Connect with us

Technology

Conversational AI Market Worth $54.1 Billion by 2031- Exclusive Report by Meticulous Research®

Published

4 months ago

on

REDDING, Calif., July 23, 2024 /PRNewswire/ — According to a new market research report titled, ‘Conversational AI Market by Offering, Application, Organization Size, Deployment Mode, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, Healthcare & Life Sciences, Travel & Hospitality, Education, Manufacturing)—Global Forecast to 2031, the global conversational AI market is projected to reach $54.1 billion by 2031, at a CAGR of 23.9% during the forecast period.

Download Sample Report Now- https://www.meticulousresearch.com/download-sample-report/cp_id=5594 

Conversational AI is the branch of artificial intelligence that supports human-to-computer and computer-to-human interactions. Conversational AI plays an important role in applications such as customer service, information technology service management, human resource management, sales & marketing management, operations and supply chain management, finance and accounting, and other applications. Conversational AI solutions help to reduce the time and effort required by humans to perform time-consuming tasks. Conversational AI aims to learn from human conversations to make digital systems easy and intuitive to use. It saves time, so humans give their precious time to focus on manual tasks. Conversational AI Services combine all the technologies such as natural language processing (NLP), machine learning, deep learning, and artificial intelligence with traditional software such as chatbots, voice assistants, or voice recognition systems to help customers through either spoken written text or typed interface.

The growth of the conversational AI market is driven by the surge in demand for conversational AI solutions to improve call center operations and the proliferation of voice-enabled devices. However, a lack of accuracy in recognizing regional accents and dialects and low awareness about conversational AI solutions restrains the growth of this market. The high potential of AI-enabled voice assistants in the healthcare industry and the increasing proliferation of conversational AI solutions for sales and marketing management are expected to create growth opportunities for the players operating in the conversational AI market. However, data privacy and security concerns are a major challenge for market growth. Furthermore, AI chatbots with high emotional intelligence & the rise of voice-enabled assistants are the key trends observed in the conversational AI market.

The global conversational AI market is segmented by offering (solutions [chatbots, intelligent virtual assistants, speech recognition solutions, other conversational AI solutions], services (professional services, managed services), applications (customer service, information technology service management, human resource management, sales and marketing management, operations & supply chain management, finance and accounting, other applications), organization size (large enterprises, small & medium-sized enterprises), deployment mode (cloud-based deployment, on-premise deployment), sector(IT & telecommunications, BFSI, retail & e-commerce, healthcare & life sciences, travel & hospitality, education, government & public sector, media & entertainment, energy & utilities, manufacturing, and other sectors). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Get a Glimpse Inside: Request Sample Pages- https://www.meticulousresearch.com/request-sample-report/cp_id=5594 

By offering, in 2024, the solutions segment is expected to account for the largest share of over 76.0% of the global conversational AI market. The large market share of this segment is attributed to the increasing focus on solution-centric automation capabilities, several solution providers investing in R&D, and the growing adoption of conversational AI solutions in various industries.

Additionally, this segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing deployments of chatbots and digital assistants, a surge in demand for IVR systems, and initiatives by companies to launch speech recognition solutions and content management solutions.

By application, in 2024, the customer service segment is expected to account for the largest share of over 27.0% of the global conversational AI market. The large market share of this segment is attributed to the growing demand for digital assistants and chatbots in customer service for answering FAQs, increasing usage of AI-powered chatbots or virtual assistants for account management, rising need to analyze customer queries or statements, and conversational AI for multilingual support. However, this segment is also projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing usage of conversational AI for payment management and the increasing need for conversational AI for order tracking and order updates.

Have Specific Research Needs? Request a Customized Report- https://www.meticulousresearch.com/request-customization/cp_id=5594 

By organization size, in 2024, the large enterprises segment is expected to account for the larger share of above 63.0% of the global conversational AI market. The large market share of this segment is attributed to the keen focus on developing strategic IT initiatives by large enterprises, the growing need to handle large volumes of customer-level data, early adoption of advanced technologies in retail, manufacturing, healthcare, and automotive sectors, and the growing need for better insights into customer responses. However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period.

