Global Conversational Systems Market 2019-2024: Highly Advanced AI and NLP Tools Bolstering the Market Growth

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May 28, 2019, 08:45 ET

DUBLIN, May 28, 2019 /PRNewswire/ -- The "Conversational Systems Market by Component (Compute Platforms, Solutions, Services), Type (Voice & Text), Application (Customer Support & Personal Assistant, Branding and Advertisement, and Compliance), Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global conversational systems market size to grow from USD 4.6 billion in 2019 to USD 17.4 billion by 2024, at a CAGR of 30.8% during 2019–2024.

The major growth drivers for the market include highly advanced AI and NLP tools and increasing demand for AI-powered customer support services. However, lack of awareness may restrain market growth.

Branding and advertisement application to grow at the highest rate during the forecast period

Enterprises are leveraging the computational platform to create awareness and post ads about the latest and upcoming products through the digital channel. The conversational systems can also be used by enterprises for cross-selling and up-selling purposes leading to a reduction in the operational cost. Moreover, conversations between customers and machines can be analyzed with the help of data aggregator tools integrated with the platform.

Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

APAC is expected to record the highest growth rate over the next few years in the conversational systems market, as a result of its growing technology adoption rate. APAC holds more than 50% of the world's population, therefore any major technological shifts such as those being heralded by AI are expected to shape the future of the region.

IBM, Microsoft, Google, and AWS account for a majority of share in the conversational systems market in the region, along with several other significant conversational systems solutions providers. SMEs and large enterprises in APAC have become more aware of government regulations and compliances and started adopting AI-based solutions proactively.

The report includes the study of the key players offering conversational systems solutions. It profiles major vendors in the global conversational systems market including Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), and Saarthi.ai (India).

Research coverage

The report segments the global conversational systems market by component, type, application, vertical, and region. The component segment comprises compute platforms, solutions, and services. The conversational systems market by type has voice-assisted, text assistant, and others (gesture recognition, object recognition, and expression recognition). The conversational systems market by application has customer support and personal assistant, branding and advertisement, data privacy and compliance, and other segments (campaign analysis and data aggregation).

The conversational systems market by verticals covers Banking, Financial Services, and Insurance (BFSI), media and entertainment, retail and eCommerce, travel and hospitality, healthcare and life sciences, telecom, and other verticals (manufacturing, government, media and entertainment, and education).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Conversational Systems Market
4.2 Market By Application
4.3 Market By Region
4.4 Market in North America, By Component, Type, and Application

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Highly Advanced AI and NLP Tools Bolstering the Market Growth
5.2.1.2 Increasing Demand for AI-Powered Customer Support Services
5.2.2 Restraints
5.2.2.1 Dependency on Deployment Platforms
5.2.2.2 Lack of Awareness of Emerging Technologies
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Smartphones
5.2.3.2 Integration of Advanced AI Capabilities Adding Value to the Conversational Systems Offerings
5.2.3.3 Rise in Customer Engagement Through Social Media Platforms
5.2.4 Challenges
5.2.4.1 Lack of Awareness and Reluctance to Use Chatbots
5.2.4.2 Lack of Accuracy in Chatbots and Virtual Assistants
5.3 Use Cases
5.4 Regulatory Implications
5.4.1 GDPR
5.4.2 HIPAA
5.4.3 FTC
5.4.4 ISO/IEC JTC 1/SC 42

6 Conversational Systems Market, By Component
6.1 Introduction
6.2 Compute Platforms
6.2.1 Increasing Demand to Develop Nlp and Ml Enabled Conversational Solutions to Drive the Growth of Market
6.3 Solutions
6.3.1 AI-Enabled Solutions to Automate Conversation Across Channels to Grow at A Rapid Pace in the Coming Years
6.4 Services
6.4.1 Increasing Need to Provide Post Purchase Engagement With Clients to Drive the Growth of Services in Market

7 Conversational Systems Market, By Type
7.1 Introduction
7.2 Voice Assisted
7.2.1 Increasing Demand for Voice Assisted Solutions to Pave the Way for Market in Different Verticals
7.3 Text Assistant
7.3.1 AI-Enabled Text Assistant Solutions to Automate Conversation Across Channels to Grow at A Rapid Pace in the Coming Years
7.4 Others

