Conversational AI Platform Market Scope
Conversational AI is a form of Artificial Intelligence technology that enables people to converse with applications, websites, and devices in the form of humanlike natural language via voice, text, touch or gesture input. Conversational AI platforms are a good solution for Start-ups who are small in size and limited financially. These systems offer a more straightforward and direct pipeline for customers to sort problems out, address concerns and reach goals. The use of messaging apps, speech-based assistants and chatbots to automate communication and create personalized customer experiences at scale.
According to AMA, the Global Conversational AI Platform market is expected to see growth rate of 30.2% Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Conversational AI Platform market throughout the predicted period.
IBM (United States), Google (United States), Microsoft (United States), AWS (United States), SAP (Germany), Oracle (United States), Cognizant (United States), Baidu (China), Nuance (United States) and Artificial Solutions (Spain) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Conversica (United States), Haptik (India), Rasa (Germany), Avaamo (United States), Kore.aiI (India), Inbenta (United States), Rulai (United States) and Solvvy (United States).
Segmentation Overview
The study have segmented the market of Global Conversational AI Platform market by Type (AI-powered Chatbots, Intelligent Virtual Assistant and Others (Messaging Apps)), by Application (Lead Generation, Customer Engagement, Customer Support, Feedback and Insights, E-commerce and Others) and Region with country level break-up.
On the basis of geography, the market of Conversational AI Platform 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).
Influencing Trend:
Rapid Rise in Smart Speakers and Voice Search are Accelerating Conversational AI Adoption and AI-powered Chatbots with Human Fall Back Option
Market Growth Drivers:
Growing Adoption of AI-Powered Chabot’s by Small and Large Enterprises, Increased Productivity and Greater Customer Satisfaction for Businesses across Many Sectors of Global Economy, Reduction in Development Time, Operational Costs, with Embedded Crowdsourcing and Omni-Channel Deployment to Voice and Chat Channels
Challenges:
Integration with Others Software’s and Platforms
Restraints:
Availability of Open Source Software and Annoying, Unhelpful and Glitch Chabot’s
Opportunities:
Potential to Use AI-Powered Chatbots to Improve Conversion Rates, While Providing Operational Efficiencies, Next-gen technologies such as Augmented Reality, Gesture, Bio-Metric, Visual, Contextual and Intelligent and More and More Businesses Leveraging Conversational AI to Achieve Business Goals
Market Leaders and their Expansionary Development Strategies
On January 22, 2018, SAP SE has announced that it is acquiring Recast.AI, a French start-up based in Paris that focuses on conversational user experience technology. The acquisition will allow SAP to accelerate the development of its Leonardo machine learning (ML) capabilities that are part of its growing portfolio of intelligent software solutions.
On June 17, 2019, Avaamo, the leader in conversational AI technology, has joined the Automation Anywhere Technology Alliance Program to help deliver a comprehensive automation solution to enterprises. and On September 6, 2018, Tech Mahindra, a leading provider of digital transformation, consulting and business re-engineering services and solutions has announced a global strategic partnership with Avaamo, a leader in conversational artificial intelligence (AI). This partnership will include developing and delivering conversational AI solutions for global enterprises.
GDPR compliance presents certain challenges when it comes to customer data collection via this avenue.
Key Target Audience
Conversational AI Platform Vendors, System Integrators, Project Managers, Technical Developers, End-Use Industries and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.