By deployment mode, in 2024, the cloud-based deployment segment is expected to account for the larger share of over 67.0% of the global conversational AI market. This segment’s large market share is attributed to the rising demand for benefits such as easy maintenance of customer data, cost-effectiveness, and scalability and the growing demand for conversational AI solutions for multi-cloud deployments.

Additionally, this segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing implementations of cloud-based conversational AI and ongoing efforts by companies to launch cloud-based chatbots and digital assistants.

By sector, in 2024, the IT & telecommunications segment is expected to account for the largest share of over 28.0% of the global conversational AI market. The large market share of this segment is attributed to the increasing adoption of AI solutions for fraud detection and prevention, the surge in demand for conversational AI to improve call center operations, exerting efforts by companies to launch chatbots for IT service management, rising need for network optimization and maintenance.

Additionally, this segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing implementation of chatbots and digital assistants to address a variety of IT customer questions and the growing need to resolve IT service issues quickly.

By geography, in 2024, North America is expected to account for the largest share of over 37.0% of the global conversational AI market. However, the Asia-Pacific region is projected to register the highest CAGR of over 26.0% during the forecast period. The growth of this regional market is driven by the growing emphasis of companies on launching chatbots and virtual assistants in the Asia-Pacific region, the growing demand for chatbots and voice assistant solutions, and the increasing demand for AI-powered customer support services.

The key players operating in the global conversational AI market are Google LLC (U.S.), Microsoft Corporation (U.S.), Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.) (U.S.), Oracle Corporation (U.S.), International Business Machine Corporation (U.S.), NVIDIA Corporation (U.S.), Baidu, Inc. (China), Verint Systems Inc. (U.S.), SAP SE (Germany), AT & T Inc. (U.S.), Conversica, Inc. (U.S.), AssemblyAI, Inc.(U.S.), Kore.ai Inc. (U.S.), OpenAI OpCo, LLC (U.S.), and DRUID S.A. (Romania).

Browse In-depth Report Now- https://www.meticulousresearch.com/product/conversational-ai-market-5594 

Scope of the Report:

Conversational AI Market Assessment—by Offering 

SolutionsChatbotsIntelligent Virtual AssistantSpeech Recognition SolutionsOther Conversational AI SolutionsServicesProfessional ServicesManaged Services

Conversational AI Market Assessment—by Application 

Customer ServiceInformation Technology Service ManagementHuman Resource ManagementSales and Marketing ManagementOperations and Supply Chain ManagementFinance and AccountingOther Applications

Conversational AI Market Assessment—by Organization Size

Large EnterprisesSmall & Medium-sized Enterprises

Conversational AI Market Assessment—by Deployment Mode

Cloud-based DeploymentsOn-premise Deployments

Conversational AI Market Assessment—by Sector

IT & TelecommunicationsBFSIRetail & E-commerceHealthcare & Life SciencesTravel & HospitalityEducationGovernment & Public SectorMedia & EntertainmentEnergy & UtilitiesManufacturingOther Sectors

Conversational AI Market Assessment—by Geography

North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainNetherlandsRest of EuropeAsia-PacificChinaJapanIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaBrazilMexicoRest of Latin AmericaMiddle East & AfricaUAEIsraelRest of Middle East & Africa

Unlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/51587923 

Related Reports:

Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography – Global Forecast to 2030

Speech-to-text API Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Application (Transcription, Customer Experience & Analytics, Subtitle & Caption Generation), End User (B2B, B2C, B2G, G2C), Geography – Global Forecast to 2030

Healthcare Virtual Assistant Market by Product (Chatbot And Smart Speaker), Technology (Speech Recognition, Text-To-Speech, And Text Based), End User (Providers, Payers, And Other End User), And Geography – Global Forecast To 2025

Speech Analytics Market by Component, Application (Customer Experience Management, Sales & Marketing Management, Risk & Compliance Management, Fraud Detection & Security Applications), Organization Size, Deployment Mode, End-use Industry (IT & Telecommunications, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Business Process Outsourcing) – Global Forecast to 2029

Natural Language Processing Market by Component, Organization Size, Application, Sector (IT & Telecommunications, BFSI, Retail & E-commerce, and Healthcare & Life Sciences) – Global Forecast to 2030

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe: +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com  
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/827/conversational-ai-market-2031 

Logo: https://mma.prnewswire.com/media/1757980/Meticulous_Research_Logo_1.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/conversational-ai-market-worth-54-1-billion-by-2031–exclusive-report-by-meticulous-research-302202683.html

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Minister Champagne wraps up visit to Silicon Valley

Published

4 hours ago

on

November 16, 2024

By

PALO ALTO, CA, Nov. 16, 2024 /CNW/ – Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, concluded a visit to Palo Alto, California, where he met with business and tech leaders.

