Scope of the Study
The conversational system is an interactive platform that designed to communicate with humans with specific analytical tools and data processing systems. The conversational systems implement some functionality such as cognitive computing, artificial intelligence, internet of things and others. It has been observed that artificial intelligence vendors of various countries have made robust cloud based solutions in order to cope with the rising private and public cloud. The cognitive computing tools companies for conversational system are adding more human language audio or video clips, pictures and video in different end-user industries in Asia-Pacific countries as these countries are focused on artificial intelligence.
The market study is being classified by Type (Compute Platforms, Solutions and Services), by Application (Telecom & IT, Public Sector, Energy & Utilities, Retail, Manufacturing, Healthcare & life sciences, Education and BFSI) and major geographies with country level break-up. According to AMA, the Global Conversational systems market is expected to see growth rate of 28.2% and may see market size of USD16641.0 Million by 2024.
Google (United States), Cognitive Scale (United States), IBM Corporation (United States), Hewlett-Packard (United States), Microsoft Corporation (United States), Oracle Corporation (United States), Nuance Communications Inc. (United States), SAP SE (Germany), Tibco Software (United States), Saffron Technology (United States), Haptik (India), Rasa (Germany), Rulai (United States) and Avaamo (United States are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Kore.ai (United States), Solvvy (United States), Pypestream (United States), Inbenta (United States) and Creative Virtual (United Kingdom).
In conversational systems market, it has been observed that most of the companies are upgrading or introducing software’s for customers that are beneficial in offering image recognition for smartphones and improving speed & accuracy in text recognition. The advancements focus on competitive advantages for the company. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Conversational systems market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Conversational systems market by Type, Application and Region.
On the basis of geography, the market of Conversational systems 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). If we see Market by Source Type, the sub-segment i.e. Voice will boost the Conversational systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Modality, the sub-segment i.e. Sound will boost the Conversational systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increase in Demand of Smart Phones.
- Rise in Demand for Artificial Intelligence Powered Customer Support Services.
- Suppliers Are Investing In Advance System to Support the Growth of conversational systems market.
- Upsurge demand of multiple systems that are equipped with Hub Spot and Google Analytics.
- Lack of systems awareness in Developing Countries.
- Maximum Dependent of Deployment Platforms leads to restrain the growth of the market.
- Rise in Demand of Conversational Systems for Complex Conversation.
- Technology Advancements Such as Artificial Intelligence and NLP Tools Lead to Boost the Conversational Systems.
- High Deployment Cost Hampers the Conversational Systems Market.
- Lack of Accuracy in Virtual Assistants and Chatbot.
Market Leaders and their expansionary development strategies
In December 2018, 3M acquired M*Modal’s Technology Business. This acquisition is beneficial in providing cloud based, conversational artificial intelligence power systems that can efficiently capture and improved the patient narrative information.
In February 2018, the conversational system introduced a new technology which is beneficial in providing latest virtual assistants in E-commerce industry. The technology applicable in these systems is Siri, Alexa, Google assistant and Cortana.
Key Target AudienceConversational Systems Manufacturers, Conversational Systems Traders, End-Use Market Participants of Different Segments of Conversational Systems, Government and Research Organizations, Associations and Industrial Bodies, Research and Consulting Firms, R&D Institutions and Others
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