Conversational AI Platform Market 2023 Global Size, Share, Growth & SWOT Analysis of Key Players - Google, Microsoft, Oracle, IBM

Artificial intelligence (AI) platforms that support conversational interaction with people through automated speech recognition and natural language processing are known as conversational AI platforms. These platforms can offer a range of services, including data protection and compliance, personal assistants, branding and advertising, customer engagement and retention, onboarding, and customer support. Businesses are becoming more successful and efficient as a result of conversational AI systems, which are changing how they communicate with their clients and staff. They make it possible for organisations to automate repetitive processes, which lowers costs and boosts efficiency. From 2022 to 2029, the market for conversational AI systems is projected to grow at a CAGR of 23.6%, reaching a value of US$41.39 billion by 2029.

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The adoption of artificial intelligence technology, the growing demand for better customer experience, and the expanding need for automation in a variety of industries are the main drivers of this expansion. Additionally, it is anticipated that the rising trend of digital transformation and the rising number of data-driven businesses would fuel the market's expansion.

Due to its many benefits, including real-time customer contacts, automation of customer service chores, scalability, and flexibility, the platform segment is anticipated to dominate the market throughout the projection period. These benefits assist companies in providing effective customer service, automating routine jobs like billing and payment follow-up, and raising client pleasure. Furthermore, conversational AI technologies enhance consumer engagement by enabling companies to provide prompt and accurate customer service.

The most advanced conversational AI is found in intelligent virtual assistants, which can process natural language questions, decipher consumers' intentions, and give precise answers to their inquiries. Businesses may improve customer experience, get insights into customer interactions, and optimise customer service operations by utilising conversational AI technologies.

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The most common technology for conversational AI is natural language processing (NLP), which enables machines to comprehend the subtleties of human language and respond to user inquiries quickly and effectively. In addition, NLP serves as the foundational technology for AI-based virtual assistants, enabling them to comprehend verbal and written requests, contextualise conversations, and offer pertinent responses.

The two most common uses of conversational AI with NLP are customer service and personal assistants. Conversational AI with NLP support for customer support enables businesses to provide prompt and accurate customer service. A personalised customer experience can be created using the personal assistant feature of conversational AI that is NLP-enabled.

Given the presence of numerous large companies making sizable investments in technology and conversational AI, North America has been the largest market for NLP-enabled conversational AI. Businesses are increasingly investing in NLP-enabled conversational AI to improve customer service, lower operating costs, and give customers a personalised experience due to the rising demand for automation and customer service.

Microsoft announced the release of a new cloud-based conversational AI platform in March 2022, allowing users to create and use chatbots with NLP capabilities without any programming experience. Google unveiled its own conversational AI platform in June 2022, enabling companies to develop chatbots that could interact with clients in natural language and provide prompt, correct responses.
Amazon announced their Lex conversational AI platform in August 2022, enabling companies to build chatbots with cutting-edge speech recognition features and the ability to use deep learning models to comprehend natural language queries.

Table of Contents:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Market Outlook
Chapter 5 Conversational AI platform Market by Technology
Chapter 6 Conversational AI platform Market by Type
Chapter 7 Conversational AI platform Market by Application
Chapter 8 Conversational AI platform Market By Region
Chapter 9 Competitive Landscape
Chapter 10 Company Profiles

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