Conversational Systems Market to Hit $37.19 Billion by 2027
The global conversational systems market is expected to reach $37.19 billion by 2027, growing at a compounded annual rate of 26.3 percent according to a new report by Grand View Research.
The report credits increasing developments in the field of voice-driven assistants, text-based chatbots coupled with integration of artificial intelligence(AI), and the rapid proliferation of messaging platforms for propelling market growth and creating growth opportunities.
The market growth comes at a time when businesses are focusing on integrating machine-to-machine communications capabilities to offer personalized or tailored customer experiences through direct contact, Grand View concluded.
At the same time, businesses across the globe are using AI-powered solutions for branding and advertising to engage customers, generate leads, and get valuable insights from customers, the report states, noting that advances in natural language processing, AI, and automation have enabled businesses to design cost-efficient digital experiences using conversational solutions that effectively respond to customers by analyzing human agent responses.
And while COVID-19 had very negative impacts on most businesses, the pandemic is favorably impacting the growth of the market for conversational systems, according to the report, which notes that AI-powered systems improve online customer experiences and brand reputations, offer real-time support to customers, respond with solutions and suitable products, suggest personalized discounts and offers, and minimize customer complaints and abandonment rates.
The telecommunication segment is expected to continue its dominance due to various benefits, such as enhanced customer support, increased workforce productivity, and boost sales with promotion and cross-selling, among others.
The report identifies Amazon Web Services, Artificial Solutions, Baidu, Conversica, Google, IBM, Microsoft, Nuance Communications, Oracle, and SAP as key vendors in the segment.