According to a new market research report "Conversational Systems Market by Component (Compute Platforms, Solutions, Services), Type (Voice and Text), Application (Customer Support and Personal Assistant, Branding and Advertisement, and Compliance), Vertical, and Region - Global Forecast to 2024" published by MarketsandMarkets™, the Conversational Systems Market size expected to grow from USD 4.6 billion in 2019 to USD 17.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.8% during the forecast period.
An increasing demand for AI-powered customer support services and highly advanced AI and NLP tools are major growth factors for the market. Increasing customer engagement through social media platforms and integration of advanced AI capabilities adding value to conversational systems offerings would provide opportunities for vendors in the conversational systems market.
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Compute platforms segment to hold the largest market size during the forecast period
Developers use conversational compute platforms to build chatbots, conversational interfaces, and virtual assistants as per the need of their organizations. The platform comprises various modules of software tools and can integrate with third-party interfaces, such as messaging platforms, social media, SMS, and website chat. The platform can create a detailed analysis of the chat logs in real time to provide feedback for the conversation, improve and maintain the system, and deliver actionable insights to the business.
Voice assisted segment to grow at a higher CAGR during the forecast period
Voice assisted is the ability of a machine or a program to identify phrases or words in spoken language and then convert them into a machine-readable format. Customer services, product information, marketing, and sales support are a few of the areas where the use of AI-enabled voice assisted solutions has increased. A varied voice portfolio, custom voices, powerful tuning tools, and multi-language capabilities enhance the voice assisted conversational solutions productivity with robust customer satisfaction which is highly important for enterprises.
North America to hold the largest market size during the forecast period
The US and Canada are contributing to the growth of conversational systems market in North America. Organizations, especially in the US, have leveraged AI, ML, and deep learning technologies as a part of their ongoing business process to stay ahead in the market. The US and Canada also have a well-established economy, which enables conversational systems vendors to invest in new technologies.
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Major vendors in the global conversational systems market include Google (US), Microsoft (US), IBM (US), AWS (US), Baidu (China), Oracle (US), SAP (Germany), Nuance (US), Artificial Solutions (Spain), Conversica (US), Haptik (India), Rasa (Germany), Rulai (US), Avaamo (US), Kore.ai (US), Solvvy (US), Pypestream (US), Inbenta (US), and Saarthi.ai (India).
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