Industry Background:
Conversational AI is a set of technologies that enables computers to understand, process, as well as respond to voice or text inputs in natural ways. These are normally used in conjunction with bots or intelligent virtual agents (IVAs). Moreover, it helps people to interact with complex systems in faster and easier ways and also helps businesses deliver personalized engagements and support at scale. Conversational AI accounts for an important place in personal assistance activities. Thus with all the information companies are utilizing AI innovation by using a blend of NLU and ML, which empowers the assistants to be trained with industry-explicit information and extraordinary business information for increased time to market.
This growth is primarily driven by Increasing Demand for AI-Powered Customer Support Services and Omnichannel Deployment and Reduced Chatbot Development Cost.
Globally, a noticeable market trend is evident The rising investments related to integration of machine learning and NLP, in existing conversational solutions, and continuous focus of government on spending in AI-based technologies are trending the market demand. Major Players, such as Google (United States), Microsoft (United States), IBM (United States), AWS (United States), Baidu (China), Oracle (United States), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (United States), Haptik (India), Rasa (Germany), Rulai (United States) and Avaamo (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In November 2018, Microsoft Corporation signed an agreement to acquire Xoxco Inc., a U.S. based solution provider for conversational AI and bot development. With this acquisition, the company aims to offer accessible software tools to developers, which assist in the creation and deployment of conversational interfaces across platforms.
Google has launched Dialogflow in 2 versions: standard and enterprise editions. Organizations can leverage the benefits of the Dialogflow platform to build AI-powered engaging voices and text-based conversational interfaces on various platforms, including Facebook Messenger, Google Assistant, Amazon Alexa, Cortana, Slack, and Twilio, to interact with their customers.
Market Drivers
- Increasing Demand for AI-Powered Customer Support Services
- Omnichannel Deployment and Reduced Chatbot Development Cost
Market Trend
- The rising investments related to integration of machine learning and NLP, in existing conversational solutions, and continuous focus of government on spending in AI-based technologies are trending the market demand
Restraints
- Lack of Technological Awareness among End- Users is Creating a Negative Impact in the Market
Opportunities
Cumulating customer engagement via social media platforms coupled with the integration of advanced AI capabilities will add value to the conversational AI offering as well as provide opportunities in the conversational AI market.
Challenges
High-Cost Involved with The Technology
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Conversational AI Study Sheds Light on
The Conversational AI Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Conversational AI industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Conversational AI industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.