The Minister met with the CEO and Founder of Plug and Play, one of the world’s most active startup accelerators. He also met with the CEO and Founder of Groq, a company specializing in artificial intelligence (AI) chip technology.

Minister Champagne also met with key members of the C100, a not-for-profit association of over 400 Canadian expatriates advancing tech entrepreneurship in the Silicon Valley area.

While in Silicon Valley, Minister Champagne took the opportunity to visit the U.S. Department of Defense’s Defense Innovation Unit, which is designed to accelerate the adoption of cutting-edge commercial technologies by the U.S. military.

The Minister was also a guest speaker at the Trilateral Commission’s North American Group meeting where he was interviewed on a panel by Michael Duffy, Opinions editor at large of The Washington Post.

Quote

“Coming on the heels of the launch of the Canadian AI Safety Institute, this visit to Silicon Valley was a great opportunity to engage with tech leaders and entrepreneurs. As AI and other emerging technologies reshape national security, the economy and society at large, Canada will continue to play a central role in strengthening North America’s long-term competitiveness.”
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

Associated links

Canada launches Canadian Artificial Intelligence Safety InstituteThe Trilateral Commission

Stay connected

Find more services and information on the Innovation, Science and Economic Development Canada website.

Follow Innovation, Science and Economic Development Canada on social media.
X (Twitter): @ISED_CA | Facebook: Canadian Innovation | Instagram: @cdninnovation | LinkedIn: Innovation, Science and Economic Development Canada

SOURCE Innovation, Science and Economic Development Canada

Continue Reading

Technology

The Mortgage Calculator Delivers Real-Time VA Loan Rates with Advanced Application Tools

Published

5 hours ago

on

November 16, 2024

By

The Mortgage Calculator introduces innovative VA loan calculators and tools featuring live mortgage rates updated by the minute. These tools empower veterans and active-duty military personnel with accurate, real-time insights into VA loan programs.

MIAMI, Nov. 16, 2024 /PRNewswire-PRWeb/ — The Mortgage Calculator, a licensed lender, has launched an advanced VA mortgage calculator platform with real-time mortgage rate integration for all VA loan programs from over 100 banks and lenders. Veterans and active-duty military personnel can now access live VA mortgage rates, updated by the minute, to make precise financial decisions. This technology ensures unmatched accuracy and transparency in VA loan planning.

Offering live mortgage rates is a pivotal enhancement for borrowers. This unique feature allows veterans and active-duty personnel to make well-informed decisions, whether purchasing a home or refinancing with an IRRRL.

The platform also offers tools to calculate VA mortgage loan payments and explore refinancing options like IRRRL loans (Interest Rate Reduction Refinance Loans). These tools simplify the loan application process and provide a complete understanding of financing options available to eligible borrowers.

Key Features of the Real-Time VA Loan Platform:

Live VA Loan Rates: Borrowers can view rates updated every minute, offering precise, real-time market data for all VA loan programs from multiple banks and lenders.Interactive VA Loan Calculator: Helps users estimate monthly payments based on current live rates, including refinancing options like IRRRL.Customizable Financial Tools: Provides tailored insights into VA loan affordability, terms, and eligibility requirements.Seamless Integration Across VA Loan Programs: Supports home purchases and refinancing with clarity and transparency.

“Offering live mortgage rates is a pivotal enhancement for borrowers,” said Jose Gonzalez, CSO of The Mortgage Calculator. “This unique feature allows veterans and active-duty personnel to make well-informed decisions, whether purchasing a home or refinancing with an IRRRL.”

To experience these tools and view live VA mortgage rates, visit the dedicated VA loan calculator page. Borrowers can also calculate savings on VA refinance options with the IRRRL calculator or explore broader resources like the VA mortgage loans guide. For additional information on other mortgage products, such as construction loans, visit the homepage.

