What is Conversational Intelligence Software Market?
Conversation intelligence (CI) software is a machine learning-infused sales training software tool that helps sales orgs optimize and improve their ability to close deals. CI software records sales calls and facilitates playback, transcriptions, and scoring, so that both sales representatives and sales managers can identify highs and lows. With CI software, sales organizations can leverage and disseminate best practices to all representatives, as well as unlock hidden insights that exist in the current customer relationship management (CRM). Moreover, CI software’s coaching and development functionalities encourage knowledge sharing, improve sales processes, and optimize pipelines
The market study is being classified, by Application (Large Enterprises and Small and Medium Enterprises) and major geographies with country level break-up.
IBM (United States), Amazon (United States), Google (United States), Microsoft (United States), Automated Insights (United States), ARRIA NLG (United Kingdom), AX Semantics (Germany), Yseop (United States), Artificial Solutions (Sweden), Narrativa (Spain) and Retresco (Germany) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Phrasee (United Kingdom), Intercom (United States), Drift (United States) and Zendesk (United States).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Conversational Intelligence Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Conversational Intelligence Software market by Type, Application and Region.
On the basis of geography, the market of Conversational Intelligence Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Record Sales Calls for Playback and Archiving Purposes
- Facilitate both Individual and Aggregated Analysis of Sales Calls
- Enterprises are Leveraging AI Technology by Utilizing a Combination of Machine Learning and Natural Language Processing
Market Trend
- The Growth of Retail and e-Commerce vertical in both Developing and Developed Economies
- Increasing Government Spending on AI-Based Technologies
Restraints
- Lack of Adoption in Developing Economies
Opportunities
- The increasing demand for scalable, easy to use, and cost-effective conversational AI
- Rise in Customer Engagement with Social Media Platform and Integration of Artificial Intelligence Capabilities
- Growing investments in AI and ML technologies
Challenges
- High Cost of Conversational Intelligence Software
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. These bots use AI-based natural language understanding and processing to interact with end users. It enables users to integrate other Google cloud services, such as Speech-to-Text and Text-to-Speech, which are critical to get users on Google’s cloud and enable Google to sell other services as well.
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance. European Union laws (GDPR) is taking important measures to protect data privacy and is expected to impact ~4% of global annual sales
Key Target Audience
Conversational Intelligence Software Providers, Conversational Intelligence Software Service Providers, Small and Large Enterprises, Government and Private Organisations and Others