ReportsnReports
PUNE, INDIA, May 3, 2023 /EINPresswire.com/ — The global Conversational AI Market was valued at US$ 3718 million in 2022 and is anticipated to reach US$ 9586.4 million by 2029, witnessing a CAGR of 17.1% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
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The conversational AI market is a rapidly growing industry that provides businesses with solutions for automated customer interactions. Conversational AI refers to technology that can mimic human conversation and provide assistance or answers to customer queries in natural language.
Key Players:
– Google
– Microsoft
– IBM
– AWS
– Baidu
– Oracle
– SAP
– Nuance
– Artificial Solutions
– Conversica
– Haptik
Segment by Type
– IVA
– Chatbots
Segment by Application
– Customer Support
– Personal Assistant
– Customer Engagement
– Retention
The market for conversational AI includes various software and service providers that offer solutions such as chatbots, virtual assistants, voice assistants, and messaging platforms. These solutions help businesses automate customer interactions, reduce response times, and provide a better customer experience.
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The conversational AI market is expected to continue growing in the coming years, driven by the increasing demand for personalized customer experiences and the rise of digital channels such as messaging apps and voice assistants. The market is also likely to see increased investment in research and development, which could lead to more advanced conversational AI technology and more use cases for businesses. However, there are challenges to overcome, such as the need for accurate natural language processing and the potential for bias in automated interactions.
Ganesh Pardeshi
ReportsnReports
+1 347-333-3771
ganesh.pardeshi@reportsandreports.com
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