The global conversational market to reach a revenue of $ 850.65 million by 2023
Globally, there is a massive surge in terms of digitally generated data from smart things and connected devices. With the increasing number of smartphones and application-enabled devices, more and more users are accessing data and computation power. These factors are expected to foster the market growth across the globe.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Conversational Systems Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023” (March 2018).
According to Infoholic Research, the Americas will witness a high growth rate in the global conversational systems market during the forecast period. As per the analysis and an in-depth study, the Americas region has a huge potential for applications of the Internet of Things, which would further create a market for conversational systems across the region. In addition, the US and the UK are among the most technically advanced countries that are ahead in adopting new technologies, thereby creating huge opportunities for technology advancements. The global conversational systems market is expected to grow at a CAGR of 26.03% during the forecast period 2017–2023.
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The conversational system is a cognitive computing tool, which can process a simple and bidirectional text/voice dialog into meaningful output. It is an advanced model that makes use of multiple modalities (sound, sight, and tactile) to provide communication across the digital device mesh (IoT systems, sensors, and appliances).
The market is evolving due to rise in demand for advanced analytics tool, which replaces human intervention. The availability of a large volume of data and increase in the data complexity in organizations are coupled to increase the demand for conversational systems. Further, the need for self-learning systems to mimic human brains is the crucial parameter responsible for the development of the industry. On the other hand, rising cost of deployment is expected to restrain the market growth.
“Conversational systems in the future will not be limited to text or voice. These systems will enable people and machines to use multiple modalities such as sight, sound, and tactile to communicate across the digital device mesh (e.g., sensors, appliances, IoT systems). The “conversation” between the human and the machine makes use of these modalities to create a comprehensive conversational experience. Further, with the combination of natural language, gesture, touch, and gaze, natural user interface (NUI) could help individuals to complete online tasks, finding what they want, and answering every question as naturally as having a conversation, anytime, anywhere.” – Priyanka Yadav, Research Analyst at Infoholic Research
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The Americas is the leading region in the conversational systems market, followed by APAC and EMEA. The market in APAC is expected to witness growth due to the emerging economies such as China and India. Among the countries covered in the report, Japan, the US, and China are expected to grow at a high rate during the forecast period due to an increase in the penetration of connected devices and huge involvement of technology in various sectors including BFSI, manufacturing, education, and healthcare.
The report aims to highlight key insights from service providers, verticals, and stakeholders. The report covers the current scenario and the development prospects of the conversational systems market during the forecast period 2017–2023. It also provides an in-depth analysis and forecast of the industry covering the following key features:
- The report not only highlights the end-user challenges but also brings in their perspective on the global conversational systems market.
- The report is analyzed based on types, applications, and
- The report covers the evolution of the conversational system, its features, advantages, and importance of the technology in terms of future perspective.
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023).
- The report contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape, which includes vendor assessment.
- The report covers an analysis of countries such as the UK, China, India, Japan, Germany, the US, France, and Canada.