The global conversation systems market is touted to progress from $ 4.6 billion in 2019 to $ 17.4 billion by 2025, at an annual growth rate (CAGR) of about 31% over the conjecture period of 2020-2025.
The conversational system is an interactive platform designed to communicate with humans with a specific coherent structure. These conversations are facilitated by gestures, haptic comments and the like. Conversation systems implement the functionality of cognitive computing, artificial intelligence, Internet of Things (IoT) and others. These systems are made up of hardware and software components used to generate appropriate output responses. The deployment models for this system are cloud-based and on-premises.
In recent days, computers receive a voice note as input and therefore generate adequate output, but nowadays techniques such as the conversational system are emerging with new opportunities to communicate with any form of input, such as sound, light and can process the defined input justifiable output
The conversation system can be used to process complex conversations, for example by collecting verbal descriptions of the witness and generating the suspect's sketch for police investigation.
Impact of Covid-19 on the Global Conversational Systems Market
The coronavirus pandemic (COVID-19) has influenced all perspectives of life in the world. After COVID-19, cloud-based artificial intelligence (AI) will play an essential role in the transformation of three key sectors of warehousing and logistics, conversational AI and medical and pharmaceutical products.
The AI cloud also accelerates conversational AI. Voice has already made significant strides in the smart home space and in some business areas, combined with tips to minimize the transmission of COVID-19 from shared surfaces will help consolidate the benefits smart home voice control for millions of consumers and businesses.
Market growth and trends:
Most chat solution providers provide technical support and consulting services to manage the deployment of AI-based solutions in the market. The services guarantee faster and smoother implementation that maximizes the value of business investments. They ensure the end-to-end deployment of the conversational systems platform and respond to the required pre-deployment and post-deployment requests.
Companies use the IT platform to raise awareness and publish announcements on the most recent and future products via this digital channel. Businesses can also use chat systems for cross-selling and up-selling, which reduces operating costs. With the implementation of the AI-based IT platform, companies can provide a first set of information to potential customers and recognize their level of interest. Businesses can determine customer behaviour and purchasing trends in order to reach the right target audience for the branding and advertising of their new product.
Market Drivers and Restraints:
The increased need for advanced conversation tools, technological advances in new product development, the increased need for improved analysis tools, and the rising complexity associated with data processing are driving the global market for conversation systems. However, the presence of a low level of awareness of products and services should hamper market growth. The increased adoption by developing economies offers a great opportunity for market expansion.
The availability of a large volume of data and the increasing complexity of data in the organization combine to stimulate demand in the market for conversation systems. Furthermore, the need for a self-learning system to mimic the human brain is the crucial parameter responsible for the development of the industry.
In addition to the above, raw data, such as human language audio or video clips, images and videos are the few sources of information available to the organization, therefore, to transform this data into valuable information, it stimulates market demand for conversation systems.
Furthermore, the growing demand for advanced analytics tools, which can replace human intervention, is the key factor driving the growth of the global conversation systems market. On the other hand, the cost of deploying the conversational system market should slow overall growth.
By Vertical, the global conversational systems market can be segmented into telecommunications and computing, energy, public sector and utilities, and retail, manufacturing, healthcare and life sciences, education, and BFSI.
By component, the conversational systems market can be segmented into platforms, solutions and services. The services segment accounts for the significant portion of the worldwide market.
Through implementation, the conversation systems market can be segmented into cloud-based services and on-premises software.
By application, the global market is separated as customer support and personal assistant, branding and advertisement, and compliance. Of these, the branding and advertisement sector is likely to expand with the highest CAGR in future.
By type, the conversation systems market can be bifurcated into type and text.
By region, the global conversation systems market may be segmented into Asia-Pacific, excluding Japan, Latin America, Western Europe, the Middle East, and Africa, Japan, Eastern Europe, and North America.
Due to the presence of some of the major players in North America, the market should experience the highest growth in the market in terms of revenue. Also, increasing technology penetration in countries like the United States and Canada is the crucial factor influencing market growth during the outlook period.
Europe is expected to conquer the second largest share in terms of turnover due to the strong participation of technology in various sectors, such as BSFI, Manufacturing, Education and Health. In addition, North America and Europe are considered a mature market for technology adoption, given the same, the market is foreseen to experience tremendous opportunistic growth during the next few years.
Key players in the market:
The main suppliers in the world market are Google (United States), Microsoft (United States), IBM (United States), AWS (United States), Baidu (China), Oracle (United States), SAP (Germany), Nuance ( United States), Artificial Solutions (Spain), Conversica (United States), Haptik (India), Rasa (Germany), Rulai (United States), Avaamo (United States), Kore.ai (United States), Solvvy (United States ), Pypestream (United States), Inbenta (United States) and Saarthi.ai (India).
Google is one of the main technological players in the global conversation systems market. Invests heavily in R&D to innovate in advertising, the cloud, ML, research, and new products and services. He has made significant investments and advances in AI. In April 2018, Google released Dialogflow in 2 versions, i.e., standard and business editions.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Conversational Systems Market, By Type
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Conversational Systems Market, By Application
6.2.1 Customer Support and Personal Assistant
6.2.2 Branding and Advertisement
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Conversational Systems Market, By Component
6.3.1 Compute Platforms
6.3.4 Market Size Estimations & Forecasts (2019-2024)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
6.4 Conversational Systems Market, BY Vertical
6.4.1 Telecommunications and Computing
6.4.4 Public Sector and Utilities
6.4.7 Healthcare and Life Sciences
6.4.9 Market Size Estimations & Forecasts (2019-2024)
6.4.10 Y-o-Y Growth Rate Analysis
6.4.11 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Application
7.2.4 By Component
7.2.5 BY Vertical
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Type
7.3.3 By Application
7.3.4 By Component
7.3.5 BY Vertical
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Application
7.4.4 By Component
7.4.5 BY Vertical
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Type
7.5.3 By Application
7.5.4 By Component
7.5.5 BY Vertical
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Type
7.6.3 By Application
7.6.4 By Component
7.6.5 BY Vertical
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.5 Baidu Oracle
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures