Conversational AI Market to Hit $13.2 Billion by 2027

Market research firm Mind Commerce expects the worldwide conversational artificial intelligence platforms market to reach $13.2 billion by 2027, particularly as 36 percent of enterprises will shift their customer support function entirely to virtual assistants by 2027.

The firm noted in a recent report that call centers are evolving to become AI-enabled customer contact service providers for enterprise services. At the same time, For additional market segments, a shift occurs in terms of customers' business engagement expectations when they realize they can engage over their favorite chat platform using text, voice, and video communications. Conversational AI plays a profound role here, automatically communicating with customers, it said.

Conversational AI leverages natural language processing, machine learning, automatic speech recognition, and other technologies to help omnichannel engagement platforms better understand and interact with customers, providing automated and personalized experiences across any channel including web, applications, mobile, and other platforms. Businesses can leverage opportunities to automate customer service operations as well as marketing and sales initiatives.

The report also notes the rise in voice cloning technologies. Whereas conversational AI merely sounds like a human, voice cloning mimics known people's voices. With voice cloning, businesses can introduce familiar voices to customers to build long-term relationships and ensure better customer experiences, it said.

In addition to shifting customer behaviors and expectations, other factors driving companies and contact service providers toward conversational AI and voice cloning solutions include saving time for customer service, improving real-time accessibility, increasing efficiency, reducing customer acquisition costs, building long-term relationships, handling customer queries effectively, and reducing customer complaints, the report noted.

Continued COVID-19 pandemic mitigation is expected to add significant growth to the conversational AI and voice cloning market as businesses seek to automate operations, enhance worker safety, and support government rules and regulations, it also said.

Companies competing in the market include Acapela Group, Alt, Amazon, Aristech, Artificial Solutions, AT&T, Avaamo, AmplifyReach, Baidu, CandyVoice, Cepstral, CereProc, Conversica, Creative Virtual, Cognify, Clinc, Descript, exClone, Exceed.ai, FGacebook, FIS, Google, Haptik, IBM, Inbenta, iSpeech, Interactions, Kata.ai, Kasisto, Kore.ai, LumenVox, Lyrebird, Microsoft, Mindsay, Nuance Communications, Oracle, Pypestream, Quosphere, Rasa, ReadSpeaker, Resemble AI, Rulai, Saarthi.ai, SAP, Smartbox Assistive Technology, Solvvy, SoundHound, VivoTek, VocaliD, Voctro Labs, and Voicery, according to the report.

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