Conversational Systems Market – Growth Market Reports

The global conversational systems market size was estimated at USD 7.25 billion in 2020 and is anticipated to expand at a CAGR of 26.3% during the forecast period, 2021–2028. The growth of the market is attributed to the increasing adoption of Artificial Intelligence (AI) in customer support services.

Conversational systems is used for cognitive computing services, which can process simple text and voice dialogs and bidirectional text into the meaning output. The systems employ advanced models on the basis of multiple modalities such as sound, sight, and tactile to provide communication in digital device network including IoT systems, sensors, and appliances.

Several contact centers are emphasizing on acceptance of conversational systems as it permits contact centers to automate speech-enabled messages and applications for interactions between humans and computers. Additionally, the systems decrypt customer intent in different languages and reply to their queries accordingly. Various users around the world are using speech-based assistants and messaging platforms to connect with businesses. Thus the messaging platforms and speech-based are substituting traditional web apps and mobile apps to develop the new interactive medium for conversations.

Increasing demand for smartphones along with the rise in customer engagement via several social media platforms is estimated to boost the market growth. Large number of businesses are concentrating on collaborating their social media marketing strategies with conversational systems. The smart chatbots is a conversational systems are utilized to automate customer services on social media platforms. Moreover, the bots provide customers with a smart assistant as well as help them rapidly access the information required.

The COVID-19 outbreak has positively impacted the market. The rising demand for clarity has caused large spike in customer calls, which is growing the pressure on contact centers. Because of this, it is expected a rise in the acceptance of conversational solutions in contact centers. The systems enables the customers to use the information through text-based or voice interaction platforms, thus propelling the use of the new communication channels during the COVID-19 pandemic.

Market Trends, Drivers, Restraints, and Opportunities

Rising improvement in dialog-exchanging tools and Natural Language Processing (NLP) is anticipated to push the market growth.
The use of AI-powered customer support services assists organizations to improve several aspects such as brand reputation, preventive assistance, online customer experience, loyalty, and even generation of revenue streams. This is estimated to boost the market in the near future.
Rising usage of machine-to-machine technologies is estimated to boost the market growth.
Absence of accuracy in chatbots and virtual assistants is key restraint of the market growth.
Inadequate awareness of emerging technologies along with the heavy dependency of these systems on deployment platforms is estimated to restrict the market growth.
Growing deployment of the cloud-based and web business applications is anticipated to push the use of NLP tools, thereby creating growth opportunities for the market.

Key Players

Amazon Web Services, Inc.
Artificial Solutions
Baidu, Inc.
Conversica, Inc.
Google LLC
IBM Corporation
Microsoft Corporation
Nuance Communications, Inc.
Oracle Corporation
SAP SE

Competitive Landscape

The key players in the global conversational systems market are IBM Corporation; Oracle Corporation; Amazon Web Services, Inc.; Microsoft Corporation; Artificial Solutions; Baidu, Inc.; Conversica, Inc.; Nuance Communications, Inc.; Google LLC; and SAP SE. These key players have adopted a series of market strategies including new product launching, entering into partnership, collaboration, and production expansion to enhance their market position and expand their consumer base.

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