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Conversational AI Market is Rising CAGR of 30.25% by 2026 with Major Players Google, Microsoft, AWS, IBM, Oracle, Baidu

/EIN News/ -- BERLIN, Nov. 25, 2019 (GLOBE NEWSWIRE) -- Data Bridge Market Research has recently added a concise research on the Global Conversational AI Market 2026 to depict valuable insights related to significant market trends driving the industry. The primary motive of this study is to impart vital details associated to development of the Conversational AI Market. The assessment includes brief knowledge about market size, growth, market dynamics and competitive scenario expected to transform in the near future. Every section of the report contains imperative market data that can prove useful for new entrants and industry players to draw crucial tactics.

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Global Conversational AI Market is expected to rise from its initial estimated value of USD 3.27 billion in 2018 to an estimated value of USD 27.08 billion by 2026, registering a CAGR of 30.25% in the forecast period of 2019-2026. Rising demand for AI-powered customer support services is the major factor for the growth of this market.

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Influencing Players of Global Conversational AI Market are:

  • Google LLC
  • Microsoft
  • Amazon Web Services, Inc.
  • IBM Corporation
  • Oracle
  • Nuance Communications, Inc.
  • Baidu
  • SAP SE
  • Artificial Solutions
  • Kore.ai, Inc.
  • Avaamo
  • Conversica, Inc.
  • Haptik, Inc.
  • Rasa Technologies Inc.
  • Solvvy
  • Pypestream Inc.
  • Inbenta Technologies Inc.
  • Rulai
  • Creative Virtual Ltd.

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Market Drivers:

  • Less development cost of the chatbot is driving the growth of this market
  • Technological advancement and development in the conversational AI is another factor driving the market.

Market Restraints:

  • Less information about the conversational AI is restraining the market
  • Lack of efficiency in chatbot is another factor restraining the growth of this market.

Conversational AI Market Segment Details:

  • By Component (Platform, Services),
  • By Type (Intelligent Virtual Assistants, Chatbots),
  • By Technology (Machine Learning and Deep Learning, Natural Language Processing, Automated Speech Recognition),
  • By Deployment Mode (Cloud, On-Premises),
  • By Application (Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Onboarding and Employee Engagement, Data Privacy and Compliance, Others),
  • By Vertical (Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare and Life Sciences, Travel and Hospitality, Telecom, Media and Entertainment, Others),
  • By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026

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Table of Contents

  1. Introduction
  2. Research Methodology
  3. Executive Summary
  4. Premium Insights
  5. Market Overview and Industry Trends
  6. Conversational AI Market, By Type
  7. Conversational AI Market, By Organization Size
  8. Conversational AI Market Analysis, By Region
  9. Competitive Landscape
  10. Company Profiles

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Why purchase this report?

The following are reasons to consider this Conversational AI report:

  • This ultimate guide will help you stay ahead in market as it furnishes you with the profiles of the key market players and their working methodologies and their decision making capabilities.
  • The report analyzes various factors, which act as drivers and restraints to develop the overall Global Conversational AI market.
  • This report not only analyzes present market conditions but it likewise estimates how the Conversational AI market is going to perform for the estimated time period of 2019-2026.
  • It enables you to adopt smart methodologies and form better decisions by giving you a clear idea about customer’s requirement and preferences regarding the product in a particular region. 

Recent Industry Developments:

  • In March 2019, Boost.ai announced the launch of their new software which is specially designed to build, implement and operate virtual agents in the U.S. The main aim is to create software that can improve the relationship between customer and business and help the customer to receive a high level of accuracy. This new technology will be available on both on premise deployments.
  • In October 2017, TD Bank Group (TD) announced their agreement with Kasisto so that they can combine the KAI Banking platform into TD’s mobile app which can help the customer to get instant help and support whenever they want. This will also help the customer to get information related to their account, their transaction history and their spending level.

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