Global Conversational AI Platforms Market is Estimated to be Worth $3,220 Mn in 2018 and is Projected to Reach $14,100 Mn by 2026, at A CAGR of 31.3% From 2019 to 2026: Proficient Market

The “Global Conversational AI Platforms Market by Product Type (Cloud-Based and On-Premise) and by End-Users/Application (Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention and Onboarding and Employee Engagement) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2019 – 2026″ report has been added to ProficientMarket.com’s offering.

According to the report, global conversational AI platforms market in 2018 stood at USD 3,220 million and is expected to reach USD 14,100 million by 2026 growing at a CAGR of 31.3% from 2019 to 2026.

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Conversational AI Platforms mainly help to develop and implement solutions for automating customer service, customer engagement, and human-computer interactions by making use of natural language understanding and speech generation. These solutions include chatbots as well as virtual assistance, among other tools. Conversational AI platform facilitates the communication between digital world with the humans. In addition, with the help of chatbots businesses can rapidly provide customer support and solve their issues and concerns. Also, it can further help businesses in achieving their business goals by addressing the key issues faced by their customers. Apart from that, it also personalizes the user experience at a level.

Global Conversational AI Platforms Market Key Players: The research study includes profiles of leading companies operating in the global conversational ai platforms market. Key players profiled in the report include: 
Microsoft Corporation
International Business Machines Corporation
SAP SE
Oracle Corporation
Google LLC
Nuance Communications Inc.
Haptik Inc.
Conversica Inc.
Amazon.com Inc.
and Baidu Inc. 
The market also consists of regional players such as 
Avaamo Inc.
Creative Virtual Ltd.
Inbenta Technologies Inc.
Artificial Solutions International AB
Kore.ai Inc.
Solvvy Inc.

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Drivers for the Global Conversational AI Platforms Market: According to current market condition, growing demand for AI-powered customer support services is amongst the major factors supporting the growth of the global conversational AI market. With the combination of conversational AI solutions such as chatbots, IVA and IVR has enabled in the adoption of automated customer support services. Moreover, the deployment of AI-enabled conversational tools engages customers, gather relevant information about them, before redirecting it to a human agent, which results in enhancing work efficiency and create a personalized experience for the user. It also assists users in taking better decisions related to the purchase of product or service.

Opportunities for the Global Conversational AI Platforms Market: The implementation of chatbots for employee retention is one of the key opportunities noticed in the market. AI-powered chatbots support in providing insightful information to the companies related to the engagement level of an employee, which could lead to reduced churn rate. Furthermore, technological advancements in conversational platforms can be opportunistic for the market growth in upcoming years. In addition, increasing the adoption of social media and messaging apps is also one of the key factors fueling the demand for conversational AI platform solutions.

Restrains for the Global Conversational AI Platforms Market: Preference to deal with human and data privacy & security concerns are hampering the market growth.

Region Wise, Global Conversational AI Platforms Market Analysis: Global conversational AI platforms market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America accounted for the largest share of the global AI app conversational market. The acceptance of the conversational AI platform is the highest in this area with the involvement of the highest number of technology innovators and industry disruptors. The growing use of smart speakers, resulting in smart virtual assistant technology, drives the conversational AI platform market in North America. North America region is followed by Asia pacific and Europe.

Global Conversational AI Platforms Market: Product analysis
Cloud-Based
On-Premise

The demand of global conversational AI platforms market is highest from Cloud-Based, this is due to shift in preference toward cloud-based solutions which offer benefits such as complete access, cost effectiveness, and customization. Also, most of the vendors in the market offers cloud-based solutions to gain conversational insights in real time which help them improve the product. 

Global Conversational AI Platforms Market: Application analysis
Customer Support
Personal Assistant
Branding and Advertisement
Customer Engagement and Retention
Onboarding and Employee Engagement

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Based on application, personal assistant category is anticipated to exhibit fastest growth, during the forecast period. This is owing to conversational AI solutions including chatbots and IVA, which act as a personal assistant, as it understands open conversations while converting them to specific conversation, based on the requirements of the user.

Global Conversational AI Platforms Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East

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