About The Mortgage Calculator

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access both Conventional and Non-QM mortgage loan programs with over 100 banks and partners. Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. Our team of over 500 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more! To apply for a mortgage please visit https://themortgagecalculator.com

Mortgage Calculator Company LLC

NMLS#: 2377459

2125 BISCAYNE BLVD SUITE 220

Miami, FL 33137

Media Contact

Kyle Hiersche, The Mortgage Calcualtor, 1 7867331993, pr@themortgagecalculator.com, https://themortgagecalculator.com

Twitter

View original content to download multimedia:https://www.prweb.com/releases/the-mortgage-calculator-delivers-real-time-va-loan-rates-with-advanced-application-tools-302306757.html

SOURCE The Mortgage Calcualtor

Continue Reading

Technology

Norck Expands Custom Manufacturing Services with Enhanced Precision CNC Machining, Engineering Support, and Curated Network of Select Manufacturing Partners

Published

6 hours ago

on

November 16, 2024

By

Norck, a global leader in on demand manufacturing, has expanded its services to include precision CNC machining, custom component manufacturing, and on-demand solutions. The company’s curated network of trusted manufacturing partners and personalized one-on-one engineering support set it apart from automated platforms. Serving industries such as aerospace, defense, robotics, and medical, Norck delivers high-quality, precision-engineered components tailored to specific needs. With capabilities in CNC machining, 3D printing, and hybrid manufacturing, Norck empowers businesses to innovate and scale efficiently. Visit www.norck.com for more information.

IRVINE, Calif. and MANNHEIM, Germany, Nov. 16, 2024 /PRNewswire-PRWeb/ — Norck, a global leader in advanced manufacturing and custom component production, is proud to announce a major expansion of its services, focusing on precision CNC machining, custom component manufacturing, and on-demand CNC machining. A key highlight of this growth is the enhancement of Norck’s curated network of select manufacturing partners, ensuring clients benefit from the highest quality standards and consistent reliability.

By partnering with only the best manufacturers, we ensure that every project meets our clients’ exacting standards. Combined with our one-to-one engineering support, this approach guarantees a superior manufacturing experience.

Complementing its growing capabilities, Norck reaffirms its commitment to personalized, one-to-one engineering and design support, setting it apart from competitors with automated platforms. With a strategic combination of expert guidance and a carefully vetted partner network, Norck is revolutionizing the way businesses approach custom parts manufacturing.

Norck’s Motto: “Prototype. Manufacture. Scale Up. On Demand.”

This guiding principle reflects Norck’s dedication to delivering seamless, end-to-end solutions that meet the dynamic needs of modern industries. From initial prototyping to full-scale production, Norck empowers businesses to innovate and grow with speed and precision.

Expanding a Curated Network of Trusted Manufacturing Partners

Norck’s curated network of select manufacturing partners brings together top-tier facilities specializing in CNC machining, injection molding, and metal 3D printing. Each partner is carefully vetted for quality, reliability, and expertise, ensuring seamless collaboration and superior results.

Key Benefits of Norck’s Manufacturing Partner Network:

Consistent Quality Standards: Partners are selected based on strict adherence to global certifications such as ISO 9001 and AS9100.Diverse Capabilities: Access to advanced manufacturing technologies, including custom CNC machining, custom component manufacturing, and on-demand sheet metal fabrication.Streamlined Project Management: Norck acts as a single point of contact, managing every aspect of production and ensuring seamless coordination across its network.

“Our curated network is an integral part of delivering exceptional results to our clients,” said Faruk Guney, CEO of Norck. “By partnering with only the best manufacturers, we ensure that every project meets our clients’ exacting standards. Combined with our one-to-one engineering support, this approach guarantees a superior manufacturing experience.”

Personalized Engineering and Design Support

Unlike platforms that rely heavily on automation, Norck emphasizes a one-on-one collaboration model with clients. This personalized approach ensures that designs are optimized for manufacturability, cost-efficiency, and performance before production begins.

Key Features of Norck’s Engineering and Design Support:

Dedicated Design Consultants: Clients work with experienced engineers who understand their unique requirements and industry challenges.

Seamless Iteration: From concept refinement to rapid prototyping, Norck supports clients at every step to perfect their designs.

