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.
- Increasing Demand for AI-Powered Customer Support Services
- Omnichannel Deployment and Reduced Chatbot Development Cost
- 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
- Lack of Technological Awareness among End- Users is Creating a Negative Impact in the Market
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.
High-Cost Involved with The Technology
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