Market Trends of Conversational Systems Industry
Rising Usage of AI-based Solutions for Customer Services Drives the Market Growth
- Artificial intelligence (AI)-powered customer support services assist organizations in increasing loyalty, online customer experience, preventive assistance, brand reputation, and even revenue growth. Natural language processing (NLP) and dialog-exchanging tool advances will drive market growth.
- Various contact centers are emphasizing conversational systems because they enable contact centers to AI automate speech-enabled apps and messages for interactions between computers and humans. Additionally, these systems understand client intent in various languages and reply to their inquiries accordingly. Many people throughout the globe use AI-based solutions like messaging platforms and speech-based assistants to connect with businesses. As a result, AI speech-based and messaging platforms are quickly supplanting traditional mobile and web apps as the new interactive medium for interactions.
- The increase can be attributed to a surge in demand for AI-powered customer support services. In view of the fact that by providing users with a much-required facility to complete their usual tasks, automation services are expected to increase significantly over the forecast period.
- Businesses benefit from the proactive customer support services provided by AI that help improve various aspects, such as loyalty, online customer experience, service assistance, brand reputation, and even revenue generation. The market growth is anticipated to be stimulated by growing advances in natural language processing, which includes NLP and dialog exchanging tools. As a result, the uptake of NLP tools is forecast to increase, which will lead to a rise in opportunities in the market, owing to the increased use of web services and cloud-based applications.
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Asia Pacific is Expected to be the Fastest Growing Market
- The primary driver for the growth of the Asia-Pacific geographic segment is the significant presence of technology providers and the increasing usage of advanced technology-enabled bot solutions across major industries. These players in the region are focusing on developing innovative solutions to stay in the competitive market landscape.
- The region is witnessing rapid industrialization, raising the need for chatbots in the market under consideration. The growing retail and e-commerce sector in emerging economies, including China, India, Indonesia, Vietnam, Malaysia, the Philippines, Taiwan, and Thailand, has accelerated the high demand for and widespread adoption of chatbots by retailers and e-commerce business owners.
- The Asian-Pacific conversational systems market during the COVID-19 pandemic experienced steady growth. Due to increased COVID-19-infected patients in the region and the lockdown announced by the government of significant economies in the area, the deployments of chatbots by various organizations to handle the patients' queries related to their medication and consultation with doctors online from a remote location increased.
- Owing to the increased technological need, the region is witnessing the emergence of medium and large enterprises to help provide a better customer experience. In February 2024, BharatGPT, India's first Conversational AI, was launched in collaboration with Google Cloud. This significant partnership aims to revolutionize customer interactions with AI chatbots and enhance software development, creative endeavours, domain expertise, and business productivity.
- In August 2024, Amazon announced the beta launch of "Rufus," a generative AI-powered shopping assistant, in India. Rufus, trained on Amazon’s product catalog and web-wide information, addresses customer inquiries, offers product comparisons, provides tailored recommendations, and facilitates product discovery—all within the familiar Amazon shopping experience.
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