Global conversation intelligence software market was valued at US$ 16010.44 million in 2018 and is anticipated to reach US$ 31747.31 million by 2027, growing at a CAGR of 7.8% over the forecast period
Growing adoption of conversation intelligence owing to increased focus on enriching customer’s experience, and maximizing effective use of resources by enabling automation in customer services is driving the demand in conversation intelligence software market. The demand for intent analysis in conversation intelligence software is increasing among end users. Organizations are largely deploying the solution to gain regarding the intentions of customers towards the specific product or services and accordingly cater to their changing needs. In March 2018, Google, a technology giant, launched an enterprise edition of ‘Dialogflow’ platform allowing companies to develop customized chatbots. These chatbots use AI-based natural language processing to communicate with users. Moreover, this platform is integrated with other Google’s features such as Speech-to-Text and Text-to-Speech. Hence, the growing advancement and effectiveness of this software is expected to drive the conversation intelligence software market over the forecast period.
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The demand for the conversation intelligence software market is increasing by focusing on enhancing the customer experience, increasing adoption of conversation intelligence, and enabling automation in customer service to maximize effective resource usage. The demand for intent analysis of dialog intelligence software is growing among end users. Organizations are largely deploying solutions that can be obtained in relation to the customer's intentions for a particular product or service, and therefore respond to changing needs.
The conversational intelligence software market is fragmented in nature owing to the presence of both domestic and international players. Some of the prominent companies operating in the industry include Active.Ai, AffectLayer, SAP SE, Netcore Solutions, Cogito Corporation, ExecVision Inc., SalesLoft Inc., Gong.io, and Invoca amongst others.
Key Findings of the Report:
- North America accounts for largest market share, and it will continue to dominate market during the forecast period owing to growing presence of large enterprises and artificial intelligence market disrupters.
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Conversational Intelligence Software Market
By Deployment Mode
- BFSI sector is expected to register highest CAGR during forecast period owing to growing number of customer engagement activities in financial services market through omni-channel platform.
- Cloud based deployment is expected to gain pace in the coming years. The compliance and data security through cloud based software is proving to be a valuable source for business organizations.
- Cloud Based
- By End-users
- Small and Medium Sized Enterprises
- Large Enterprises
- IT & Telecommunications
- Banking, Financial Services and Insurance (BFSI)
- Real Estate
- Others (Government, Education Etc.)
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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The cost analysis of Conversation Intelligence Software market took into account manufacturing costs, labor costs, raw materials and market concentration, suppliers and price trends. Other factors such as supply chains, downstream buyers, and sourcing strategies were evaluated to provide a complete and in-depth view of the market. Report buyers are exposed to market positioning studies that take into account global 3D printing and pricing strategies for target audiences, training, and strategies.
Using SWOT analysis to gather and study all the information, you can see the competitive environment vividly in Conversation Intelligence Software market. Openings for future market developments were revealed and likewise had a competitive advantage. Taking into account the drift and propensity of this market, it shows that the strategic direction is good. Understand your market base and understand your market data using standards, methodologies, and other driving market trends determined for reference.
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