The global conversational system market size is expected to reach USD 37.19 billion by 2027, registering a CAGR of 26.3% from 2020 to 2027 according to a new report by Grand View Research, Inc. Increasing developments in IoT coupled with increased system-to-system communications is expected to propel the market growth. Conversational systems are widely used by businesses to automate and reduce workflows through the context-aware intelligence systems.
Continued
advancements in the field of voice-driven assistants, text-based chatbots
coupled with integration of Artificial Intelligence (AI) into
conversational systems are expected to propel the market growth. Rapid
proliferation of messaging platform is expected to create growth opportunities
in the forthcoming years. Furthermore, businesses are focusing on integrating
Machine-to-Machine (M2M) communication feature into its systems to offer
personalized or tailored customer experience through direct contact.
Increasing
advances in Natural Language Processing (NLP), AI, and automation has enabled
businesses to design cost-efficient digital experiences in the form of
conversational solutions. Digital and telecommunication technologies are widely
integrated into these solutions to offer programmatic and intelligent
conversational experience to the customers. These solutions also effectively
respond to the customer by analyzing human agent responses.
The
outbreak of COVID 19 is anticipated to favorably impact the growth of the
market for conversational systems. The AI-powered systems are anticipated to
improve various aspects of businesses, such as online customer experience and
brand reputation. These AI-powered platforms offer real-time support to
customers, respond with solutions and suitable products, suggest personalized
discounts and offers, and minimize customer complaints and abandonment rate.
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Conversational
Systems Market Report Highlights
- The services segment is
expected to witness significant growth over the forecast period as
numerous conversational service providers are focusing on improving
customer support experience by offering service apps. These apps with
conversational systems enable hassle-free, real-time, and seamless
connectivity between customers and support agents. These services are also
helping businesses in improving customer engagement
- The increasing demand for
voice assistant systems in contact centers for improving customer
experience is expected propel the voice assisted segment growth over the
forecast period
- Branding and advertisement
segment is expected to witness significant growth over the forecast period
as multiple businesses across the globe are using AI-powered solutions for
branding and advertising applications. These solutions effectively engage
customers and help businesses generate more leads. It also helps
businesses in getting valuable insights from the customers
- Telecommunication segment is
expected to continue its dominance over the forecast period as the telecom
sector is increasingly integrating conversational solutions in its
business operations owing to various benefits it offers, such as enhanced
customer support, increased workforce productivity, and boost sales with
promotion and cross-selling, among others
- Growth of the Asia Pacific
market can be attributed to the increasing investments made by public and
private sectors for enhancing their machine learning and AI technologies.
This has resulted in an increased demand for conversational solutions for
gaining customer insights
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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