Conversational Artificial Intelligence (AI) plays an important role in personal assistants that are capable of understanding open conversations in a particular case or scenario. Businesses are leveraging AI technology that utilizes the combination of machine learning and NLU that enables the assistants with industry-specific knowledge and different business data for coping up with the global market. The way of communication has changed in the past many years, with the organizations using the conversational AI solutions for the customer service functions.

The application of chatbots to extend improved customer support services is projected to spur the conversational AI market 2020. The AI & analytics reports are produced by Market Research Future, which contains market alternatives for progress. A CAGR of 30.32% is estimated to drive the earnings to USD 15.82 billion by 2024.

Detailed Regional Analysis

The global [FURL=https://www.marketresearchfuture.com/reports/conversational-ai-market-7913/]conversational artificial intelligence (AI) market size[/FURL] can be majorly divided into the regions of Europe, Americas, Middle East, Asia-Pacific and Africa. America owns the largest market share of the global market with the presence of high-quality artificial intelligence technologies. After this, the European market is the dominant market followed by Asia-Pacific. The large business and enterprises are adopting social media technologies that are driving the European market. Owing to the accelerated economic growth of countries in the region and the increasing need for controlling the healthcare costs. These factors play an important role among all the various organizations in this region. The Middle East and African region are growing at a steady pace in the overall market.

Segmentation:

The segmental evaluation of the conversational AI market is conducted on the basis of service, type, technology, deployment, component, organization size, application, and vertical. The service-based segmentation of the conversational AI market consists of support and maintenance, system integration and deployment, training, and consulting. The vertical, based segmentation of the conversational AI market consists of healthcare, BFSI, media and entertainment, IT & telecommunications, retail and e-commerce, automotive, and others. The type-based segmentation of the conversational AI market consists of intelligent virtual assistants and chatbots. The technology-based segmentation of the conversational AI market consists of machine learning and deep learning, natural language processing, and automated speech recognition. The deployment based segmentation of the conversational AI market consists of cloud and on-premise. The component-based segmentation of the conversational AI market consists of service and platform. The organization size based segmentation of the conversational AI market consists of large enterprises and SMEs. The application-based segmentation of the conversational AI market consists of customer engagement and support, personal assistants, branding and marketing, and others.

Also Read: [FURL]http://www.marketwatch.com/story/conversational-ai-market-is-gaining-an-upward-trend-due-to-rising-adoption-of-virtual-assistants-2020-02-25 /[/FURL]