Conversational Systems Market is Booming at CAGR of 30.8% With Domination of Key Players

Conversational Systems Market

MarketsandMarkets forecasts the global Conversational Systems Market size to grow from USD 4.6 billion in 2019 to USD 17.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.8% during 2019–2024. An increasing demand for AI-powered customer support services and highly advanced AI and NLP tools are major growth factors for the market. The increasing adoption of conversational systems solutions in customer engagement and retention application could provide growth opportunities for vendors of conversational systems.

The conversational systems market by component has 3 subsegments: compute platforms, solutions, and services. The services segment is expected to grow at the highest CAGR during the forecast period. Most of the vendors of conversational systems offer services such as consulting and support services, which help enterprises strengthening their customer support imperatives.

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In the conversational systems market by type, the voice assisted segment is expected to grow at a higher CAGR during the forecast period. Voice-assisted conversational systems solutions use NLP, Natural Language Understanding (NLU), and dialogue management techniques to achieve accurate results. The voice-assisted solutions comprise a dialogue management engine to provide users full control of conversational flow and help them perform their daily routine tasks with smart assistance in a more suitable and operative manner.

In the conversational systems market by application, the branding and advertisement segment is expected to grow at the highest CAGR during the forecast period. Enterprises use websites, contact centers, social media, and mobile as important modes of branding and advertisement channel to explore the latest products in the market. Enterprises are leveraging the computational platform to create awareness and post ads about the latest and upcoming products through the digital channel. Additionally, by leveraging the power of analytics and big data in the conversational system, enterprises can make business strategies for branding and advertisement to become more agile in the business system.

In the conversational market, North America is expected to hold the largest market size in the global conversational systems market, while Asia Pacific (APAC) to grow at the highest CAGR during the forecast period.

The well-developed digital economy in North America and the expansion of the AI and analytics industry are key growth factors for the conversational systems market in the region. The conversational systems market in APAC has gained traction, due to the rising demand for AI-powered solutions across major industry verticals.

An increasing demand for smart phones, integration of advanced AI capabilities into technical offerings, and rise in customer engagement through social media platforms are major opportunity areas for the conversational systems solution and platform providers. The growing use of bots by social media platforms has encouraged conversational systems platform providers to offer deployment support for chatbots and virtual agents built over multiple social media platforms.

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