Global conversation AI Industry was valued at USD $4.5Billion in the year 2019. Global conversation AI Industry is further estimated to grow at a CAGR of 29% from 2019 to reach USD $20.25 Billion by the year 2025. Conversational AI is a form of Artificial Intelligence that allows people to communicate with applications, websites and devices in everyday, humanlike natural language via voice, text, touch or gesture input. Conversational AI plays a crucial role in personal assistant. Personal assistants can comprehend open conversations while contextualizing them to a case or scenario. Enterprises are leveraging AI technology by utilizing a combination of ML and NLU, which enables the assistants to be trained with industry-specific knowledge and unique business data for an accelerated time to industry.
For users it allows fast interaction using their own words and terminology. For enterprises it offers a way to build a closer connection with customers through personalized interaction and receive an unprecedented amount of vital business information in return.
For enterprises using advanced AI-driven conversational platforms, the rewards are great. Not just the increase in customer satisfaction, but in the actionable data that conversational interfaces generate. In order to achieve this, enterprises need to ensure that conversational chatbots can understand the context and the sentiment behind the conversation, and that the conversational AI solution can seamlessly integrate with back-end data and third-party databases to enable deeper personalization. It also needs to be capable of creating detailed analysis of the chat logs in real-time to provide feedback into the conversation, improve and maintain the system and deliver actionable insights to the business.
Major market players in conversation AI Industry are Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, Nuance, Artificial Solutions, Conversica, Haptik, Rasa, Rulai, Avaamo, Kore.ai, Solvvy, Pypestream, Inbenta, Creative Virtual and Saarthi.ai
Conversation AI Industry Overview, By Component
Conversation AI Industry Overview, By Type
Conversation AI Industry Overview, By Technology
Conversation AI Industry Overview, By Application
Conversation AI Industry Overview, By Region
• Rest of Europe
• Rest of Asia-Pacific
• Latin America
• Middle East & Africa