Material Selection Guidance: Expert advice to choose the best materials for durability, performance, and cost-effectiveness.

Feasibility Analysis: Comprehensive evaluations to ensure manufacturability and optimal production outcomes.

Precision CNC Machining and Custom Component Manufacturing

Norck’s precision CNC machining services are at the forefront of its manufacturing offerings. With a focus on high-quality production and design optimization, Norck delivers custom CNC parts and components that meet even the most complex specifications.

Key Highlights:

On-Demand CNC Machining: Rapid, efficient production tailored to client needs, from prototypes to large-scale production.

Wire EDM Services: Precision machining for intricate designs requiring tight tolerances.

Custom CNC Machining Near Me: Localized support through Norck’s extensive partner network for faster turnaround times and convenience.

Advanced Metal 3D Printing Services

Norck has also enhanced its metal 3D printing services, providing innovative solutions for lightweight and complex custom metal parts. These services are integrated with Norck’s engineering support to ensure clients achieve the perfect balance of creativity and manufacturability.

Key Features:

Custom Metal 3D Printing: Production of intricate and durable components for aerospace, automotive, and medical applications.Hybrid Manufacturing Solutions: Combining CNC machining and 3D printing for advanced design possibilities.Injection Molding and On-Demand Sheet Metal FabricationNorck’s comprehensive offerings include injection molding and on-demand sheet metal fabrication, enabling clients to produce high-quality custom parts at scale. By leveraging its curated network, Norck delivers consistent results across all manufacturing disciplines.

Industries Served

Norck proudly serves a diverse range of industries, providing tailored solutions to meet specific sector requirements:

Norck offers specialized manufacturing solutions across various industries, delivering precision-engineered components and services tailored to each sector’s unique requirements.

Aerospace: Norck provides high-precision components that meet stringent aerospace standards, ensuring safety and reliability in critical applications.

Defense: Supplying robust and reliable parts, Norck supports mission-critical defense systems and equipment, adhering to rigorous quality and performance criteria.

Robotics: Norck creates intricate components essential for the efficient operation of robotic systems and automation technologies, enhancing performance and precision.

Automotive: Manufacturing custom parts, Norck enhances vehicle performance, durability, and safety across various automotive applications.

Medical: Producing biocompatible and precision-engineered components, Norck supports medical devices, surgical tools, and healthcare technologies, ensuring safety and efficacy.

Consumer Products: Producing high-quality, durable components, Norck serves a wide range of consumer goods, from electronics to appliances, ensuring product longevity and reliability.

Industrial: Providing durable and reliable parts, Norck supports machinery, tools, and industrial systems, ensuring operational efficiency and longevity.

Hardware: Crafting precision hardware components, Norck caters to construction, infrastructure, and various manufacturing applications, meeting specific project needs.

Electronics: Delivering custom components, Norck supports electronic devices, ensuring compatibility and performance in advanced systems.

Energy: Supplying high-performance parts, Norck serves renewable energy, oil and gas, and power generation applications, contributing to efficient energy solutions.

Norck’s tailored solutions ensure each industry’s unique requirements are met with precision and reliability, reinforcing its commitment to quality and innovation.

About Norck

Norck is a global leader in advanced manufacturing, specializing in precision CNC machining, custom component manufacturing, metal 3D printing, and injection molding. With a strong commitment to innovation, quality, and customer satisfaction, Norck delivers tailored manufacturing solutions to businesses worldwide. By combining personalized engineering support, cutting-edge technologies, and a curated network of trusted manufacturing partners, Norck empowers industries to achieve their most ambitious goals.

For more information about Norck’s services and solutions, visit www.norck.com

Media Contact

Dennis Weiss, NORCK INC – NORCK GMBH, 1 949-232-0251, ed@norck.com, www.norck.com

Ed Braun, NORCK INC – NORCK GMBH, www.norck.com

View original content to download multimedia:https://www.prweb.com/releases/norck-expands-custom-manufacturing-services-with-enhanced-precision-cnc-machining-engineering-support-and-curated-network-of-select-manufacturing-partners-302307307.html

SOURCE NORCK INC – NORCK GMBH; NORCK INC – NORCK GMBH

Continue Reading

Trending