Research Nester published a report titled “Conversational Systems Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global conversational systems marketin terms of market segmentation by type, deployment, enterprise size, verticals and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global conversational systems market is estimated to garner significant revenue by growing at a ~27% CAGR over the forecast period, i.e., 2022 – 2031.
The global conversational systems market is segmented by type into voice assisted, text assisted and others. Out of these, the voice assisted segment is anticipated to hold the largest share in the market on account of the rising trend in the adoption of voice assisted technology in daily life. The end users find comfort in the usage of voice enabled platforms and devices for activities like household chores, listening to music, booking appointments, and paying bills.
The global conversational systems market is expected to grow on the back of advancements in artificial intelligence (AI) technologies, increased adoption of machine learning and IoT, and need for virtual customer service to improve the growth of investors. As per World Economic Forum, over 70 billion IoT devices are available worldwide in 2020 and can triple in the upcoming 5 years. According to UNESCO, AI is expected to produce an added value of USD 4 Trillion by 2022. Further, the use of AI helps to reduce the cost of business and marketing to investors and rise the profit for stakeholders. The use of chatbots is expected to reduce business costs to USD 8 billion by the year 2022.
Regionally, the global conversational systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the rising acceptance of deep neural networks, machine learning, internet of things, cloud services, AI, and other technological advancements. Asia Pacific is anticipated to gain further significant market share over the forecast period. ~50% of the world’s population is from APAC, so occurrence of any significant change in AI will impact the future of this region. The World Bank Organization approved USD 100 million finance on November 30, 2021, to support the government of Africa increasing access the broadband and digital services. The digital acceleration program will strengthen the digital innovation ecosystem.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Increased Utilization of Conversational Systems in Different Verticals to Boost the Market Growth
Conversational systems are used across the world in variety of verticals owing to the numerous profitable outcomes permitted by this technology. With the advancement of digitalization and use of machine learning in every corner, over the past years, has increased the demand and adoption of conversational systems in the verticals of healthcare, BFSI, IT and telecommunications, energy, and power. The deals of AI-related venture capital (VC) rose from 140 in 2012 to 670 in 2017 and from less than USD 1 billion in 2012 to about USD 13 billion in 2017 with a 90% annual growth. Besides this, the 5G technology launch has a high impact on the increased growth of conversational systems. All these factors contribute to the growth of global conversational systems market.
However, concerns regarding lack of awareness of technology, high dependency of this system on deployment platforms, and lack of accuracy in virtual assistants are expected to operate as key restraints to the growth of the global conversational systems market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global conversational systems market which includes company profiling of Google LLC, IBM, Microsoft, Amazon Web Services Inc., Artificial Solutions, Oracle Corp., SAP SE, Nuance Communication, Baidu, Inc., and Conversica Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts a detailed overview of the global conversational systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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