APAC will wintness highest adoption of conversational AI platforms in the next 5 years
The global conversational AI platform market is expected to witness a CAGR of 32.4% during the forecast period to reach revenue of $23.68 billion by 2025
Bangalore, India, June 24, 2019: With its recently published study “Global Conversational AI Platform Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for conversational AI platform will continue to grow, owing to the increasing pressure on contact centers for effectively managing customer queries and enhancing personalized customer experience.
Seamless customer experience is essential for companies across all industry verticals. To ensure this, conversational AI is one of the primary tools to delight customers and meet the ever-changing business needs. Conversational AI, powered with technologies such as ML, NLP, NLU, and NLG, is replacing the basic scripted chatbots and IVR. Intelligent virtual assistants and AI-based chatbots are engulfing the market gradually as consumers demand a quick and more consumer-friendly approach in interaction. More and more companies are integrating conversational AI assistants within their channels to automate communication with the customers. Conversational chatbots, by understanding the context and sentiment during the conversation, enhance customer engagement and increase the customer satisfaction rate.
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Increasing demand for smart speakers and the company’s necessity to enhance customer engagement & retain customers in this competitive scenario are the major factors steering the growth of the conversational AI platform market. This trend will fuel the market growth registering a CAGR of 32.4% to touch a revenue of $23.68 billion by 2025.
North America is maintaining the dominant position in the conversational AI platform market, followed by Europe and APAC. Customers in the North America region are more likely to buy any product or services from the company that offers superior customer experiences to them. Increasing investments in IoT and smart homes are fueling the conversational AI platform market growth in this region.
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In terms of segmentation analysis, chatbots contribute to a significant revenue share within the conversational AI platform market; and personal assistant application is anticipated to grow at the highest rate. At present, the telecom & ITES segment has a high share in the conversational AI platform market, but the retail segment is projected to increase at the highest CAGR.
“Conversational AI is changing the way customers interact with a business, resulting in enhanced customer experience and increased competitive advantage. Conversational AI is also impacting the personal lives where virtual assistants are assisting people in their daily business or personal tasks,” analysed Sonam Chawla, Research Analyst, Infoholic Research.
Key Segments of the Report include:
- Intelligent Virtual Assistant
- Personal Assistant
- Customer Support
- Branding & Marketing
- Employee Engagement & Support
- Key Verticals
- Retail & e-Commerce
- Travel & Hospitality
- Telecom & ITES
- Healthcare & Life Sciences
- Media & Entertainment
- North America
- Rest of Europe
- Rest of APAC
- Industry outlook: Market trends, drivers, restraints, and opportunities
- North America
Ms. Kathakali Basu
Infoholic Research LLP