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
Conversation Intelligence Software plays a crucial role in personal assistant. Personal assistants can comprehend open conversations while contextualizing them to a case or scenario. Enterprises are leveraging AI technology by utilizing a combination of ML and NLU, which enables the assistants to be trained with industry-specific knowledge and unique business data for an accelerated time to market.
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Most of the vendors in the Conversation Intelligence Software Market offer cloud-based solutions to gain conversations insights in real time. The conversational AI vendors are focusing on the development of robust cloud-based solutions for their clients, as many organizations have migrated to either a private or a public cloud. The increasing demand for scalable, easy to use, and cost-effective conversational AI solutions is expected to accelerate the growth of the cloud segment in the market.
The Conversation 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 Conversation Intelligence Software 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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North America is expected to hold the largest market size in the global Conversation Intelligence Software Market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In APAC, the highest growth rate can be attributed to the heavy investments made by private and public sectors for enhancing their AI and ML technologies, resulting in an increased demand for conversational AI solutions for gaining customer insights. North America is expected to be the leading region in terms of adopting and developing conversational AI. Growing investments in AI and ML technologies, presence of maximum number of conversational AI vendors, and increasing government spending on AI-based technologies are expected to contribute to the market growth during the forecast period.
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 Conversation Intelligence Software Market base and understand your market data using standards, methodologies, and other driving market trends determined for reference.
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