Pune, India, May 07, 2019 -- /360iResearch/ -- The report "Global Conversational Artificial Intelligence Market - Premium Insight, Industry Trends, FPNV Positioning Matrix, Competitive News Feed Analysis, Company Usability Profiles, Market Sizing & Forecasts to 2025 (Q1 2019 Update)", published by 360iResearch, states that the global market was valued at USD 3.79 billion in 2018 and is projected to reach USD 19.63 billion by 2025, growing at a CAGR of 26.48% from 2018 to 2025.
The major forces driving the growth of the conversational artificial intelligence market include the increasing demand for ai-powered customer support services and widespread adoption and implementation of voice assistants and omnichannel deployment and improved chatbot development. Moreover, heavy investment on conversational ai platforms like siri, cortana and alexa and other voice assistants for the technology. is also one of the factors that is driving the market growth. However limited awareness, and voice assistants lacking the critical intelligence and common sense reasoning needed to assist with critical enterprise taskset may hinder the market growth. In the middle of difficulty lies opportunity such as the significant increase in customer engagement through social media platforms, integration of advanced ai capabilities adding value to the natural-language processing capabilities, and ai-based conversational technologies deployed as an extensions of the enterprise application business to support a wide range of tasks. The possible challenges for the market growth are lack of accuracy in chatbots and virtual assistants, and data security concerns. But key players in the market are overcoming the challenges with continual improvement and innovation.
Based on operation, the global conversational artificial intelligence market is studied across Branding & Advertisement, Customer Engagement and Retention, Customer Support, Data Privacy & Compliance, Onboarding & Employee Engagement, and Personal Assistant. Based on product, the global conversational artificial intelligence market is studied across Platform, and Services. Based on technology, the global conversational artificial intelligence market is studied across Automated Speech Recognition, Machine Learning and Deep Learning, and Natural Language Processing. Based on type, the global conversational artificial intelligence market is studied across Chatbots, and Intelligent Virtual Assistants. Based on industry, the global conversational artificial intelligence market is studied across Aerospace & Defense, Automotive & Transportation, Banking, Financial Services & Insurance, Building, Construction & Real Estate, Consumer Goods & Retail, Education, Energy & Utilities, Government & Public Sector, Healthcare & Life Sciences, Information Technology, Manufacturing, Media & Entertainment, Telecommunication, and Travel & Hospitality. Based on deployment, the global conversational artificial intelligence market is studied across On-Cloud, and On-Premises. Based on geography, the global conversational artificial intelligence market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.
The report features a competitive scenario of the conversational artificial intelligence market and provides inclusive analysis of key growth strategies adopted by major players. Key company profiled in the study are Amazon Web Services, Inc., Artificial Solutions, Avaamo, Inc., Baidu, Inc., Cognigy Inc., Conversica, Inc., Google Inc., Haptik Infotech Pvt Ltd., International Business Machines Corporation, Microsoft Corporation, Nuance Communications, Inc., Oracle Corporation, Rasa Technologies GmbH, Rulai, Inc., and SAP SE.
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Miss. Shikha Sachan
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