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 Compound Annual Growth Rate (CAGR) of 30.8% during 2019–2024. An increasing demand for AI-powered customer support services and highly advanced AI and NLP tools are bolstering the conversational systems market growth.
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.
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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.
With the recent advancements in the AI technology, organizations are making use of conversational systems solutions in their customer service function. Enterprises’ focus has shifted from providing customer support services through emailing or messages to AI-powered chatbots that help enterprises enhance customer experience and engagement. The AI-powered chatbots use the NLP technology to carry out human-like conversation and assist their customers in real time. They help enterprises fetch business intelligence about customers’ preferences, opinions, and purchase behavior and enable organizations to provide proactive recommendations and more personalized experience to users based on their account activity.
Major vendors of conversational systems include IBM (US), Google (US), Microsoft (US), AWS (US), SAP (US), Oracle (US), Baidu (China), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Avaamo (US), Kore.aiI (India), Inbenta (US), Rulai (US), Solvvy (US), Pypestream (US), and Saarthi.ai (India). The key players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global conversational systems market. They have majorly adopted the strategies of partnerships and new product launches from 2017 to 2019, which have helped them innovate their offerings and broaden their customer base.
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Google is a key technology player in the global conversational systems market. It relies heavily on its organic growth strategy and aims to launch innovative next-gen products. Google is making significant R&D investments in the areas of its strategic focus, such as advertising, cloud, Machine Learning (ML), and search, as well as, in new products and services. Google has made significant investments and advancements in AI. The company is well-positioned to take advantage of the increasing demand for AI-enabled applications, AI tools for developers, and cloud-based AI services. Moreover, the company is adopting organic growth strategies to gain a competitive advantage in the conversational systems market. For instance, in April 2018, Google launched an enterprise edition of its Dialogflow platform. The platform would help companies build and run their own bots, without any AI expertise. The bots use AI-based natural language understanding (NLU) and processing to interact with end users.
Microsoft continues to invest significantly in its R&D activities to enhance its conversational systems and service offerings. The company is working on the development of AI, ML, and IoT technologies. It has made significant progress with AI initiatives and is well-positioned to take advantage of increasing demand for AI tools, AI-enabled applications, and AI-based solutions. It focuses on organic as well as inorganic growth strategies to strengthen its market position in the global conversational systems market. It has various plans to invest in the latest technologies for innovations. In 2018, Microsoft acquired 4 companies: Semantic Machines, Lobe Artificial Intelligence, GitHub, and Bonsai. The acquisitions would enable Microsoft to strengthen its imperatives of putting simple and effective AI developments into the hands of non-engineers and non-experts.
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