The market for conversational AI is expanding quickly because to rising demand in a number of sectors, such as retail and e-commerce, healthcare, BFSI, telecom, and automotive. Because of their emphasis on improving customer experience and expediting sales, the retail and e-commerce sectors are the most adoptive of these. Businesses are using text-based, voice-based, and multimodal AI to enhance engagement and streamline operations thanks to developments in Natural Language Processing (NLP), Machine Learning (ML), and AI-driven automation. With a projected compound annual growth rate (CAGR) of 33.4%, conversational AI appears to have a bright future as it becomes more integrated across industries to boost productivity, customisation, and consumer pleasure. By 2032, the conversational market is projected to grow to a size of USD 62.19 billion.
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Market Dynamics
The section is divided into the following technological categories: Text-to-Speech (TTS), Speech-to-Text (STT), Automated Speech Recognition (ASR), Natural Language Processing (NLP), and Machine Learning & Deep Learning. With a substantial market share of 39.8%, Natural Language Processing (NLP) dominates the industry. Over the course of the projection period, it is expected to grow at a CAGR of 24%.
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Segments-
By Technology:
o Natural Language Processing (NLP)
o Machine Learning & Deep Learning
o Automated Speech Recognition (ASR)
o Text-to-Speech (TTS) & Speech-to-Text (STT)l
Microsoft announced an updated version of Microsoft Teams Premium in February 2023. The update incorporates the newest technology to make meetings more intelligent, customised, and safe, including Large Language Models driven by OpenAI's GPT-3.5.
Key Players
Microsoft, IBM, Google, Amazon, Rasa, Ada, LivePerson, Kore.ai, Yellow.ai, DeepSeek, Mistral AI, Intercom, Salesken, SmatBot, CoRover are some of the key players in the industry. The key players in the industry are actively pursuing strategic developments such as product launches, partnership agreements, etc to gain a further foothold in the market.
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