The technological advancement in new product development and rise in demand for improved analytical tools has led to the growing need for the advanced conversational system. Conversational systems are the machine that can understand and communicate with humans. With the growing traction of IoT among consumer along with the availability of low-price internet has fueled the growth of the global conversational system market. Moreover, rising data complexity across various industries coupled with the availability of a large volume of data has increased the market share of conversational systems. Furthermore, the integration of AI in conversational devices has increased the demand for AI-powered customer support services. Various industries are adopting strategies to create awareness and advertise products through the digital channel. However, low consumer awareness about the conversational products and services may hamper the market share of conversational systems market.
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Segmental Overview
The conversational systems market is segmented on the basis of deployment type and end-use. Based on the deployment type, the market is bifurcated into cloud-based and on-premise. On the basis of end-use, the market is segmented into IT & telecom, BFSI, energy & utilities, retail, manufacturing, and others. Among end-users, the BFSI sector is expected to register significant growth in the market during the forecast period, owing to the rising adoption of digital technologies by various banking companies. Moreover, consumer preference for digital platforms led the banking sector to adopt advanced conversational systems to cater to the demand of consumers.
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Regional Overview
Geographically, the global conversational system market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Among which, North America accounts to hold a significant share in the global conversational system market. This is owing to the presence of well-developed IT industry in the US, along with the growing investment in AI and machine learning technology. Thus, resulting in the increased demand for conversational AI to gain customer insights across every sector, such as healthcare and telecommunication industry.
Company Overview
The major players operating in the global conversational system market include Google LLC, IBM Corp., Intel Corp., Hewlett Packard Enterprise Development LP, Microsoft Corp., and SAP SE. These companies are adopting several strategies, such as merger and acquisitions, product launches, geographical expansion and collaboration, and partnership to expand market share across the globe. These market players are continuously contributing to the market by implementing various market techniques and approaches which includes product launch and approvals, merger and acquisition, partnerships and collaborations, and others for gaining a strong position in the market. Along with these, the companies are focusing on expanding the distribution network and manufacturing facilities. For instance, IBM Corp.’s cognitive solutions segment offers platforms such as AI which includes cloud data services, talent management, and industry solutions. These services are performed primarily under Watson Platform, Watson Health, and Watson Internet of Things. The company offers transaction services which are used by various industries, such as banking, airlines, and delivery systems with few others. To further penetrate into the cloud services market, IBM entered into an agreement to acquire Red Hat, an American multinational software company providing open-source software products.
The Report Covers
• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global conversational system market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.
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