpower and increase the efficiency of the process. For instance, a conversational AI provider, Live person reported that over 57 billion conversational happen every year in contact centres with over $1.2 trillion spent on global voice call customer centres, but more than 80% of the customers would prefer a quick time message service.
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Conversational AI Market Segmentation
By Type
- Intelligent Virtual Assatants (IVA)
- Chatbot
By Mode of Integration
- Web-based
- App-based
- Telephonic
By Technology
- Machine& Deep learning
- Natural Learning Process (NLP)
- Automatic Speech Recognition (ASR)
By Application
- Customer Support
- Personal Assistance
- Branding &Advertising
By End-user
- BFSI
- Retail & E-commerce
- Healthcare
- IT &Telecom
- Media & Entertainment
- Others (Travel & Hospitality, Government Institutions)
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Avaamo Inc.
- AmplifyReach
- Baidu, Inc.
- Conversica, Inc.
- Cognigy GmbH
- Creative Virtual
- Google LLC
- Gupshup
- Inbenta
- Kasisto, Inc.
- ai
- MindMeld, Inc.
- Oracle Corp.
- Pypestream Inc.
- Rasa Technologies Inc.
- Rulai
- SAP SE
- Senseforth AI Research Pvt. Ltd.
- SoundHound, Inc.
- Solvvy
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