LONDON--(BUSINESS WIRE)--The global conversational systems market is expected to post a CAGR of more than 29% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Organizations are increasingly adopting advanced technologies such as ML and AI to improve operational efficiencies and gain a competitive advantage in the market. This has increased the use of chatbots and business-to-business applications that provide machine intelligence using a natural human language interface. These technologies are getting smarter with time and easier to integrate with business. These factors are increasing the demand for conversational systems as they have their roots in NLP.
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As per Technavio, the growing demand for vernacular chatbots will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Conversational Systems Market: Growing Demand for Vernacular Chatbots
Vernacular chatbots are highly convenient in linguistically diverse countries such as India if companies are looking to expand. After the advent of digital revolution which resulted in significant increase of internet users in the country, vernacular chatbots have become more necessary. Companies are hence encouraged to multiply their investments in this area. As focus on the adoption of region-specific strategies grows, the demand for vernacular chatbots can be expected to increase significantly during the forecast period.
“Rise in customer engagement through social media platforms and increasing adoption of smartphones will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Conversational Systems Market: Segmentation Analysis
This market report segments the global conversational systems market by geography (APAC, Europe, MEA, North America, and South America) and type (text and voice).
The North American region led the market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to the strong presence of several MNCs that are engaged in AI research.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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