November 2nd, 2021
Global Conversational AI Market
The GMI Research foresees an exponential growth in the Conversational AI Market over the forecast period. This is because of the ongoing research and development activities and increasing investment by the government to encourage research and development activities.
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Conversational AI Market Dynamics
Growth opportunities in the global conversational AI market look auspicious primarily because of the intensified research and development activities. Further, the robust investment by the government to incorporate AI solutions in the environment will stimulate the market growth. The conversation AI offers remarkable features, such as, easy extensibility, continuous service, less operational cost, and better effectiveness and customer experience. Also, as per the Global Conversational AI Market Report, the aggravating demand for AI-powered support services and chatbots across different industries, such as, travel and hospitality, banking, financial services, and other industries will impel the market growth. Thus, all these factors with the increasing penetration of social media platforms will impel the Conversational AI Market Size.
Besides this, the sudden arrival of the coronavirus has raised the market demand. The lockdown imposed across various nations and the surging focus to stay home has reduced the number of working people, primarily in the BPOs. The sudden surge in the demand for customer service assistance in hospitals, banks, and civil bodies has supplemented the market growth. However, the insufficient awareness concerned with the benefits of technology will restrain the market growth.
Process Segment Drivers
The Machine Learning & Deep Learning segment is expected to perceive a higher growth over the forecast period. This is because of the growing technological innovations and surging recognition about the benefits associated with the application of this technology. The technology imparts enormous remarkable advantages such as the capability to tackle multi-dimensional data, eradication of the human intervention need, better authenticity, less need of data & computing power will further bolster the market growth.
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