8 Conversational Systems Market, By Application
8.1 Introduction
8.2 Customer Support and Personal Assistance
8.2.1 Growing Demand for Handling Customer Queries to Increase the Demand for Market in Various Verticals
8.3 Branding and Advertisement
8.3.1 Growing Need to Create Awareness and Perform Effective Branding Activities to Increase the Demand for Market
8.4 Data Privacy and Compliance
8.4.1 Increasing Need to Secure Customers' Data and Comply With Stringent Regulations to Fuel the Adoption of Conversational Systems Among Enterprises
8.5 Others

9 Conversational Systems Market, By Vertical
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.2.1 Presence of A Large Number of Data Across BFSI Vertical to Help Financial Institutions Provide Enhanced Customer Experience
9.3 Media and Entertainment
9.3.1 Personalized and Enhanced Customer Experience Using Conversational Systems Solutions
9.4 Retail and Ecommerce
9.4.1 Increasing Deployment of Conversational Systems Solutions By Retail and Ecommerce Vertical on Various Channels for Greater Customer Engagement
9.5 Travel and Hospitality
9.5.1 Automation of Booking Process Through Various Platforms to Increase the Adoption of Chatbots and Personal Assistants
9.6 Telecom
9.6.1 Increasing Use of Chatbots to Provide Customized Services to Customers Will Lead Market
9.7 Healthcare and Life Sciences
9.7.1 Conversational Systems Solutions to Improve Patient Management, Monitoring, and Experience and Engagement
9.8 Others

10 Conversational Systems Market, By Region
10.1 Introduction
10.2 North America
10.2.1 United States
10.2.1.1 Growing Implementation of AI- and Ml-Based Solutions to Fuel the Demand for Conversational Systems in the Us
10.2.2 Canada
10.2.2.1 Increase in AI-Based Investments and Research Activities to Drive the Growth of Market in Canada
10.3 Europe
10.3.1 United Kingdom
10.3.1.1 Growing Investments to Fuel the Adoption of Conversational Systems Solutions in the Uk
10.3.2 Germany
10.3.2.1 Increasing Adoption of Conversational Systems Solutions Across Major Verticals to Drive the Market in Germany
10.3.3 France
10.3.3.1 Heavy Inflow of Capital From Various Investors to Drive the Market in France
10.3.4 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Increasing Investments in AI Landscape to Drive the Adoption of Conversational Systems Solutions in China
10.4.2 Japan
10.4.2.1 Rising Use of Chatbots and Intelligent Virtual Agents in the Telecom Vertical to Fuel the Adoption of Conversational Systems Solutions in Japan
10.4.3 India
10.4.3.1 Increase in Investments Among Startups and Growth of AI Technology Among Verticals to Trigger Conversational Systems Adoption in India
10.4.4 Rest of Asia Pacific
10.5 Middle East and Africa
10.5.1 Israel
10.5.1.1 Upcoming AI Startups in the Country to Drive the Growth of Market in Israel
10.5.2 United Arab Emirates
10.5.2.1 Government Initiatives to Drive the Adoption of AI-Based Solutions in the UAE
10.5.3 Rest of Middle East and Africa
10.6 Latin America
10.6.1 Brazil
10.6.1.1 Emerging Startups in Brazil to Drive the Growth of Conversational Systems Market in the Coming Years
10.6.2 Mexico
10.6.2.1 Growing Demand for AI-Based Technologies to Fuel the Adoption of Conversational Systems Solutions in Mexico
10.6.3 Rest of Latin America

11 Competitive Landscape
11.1 Competitive Leadership Mapping
11.1.1 Visionary Leaders
11.1.2 Innovators
11.1.3 Dynamic
11.1.4 Emerging
11.2 Competitive Landscape Overview
11.3 Competitive Scenario
11.3.1 New Product Launches/Product Enhancements
11.3.2 Partnerships, Agreements, and Collaborations
11.3.3 Mergers and Acquisitions

12 Company Profiles
12.1 Introduction
12.2 Google
12.3 Microsoft
12.4 AWS
12.5 IBM
12.6 Oracle
12.7 Nuance
12.8 Baidu
12.9 SAP
12.1 Artificial Solutions
12.11 Kore.Ai
12.12 Avaamo
12.13 Conversica
12.14 Haptik
12.15 Rasa
12.16 Solvvy
12.17 Pypestream
12.18 Inbenta
12.19 Rulai
12.2 Saarthi.Ai

For more information about this report visit https://www.researchandmarkets.com/r/dfk1jw

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