Conversational AI Market
The global conversational AI market is growing at a significant rate. The market is
growing due to increasing demand for AI-powered customer support services, omni-
channel implementation, and lower chatbot creation costs.
On the basis of the component, during the forecast period, the support and repair
service segment is projected to rise at a faster pace.
On the basis of development, in 2018, the cloud-based segment accounted for a larger
share of the market, and it is projected to expand at a faster rate during the forecast
Of all Types, due to increasing demand for chatbot integration with social media
channels and increased penetration, the chatbot group held the largest share of the
market in 2018.
The use of conversational AI tools/chatbots for better customer experience and the
integration of chatbots for employee retention and engagement are the two main key
opportunities seen in the market globally.
North America has the largest share of the global conversational AI market and is
projected to expand rapidly over the next few years.
Nuance Communications Inc., Haptik Inc., Oracle Corporation, Google LLC,
Microsoft Corporation, and others are some of the major players in the global
conversational AI industry.
Source: VynZ Research
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