In an era characterized by rapid technological advancements, voice interfaces have emerged as a...

Conversational AI MarketConversational AI Market is predicted to touch USD 20,418 Million by 2027, registering a CAGR of 21% over the forecast period, owing to the reduced chatbot development expenses.Request For a FREE Sample Report on Conversational AI MarketOne of the major factors strengthening the conversational AI market includes the growing awareness about its remarkable features such as round the clock customer service, improved efficiency, better experience to customers with lower operational costs. Increasing adoption of AI-driven customer support services across BFSI, travel and hospitality, and retail & e-commerce has bolstered the market size. Other factors including ongoing technological innovation, accelerating internet penetration, and increasing investment in incorporating AI solutions are other drivers propelling the market growth. However, inadequate awareness regarding the benefits of technology might curb the Conversational AI Market shareBy type, the Chatbots segment is predicted to expand at a higher CAGR over the forecast period. The growing emphasis towards developing self-learning chatbots to provide continuous customer support at a lower cost has driven the segment’s growth. Moreover, as per the Conversational AI Market forecast, with the growing focus on improving customer involvement across different channels, the adoption of chatbots has increased.By technology, the Machine Learning & Deep Learning segment is expected to hold a larger share over the forecast period, owing to the continuous technological advancement. Further, the technology can manage multi-dimensional data without any human intervention and better reliability.By region, the North America region is forecast to surge at a higher CAGR over the coming years, owing to the ongoing advancements and the existence of leading manufacturers. Furthermore, the Conversational AI Market research projects that government across the nation has enforced various initiatives to encourage the adoption of AI, thereby fueling the market growth.Leading players in the market include Google, IBM Corporation, Microsoft, Amazon Web Services, Inc., Nuance Communications, Inc., SAP SE, Baidu, Kore.ai, Inc., Oracle, and Artificial Solutions, among others.Key Developments:In 2019, Microsoft developed a dialogue generative pre-trained transformer (DialoGPT); a pre-trained deep learning NLP model with the potency of automatic conversation response generation.In 2020, Nuance Communications, Inc. innovated NuanceMix, an open enterprise-grade, software-as-a-service tooling suite used to generate advanced conversational experiences that power the IVR & VA with the cloud-agnostic conversational AI of the company.Conversational AI Market Segmentation:Conversational AI Market by ComponentServicesSystems Integration & DeploymentTraining & ConsultingSupport & MaintenancePlatformConversational AI Market by TypeChatbotsIntelligent Virtual AssistantsGlobal Conversational AI Market by TechnologyNatural Language ProcessingMachine Learning & Deep LearningAutomated Speech RecognitionConversational AI Market by Deployment ModeOn-PremisesCloudConversational AI Market by ApplicationPersonal AssistantCustomer SupportCustomer Engagement & RetentionBranding & AdvertisementData Privacy & ComplianceOnboarding & Employee EngagementOthersConversational AI Market by VerticalRetail & EcommerceBFSITravel & HospitalityHealthcare & Life SciencesMedia & EntertainmentTelecomOthersConversational AI Market by Region:Asia PacificChinaJapanIndiaRest of APACNorth AmericaUnited States of AmericaCanadaEuropeUnited KingdomGermanyFranceSpainRest of EuropeRoWBrazilSouth AfricaSaudi ArabiaUAEAbout GMI ResearchGMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.Media ContactCompany Name: GMI RESEARCHContact Person: Sarah NashEmail: enquiry@gmiresearch.comPhone: Europe – +353 1 442 8820; US – +1 860 881 2270Address: Dublin, IrelandWebsite: www.gmiresearch.com

Presenting a comprehensive guide that tellss voice commerce is the future of e-commerce. Voice commerce will account for half of all online searches by 2020.