Global Conversational AI Platforms Market Size was Valued at USD 2364 Million in 2018 and is Expected to grow at a CAGR of 26.75% | Valuates Reports

- GLOBAL CONVERSATIONAL AI PLATFORMS MARKET ANALYSIS

BANGALORE, India, Jan. 8, 2020 /PRNewswire/ --  Increasing numbers of messaging apps and voice assistants drive the conversational AI platform market. Many companies invest in chatbots and incorporate AI-based chatbots with websites to remain ahead of the competition, as customers prefer chatting as the primary mode of communication.

Conversational AI adoption is expected to grow further as more and more businesses are incorporating conversational AI systems into existing chat, communication and call centres to provide seamless interactivity and personalized experiences to improve customer engagement.

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TRENDS INFLUENCING THE GLOBAL CONVERSATIONAL AI PLATFORM MARKET

• Growing number of messaging apps and voice assistant
• Improving cost-effective options for creating chatbots.

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REGION WISE GLOBAL CONVERSATIONAL AI PLATFORM MARKET

• In 2018, North America accounted for the largest share of the global AI app conversational market. The acceptance of the conversational AI platform is the highest in this area with the involvement of the highest number of technology innovators and industry disruptors. The growing use of smart speakers, resulting in smart virtual assistant technology, drives the conversational AI platform market in North America.
• Due to increased initiatives and investment on AI, the Asia Pacific region is expected to see the fastest growth rate.

CONVERSATIONAL AI PLATFORMS MARKET SEGMENT BY REGIONS/COUNTRIES, THIS REPORT COVERS

• North America
• Europe
• China
• Rest of Asia Pacific
• Central & South America
• Middle East & Africa

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CONVERSATIONAL AI PLATFORMS MARKET SEGMENT BY TYPE, THE PRODUCT CAN BE SPLIT INTO

• Cloud-Based
• On-Premise

CONVERSATIONAL AI PLATFORMS MARKET SEGMENT BY APPLICATION, THE MARKET CAN BE SPLIT INTO

• Large Enterprises(1000+ Users)
• Medium-Sized Enterprise(499-1000 Users)
• Small Enterprises(1-499 Users)

THE STUDY OBJECTIVES OF THIS REPORT ARE:

• To study and forecast the market size of Conversational AI Platforms in the global market.
• To analyze the global key players, SWOT analysis, value and global market share for top players.
• To define, describe and forecast the market by type, end use and region.
• To analyze and compare the market status and forecast among global major regions.
• To analyze the global key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trends and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.

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REPORTS RELATED TO THE SUBSET OF CONVERSATIONAL AI PLATFORMS MARKET

GLOBAL CONVERSATIONAL AI MARKET OVERVIEW

Conversational Artificial Intelligence is a collection of technologies that allow computers to simulate real-time conversations.

Conversational AI plays a crucial role in Intelligent Virtual Agents(IVA). AI implementation in intelligent virtual agents can comprehend open conversations while contextualizing them to a case or scenario. Businesses exploit AI technology by using a combination of ML and NLU that allows IVA to be prepared for an accelerated time to market with industry-specific knowledge and unique business data. Geographically, North America accounted for the largest share of the global conversational AI market and is expected to grow substantially over the forecast period. This market's growth is due to a large number of established players.

This study focuses on the status of global conversational AI, future projections, opportunities for growth, key industry, and key players. The study aims to present the development of Conversational AI in the United States, Europe, and China.

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CONVERSATIONAL MARKETING SOFTWARE MARKET

In 2018, the global Conversational Marketing Software market size was 210 million US$ and it is expected to reach 2000 million US$ by the end of 2025, with a CAGR of 38.5% during 2019-2025.

USA is the largest countries of Conversational Marketing Software in the world in the past few years and it will keep increasing in the next few years. USA market took up about 41.1% of the global market in 2018, while Europe and Japan were about 31.34%, 7.16%. USA and Europe are now the key developers of Conversational Marketing Software. There are a few vendors developing Conversational Marketing Software in India, but the Indian market is still much smaller than the USA at present.

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