This market research report includes a detailed segmentation of the global conversational AI platform market by types (chatbot, intelligent virtual assistant), applications (personal assistant, customer support, branding & marketing, employee engagement & support), verticals (BFSI, retail & e-commerce, travel & hospitality, telecom & ITES, healthcare & life sciences, media & entertainment, others), regions (North America, Europe, APAC, RoW). The market research report identifies Google, Microsoft, Amazon, IBM, SAP, Nuance, and Artificial Solutions as the major vendors operating in the global conversational AI platform market.
Overview of the Conversational AI Platform Market
Infoholic’s market research report predicts that the global conversational AI platform market will grow at a CAGR of 32.4% during the forecast period. The market for conversational AI platform is driven by the increasing number of messaging apps and voice assistants. Several industries are investing in conversational chatbots and are integrating AI-based chatbots with websites to stay ahead of the competition, as customers prefer chatting as the primary mode of communication. Preference to deal with human and data privacy & security concerns are hampering the market growth.
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The implementation of conversational AI is anticipated to grow further as more and more companies are integrating conversational AI platforms in the existing chat, contact, and call centers for offering seamless interactivity and delivering personalized interactions to improve customer engagement.
According to the conversational AI platform industry analysis, North America accounted for the largest share of the global conversational AI platform market in 2018. With the presence of the highest number of technology innovators and market disruptors, the adoption of the conversational AI platform is highest in this region. The increasing use of smart speakers, giving rise to intelligent virtual assistant technology, is driving the North America conversational AI platform market. The Asia Pacific region is expected to witness the fastest growth rate due to increasing initiatives and spending toward AI.
