AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Insights Into the $17+ Billion Global Conversational Systems Industry, 2024 - Increasing Demand for AI-Powered Customer Support Services Propel Market Growth - ResearchAndMarkets.com

May 17, 2019

DUBLIN--(BUSINESS WIRE)--May 17, 2019--

The “Conversational Systems Market by Component (Compute Platforms, Solutions, Services), Type (Voice & Text), Application (Customer Support & Personal Assistant, Branding and Advertisement, and Compliance), Vertical, and Region - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The global conversational systems market size to grow from USD 4.6 billion in 2019 to USD 17.4 billion by 2024, at a CAGR of 30.8% during 2019-2024.

The major growth drivers for the market include highly advanced AI and NLP tools and increasing demand for AI-powered customer support services. However, lack of awareness may restrain market growth.

Some of the major players in the conversational systems market include Alphabet Inc. (Google), Microsoft Corporation (Microsoft), IBM Corporation (IBM), Amazon Web Services, Inc. (AWS), Baidu, Inc. (Baidu), Oracle Corporation (Oracle), SAP SE (SAP), Nuance Communications, Inc. (Nuance), Artificial Solutions, Conversica, Inc. (Conversica), Haptik, Rasa Technologies GmbH (RASA), Rulai, Avaamo, Kore.ai, Solvvy, Pypestream, Inbenta Technologies Inc. (Inbenta), and Saarthi.ai.

Acquisitions, partnerships, and new product developments are some of the key strategies implemented by the major vendors in the conversational systems market.

Branding and advertisement application to grow at the highest rate during the forecast period

Enterprises are leveraging the computational platform to create awareness and post ads about the latest and upcoming products through the digital channel. The conversational systems can also be used by enterprises for cross-selling and up-selling purposes leading to a reduction in the operational cost. Moreover, conversations between customers and machines can be analyzed with the help of data aggregator tools integrated with the platform.

Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

APAC is expected to record the highest growth rate over the next few years in the conversational systems market, as a result of its growing technology adoption rate. APAC holds more than 50% of the world’s population, therefore any major technological shifts such as those being heralded by AI are expected to shape the future of the region.

IBM, Microsoft, Google, and AWS account for a majority of share in the conversational systems market in the region, along with several other significant conversational systems solutions providers. SMEs and large enterprises in APAC have become more aware of government regulations and compliances and started adopting AI-based solutions proactively.

Market Dynamics

Drivers

  • Highly Advanced AI and NLP Tools Bolstering the Market Growth
  • Increasing Demand for AI-Powered Customer Support Services

Restraints

  • Dependency on Deployment Platforms
  • Lack of Awareness of Emerging Technologies

Opportunities

  • Increasing Demand for Smartphones
  • Integration of Advanced AI Capabilities Adding Value to the Conversational Systems Offerings
  • Rise in Customer Engagement Through Social Media Platforms

Challenges

  • Lack of Awareness and Reluctance to Use Chatbots
  • Lack of Accuracy in Chatbots and Virtual Assistants

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview and Industry Trends

6 Conversational Systems Market, By Component

7 Conversational Systems Market, By Type

8 Conversational Systems Market, By Application

9 Conversational Systems Market, By Vertical

10 Conversational Systems Market, By Region

11 Competitive Landscape

12 Company Profiles

  • Artificial Solutions
  • Avaamo
  • AWS
  • Baidu
  • Conversica
  • Google
  • Haptik
  • IBM
  • Inbenta
  • Kore.ai
  • Microsoft
  • Nuance
  • Oracle
  • Pypestream
  • Rasa
  • Rulai
  • Saarthi.ai
  • SAP
  • Solvvy

For more information about this report visit https://www.researchandmarkets.com/r/d2shn0

View source version on businesswire.com:https://www.businesswire.com/news/home/20190517005408/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

Related Topics:Artificial Intelligence

KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE OTHER TECHNOLOGY

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 05/17/2019 12:02 PM/DISC: 05/17/2019 12:02 PM

http://www.businesswire.com/news/home/20190517005408/en