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The Growth Nuances of Global Conservational AI Platforms Market

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Published on : May 18, 2020

ResearchMoz.us has announced the addition of a report, titled “Global Conversational AI Platforms Market Size, Status and Forecast 2019-2025”. The report on the Global Conversational AI Platforms Market offers an elaborate assessment of key growth trends and drivers, recent developments in the market, the competitive ecosystem, and opportunity and challenges analysis. Segments in the report are created by product type and application.

By product, it can be split into cloud-based, and on premise and by application, the sub-segments include large enterprises, medium sized enterprises, and small enterprises.

Some of the factors that are leading to this growth includes omni-channel deployment, lowering cost of developing chat bots, and call for AI powered services in terms of customer support. Also, it is important to note here that with the rise of social media, customer engagement through AI is seeing a rise in demand.  The reason is that the value that is added is quite significant. As this provides opportunities for many an organization, popularity is only going to grow further.

Similarly, in omni-channel deployment, AI is setting new benchmarks in terms of customer services support.

It is also pertinent to note here that more and more people today are looking for a personal assistant application. For most people, it is a boon considering these assistants can go through conversations that are open and can understand the same. These, in fact, can add context to certain scenarios and cases. Thus, it does not come as a surprise that enterprises are combining NLU and ML. Mainly, it leads to better training of assistants. Besides, it can then work with unique business data and knowledge that is specific to the industry.

Owing to the factors mentioned above, the global Conversational AI Platforms market is to chart a stellar, double digit CAGR (Compound Annual Growth Rate), raising the market worth up by numerous billions over the forecast period.

It is worth talking about the competitive landscape of the global Conversational AI Platforms Market. It is fragmented and some of the players that have a strong landscape include Acobot, ExecVision, FunnelDash, Gong.io, Activechat, LivePerson, Marchex, LiveChat, Brazen, Continually, SmatSocial, Kommunicate, Solvemate, Hellomybot, Bold360, Chatfuel, Conversica, Smith.ai, Locobuzz Solutions, Recast.AI, Dialogflow, ApexChat, BotXO, SoundHound, OneReach.ai, and Synthetix, among others. These are also covered in the global Conversational AI Platforms market report added by ResearchMoz.us.

It is pertinent to note here that most players dabbling with conversational AI platforms, also work with cloud-based solutions. One major benefit that accrues here is that conversations can be monitored in real time. And, this in turn leads to better insights. Thus, that translates to improved solutions for clients and this is how major players get a bigger share from the growth pie.

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Region wise, the report holds the following sub-segments – North America, Europe, China, Japan, South East Asia, India, Central and South America. The regional analysis gives insights into potential, strengths, weaknesses and the kind of opportunities that might arise in each.

Also, it is worth noting here that the region that will show tremendous performance over the forecast period in the global conversational AI platforms market is North America. It is not really surprising considering that the adoption rate of technology in the region is respectable and some of the major product developers are flanking the region, setting new benchmarks every day. But, it is worth mentioning here that while North America will be a large market region, it will be Asia Pacific (APAC) that will grow at a dizzying pace.