Increasing developments in IoT along with increased system-to-system communications is projected to influence the conversational systems market growth



Conversational systems market accounted for US$ 4.2 billion in 2019 and is estimated to be US$ 55.9 billion by 2029 and is anticipated to register a CAGR of 29.6%

The report "Global Conversational Systems Market, By Component (Compute Platforms, Solutions, and Services), By Type (Text Assistant, Voice Assisted, and Others), By Application (Branding & Advertisement, Customer Support & Personal Assistant, Data Privacy & Compliance, and Others), By End-user (BFSI, Healthcare & Life Sciences, Media & Entertainment, Retail & E-commerce, Telecommunication, Travel & Hospitality, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.

Key Highlights:

·         In April 2020, Amazon Web Services, Inc. opened its office in Milan, Italy. This is company’s 76th availability zone within the 24 geographic regions across the globe. This growth led the company to serve data centers located in the country.

·         In May 2020, IBM Corporation launched Watson AIOps, a product that leverages machine learning, natural language understanding, and AI technologies to automate IT operations. This product is presented to enhance resilience across the businesses’ information architecture, and speed issue resolution.

Analyst View:

The rising demand for Artificial Intelligence (AI) powered customer support services is attributed to driving growth of the global conversational systems market globally. Automation of services provides users with a much-required facility to achieve their regular tasks, thus is projected to register significant growth over the forecast period. AI-powered customer support services help businesses in improving multiple aspects such as online customer experience, loyalty, brand reputation, preventive assistance, and even generation of revenue streams. Growing advancements in Natural Language Processing (NLP) and dialog-exchanging tools is projected to propel the target market growth. Rising deployment of the cloud-based and web business applications is anticipated to influence the adoption of NLP tools, thereby resulting growth opportunities for the global market.

Rising demand for smartphones along with the growth in customer engagement through various social media platforms is expected to drive the global market growth. Several companies are directing towards integrating conversational systems with their social media marketing strategies. Conversational systems, such as smart chatbots are utilized to automate customer services on social media platforms. Additionally, these bots provides customers with a smart assistant and aid them to access the required information quickly.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Conversational Systems Market”, By Component (Compute Platforms, Solutions, and Services), By Type (Text Assistant, Voice Assisted, and Others), By Application (Branding & Advertisement, Customer Support & Personal Assistant, Data Privacy & Compliance, and Others), By End-user (BFSI, Healthcare & Life Sciences, Media & Entertainment, Retail & E-commerce, Telecommunication, Travel & Hospitality, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029

Key Market Insights from the report:        

The global conversational systems market accounted for US$ 4.2 billion in 2019 and is estimated to be US$ 55.9 billion by 2029 and is anticipated to register a CAGR of 29.6%. The market report has been segmented on the basis of component, type, application, end-user, and region.

·         By component, the compute platforms segment dominated the target market and estimated for more than 50% share of the global revenue in 2019. As voice assistants are being extensively adopted for interacting with the computing systems, several application developers are accelerating up to deliver this progressive critical functionality.

·         By type, the text assistant segment led the global market and estimated for more than 60% share of the global revenue in 2019. In the text assisted conversational systems, Graphics Interchange Format (GIF) files, graphs, and text messages are utilized to communicate with customers.

·         By application, the customer support and personal assistant segment dominated the target market and estimated for more than 40% share of the global revenue in 2019. Conversational systems solutions are extensive used in personal assistant and customer support applications as it rapidly resolves customer queries and automatically route complex queries to support agents.

·         By end-user, the telecommunication segment led the global market and estimated for more than 30% share of the global revenue in 2019. Players in telecommunication industry are broadly adopting conversational systems to provide better value to their customers. Telecommunication businesses are highly serving larger user bases and areas.

·         By region, North American region lead the market and estimated for the maximum share of global revenue in 2019. U.S. is the foremost adopter of conversational systems in North America. The country has developed deep learning, machine learning, and AI technologies as a part of their current business processes to stay forward in the market.

Competitive Landscape:

The prominent player operating in the global conversational systems market includes Amazon Web Services, Inc., Google LLC, Artificial Solutions, Baidu, Inc., Conversica, Inc., Nuance Communications, Inc., Oracle Corporation, SAP SE IBM Corporation, and Microsoft Corporation.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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