“Final Report will add the analysis of the impact of COVID-19 on industry.”
A comprehensive market research report has recently analyzed the worldwide “Conversational AI Market” industry, employing segmentation based on Geographical Regions, Country, Company, Types, and Applications. Within the Beauty and Personal Care Packaging sector, numerous prominent Key Players[Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, FIS, Artificial Solutions, Kore.ai, Conversica, Inbenta, Creative Virtual, SoundHound, Avaamo, Haptik, Solvvy, MindMeld], have emerged as leaders by implementing diverse strategies aimed at extending their market presence and strengthening their industry position. This report furnishes valuable insights to stakeholders and participants operating in the global market, equipping them with a competitive edge and offering a robust resource to fulfill their business needs effectively.
Download Free Sample of This Strategic Report:https://reportocean.com/industry-verticals/sample-request?report_id=MR472
Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments’ success, ICT vendors now annually set aside funding for the growth of the online market.Global ICT exports are anticipated to increase 3.9% on average year fromUS$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by228.2%year over year, while Sierra Leone has decreased by 61.7% year over year.
By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million.The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021,Germany came in first place with US$ 339,074 million.Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by16.5% year over year, while Italy ha s decreased by 0.2%.
Conversational AI Market to Witness a CAGR of 23.4% through 2028
The conversational AI market is growing at a high CAGR because of the rising demand for customer support services by businesses to improve customer experience along with the increasing adoption of conversational AI among various verticals
A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the conversational AI market was worth USD 6.9 billion in the year 2021. It is estimated to grow at a CAGR of 23.4%, earning revenue of around USD 29.9 billion by the end of 2028.The conversational AI market is flourishing at a high rate owing to the rising demand for customer support services by businesses to improve customer experience. Furthermore, the increasing adoption of conversational AI among various verticals including BFSI, media and entertainment, healthcare and life sciences, travel and hospitality, etc., is anticipated to present lucrative growth opportunities to the market in the forecast period.
Request To Download Sample of This Strategic Report:-https://reportocean.com/industry-verticals/sample-request?report_id=MR472
?
Conversational AI Market – Regional Insights
Rising Demand for Cloud Deployment is Driving the Conversational AI Market
Based on deployment, the conversational AI market is segmented into on-premise and cloud. The cloud deployment segment holds the largest market share as it proves to be flexible as well as cost-effective compared to the on-premise deployment. Therefore, this type of deployment mode is popular among SMEs. However, most large enterprises opt for on-premise deployment owing to their higher financial capability and advanced security. The on-premise deployment restricts external access to data, which acts in favor of hitting market growth.
Increasing Popularity of App-Based Integration is Propelling the Conversational AI Market Growth
Based on mode of integration, the conversational AI market is segmented into web-based, app-based, and telephonic. The app-based segment accounts for the largest market share in 2021. Technologies such as Google Assistant, Alexa, Siri, etc., are some of the most popular conversational AIs in the world and they work on app-based integration. However, the web-based mode of integration also covers a substantial market share. The increasing number of websites from the SMEs and rising demand for chat services for customer support are driving its overall market growth.
Conversational AI Market – By Technology
Based on technology, the conversational AI market is segmented into machine learning and deep learning, natural language processing, and automatic speech recognition. Natural language processing (NLP) accounts for the largest market share in 2021. Conversational AI combines natural language processing with traditional software such as chatbots or voice assistants to create a chat or voice communication interface. The NLP helps the system understand the meaning of the human language and decrypts it to provide an answer or assistance.
Geographically, the conversational AI market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominated the conversational AI market in 2021. However, the Asia-Pacific region is projected to witness the highest CAGR during the period owing to the increasing number of SMEs and startups and the rising adoption of conversational AI to cater to customer query requests and boost efficiency. Europe is also growing at a substantial rate owing to the presence of multinational conglomerates.
Impact of COVID-19 on Conversational AI Market
The conversational AI market witnessed tremendous growth after the COVID-19 pandemic outbreak. the number of customer service requests over websites and applications significantly spiked during this period. However, the lack of sufficient working employees and restrictions on the customer care centers due to social distancing norms imposed a huge burden on the human customer care executives, which negatively impacted the customer experience. Due to this, the organizations quickly shifted towards conversational AI to cater to the increasing number of service queries and deliver solutions timely.
Request To Download Sample of This Strategic Report:-https://reportocean.com/industry-verticals/sample-request?report_id=MR472
Competitive Landscape
The leading market players of the conversational AI market are Google, Microsoft, IBM, AWS, Baidu, Oracle, SAP, FIS, Artificial Solutions, Kore.ai, Conversica, Inbenta, Creative Virtual, SoundHound, Avaamo, Haptik, Solvvy, MindMeld, and other prominent players. The conversational AI market is highly concentrated with the presence of leading industry players such as Google, IBM, Oracle, Microsoft, etc. However, several startups are also emerging and attracting significant investment to expand their presence. The companies constantly launch new upgrades and innovations to gain a competitive edge. Furthermore, the adoption of market strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
Market Segment:
By Component(Solutions, Services)
By Type(Intelligent Virtual Assistants, Chatbots)
By Deployment Mode(On-Premise, Cloud)
By Technology(Machine Learning And Deep Learning, Natural Language Processing, Automatic Speech Recognition)
By Organization Size (Large Enterprises, Small And Medium-Sized Enterprises)
By Vertical (Banking Finance Services And Insurance, Healthcare And Life Sciences, It And Telecom, Retail And Ecommerce, Others),
By Mode Of Integration(Web-Based, App-Based, Telephonic)
By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
Dont miss the business opportunity of the conversational AI market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the conversational AI market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the conversational AI market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key questions answered in the global High Performance Composites market report are:
- How does a global company acquire markets?
- What are its core strategies and policies?
- What factors will influence the High Performance Composites market over the forecast period?
- What are the factors driving and restraining the market for High Performance Composites?
- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?
Reasons to Buy:
Informed decision-making: Market research reports provide valuable insights into industry trends, customer behavior, and competitor analysis. This information can help businesses make informed decisions about product development, pricing, and marketing strategies.
Competitive advantage: By identifying market gaps and opportunities, market research reports can provide a competitive advantage that can help businesses differentiate themselves from their competitors and gain a larger share of the market.
Industry expertise: Market research reports are prepared by industry experts who have a deep understanding of the market and its dynamics. These reports provide an unbiased and objective view of the industry, which can be invaluable for businesses that want to gain a deeper understanding of the market.
Saves time and money: Conducting market research can be time-consuming and expensive. By purchasing a market research report, businesses can save time and money by accessing a comprehensive and detailed analysis of the market.Risk management : Market research reports can help businesses manage risks associated with market entry, product development, and expansion. By providing a detailed analysis of the market and its trends, businesses can make informed decisions that minimize risks and maximize returns.
Request full Report– https://reportocean.com/industry-verticals/sample-request?report_id=MR472
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is a ‘one-stop solution’ for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 – UNITED STATES
Tel:+1 888 212 3539 (US – TOLL FREE)
Website:https://www.reportocean.com