Conversational AI Market Size and Growth Forecast Report 2019

Market overview
Conversational AI is the use of messaging apps, speech-based assistants, chatbots to create
automated content.
Conversational AI accounts for a significant place in personal assistance activities. It can
analyze the open interactions when connecting it with the scenario or case. Companies are
using AI innovation by using a blend of ML and NLU, which authorizes the assistants to be
qualified with industry-explicit information and extraordinary business info for an increased
time to market.
The global Conversational AI Market was worth USD 4.2 Billion in 2019 and is expected to
reach USD 15.7 Billion by 2024, rising at a CAGR of 30.2% during the forecast period.
Recent developments
 In November 2018, Microsoft contracted an agreement to collaborate XOXCO, a
solution provider for the conversational AI and the bot progress. The collaboration
would assist Microsoft to support its initiative to provide accessible software tools to
developers for allowing them to generate and deploy conversational interfaces across
platforms.
Market Drivers and Restrains
The major development drivers for the market include the rising popularity for AI-powered
customer support services, omnichannel deployment, and decreased chatbot development
cost.
Many profits of conversational AI in business-to-business applications, extensive adoption of
messaging apps, enterprises concentrating on raised customer experience, and increasing
adoption of virtual assistants are other aspects promoting the market growth.
Low awareness of the sector may hamper Conversational AI Market growth
.
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Report is segmented as
By Component
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Platform
Services
By Type
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IVA
Chatbots
Geographical Segmentation:
Based on geography, the world market is divided under various regions such as North
America, Europe, Asia-Pacific and the Rest of the World. North America has led the global
Conversational AI Market.
Key market players:
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Google (US)
Microsoft (US)
Baidu (China)
IBM (US)
Oracle (US)
AWS (US)
SAP (Germany)
Nuance (US)
Haptik (India)
Artificial Solutions (Spain)
Rasa (Germany)
Conversica (US)
Rulai (US)
Avaamo (US)
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations
of market potential and forecasts with utmost granularity. Along this, the factors influential
in influencing the market dynamics and trends discussed in detail at the product level.
Further, the performance of the market at the regional and country-level had assessed and
the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance,
market position and growth strategies. Comparative analysis on prime strategically activities
of the market players delineating the key developments like mergers & acquisitions,
collaborations and an evaluation of the competitive environment within the industry had
provided. The report also provides a broad outlook of the current market along with
recommendations from industry experts on the opportunities for investment activity.
What else? Apart from the syndicated report, our in-house team has an expertise and
experience in designing custom reports to meet your specific research needs and assist you
in making well-informed decisions.
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Email: abhishek@marketdataforecast.com
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Conversational AI Market Report 2019 is an inclusive analysis of Industry Demand, Trends, Size, Opportunities, and forecasts the market size and growth to 2024

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