Overview and Scope
Conversational systems refer to computer programs designed to simulate human-like conversations with users through natural language. These systems are used to provide informed answers and assistance and help in direct channel interaction, with the objective of steering interactions and possibly providing real-time support.
Sizing and Forecast
The conversational systems market size has grown exponentially in recent years. It will grow from $14.7 billion in 2023 to $19.21 billion in 2024 at a compound annual growth rate (CAGR) of 30.6%. The growth in the historic period can be attributed to breakthrough research publications, foundational patents, regulatory approvals for research, genome editing milestones, media coverage and public awareness.
The conversational systems market size is expected to see exponential growth in the next few years. It will grow to $54.88 billion in 2028 at a compound annual growth rate (CAGR) of 30.0%. The growth in the forecast period can be attributed to therapeutic success stories, global healthcare spending, commercialization strategies, bioinformatics and data analytics, patient advocacy and awareness. Major trends in the forecast period include expanded therapeutic applications, customized crispr platforms, increased clinical trials, regulatory framework maturation, multiplex gene editing advances.
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Segmentation & Regional Insights
The conversational systems market covered in this report is segmented –
1) By Deployment: On-Premise, Large Enterprises
2) By Components: Compute Platforms, Solutions, Services
3) By Application: Customer Support & Personal Assistant, Branding And Advertisement, Data Privacy And Compliance, Other Applications
4) By Verticals: Banking Financial Services And Insurance (BFSI), Media And Entertainment, Retail And Ecommerce, Travel And Hospitality, Telecom, Health And Life Sciences, Other Verticals
North America was the largest region in the conversational systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the conversational systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for customer engagement is expected to propel the growth of the conversational systems market going forward. Customer engagement refers to the ongoing interaction and relationship between a business and its customers. Conversational systems are used in customer engagement to facilitate two-way dialogues with customers, providing support, answering questions, and offering personalized recommendations. For instance, in May 2021, according to reports published by ServiceBell, Inc., a US-based internet-based platform, in 2023, 41% of customers chose live chat help, and 32% preferred telephone support. Further, more than 50% of customers return to firms that provide live chat. Therefore, the increasing demand for customer engagement is driving the growth of the conversational systems market.
Key Industry Players
Major companies operating in the conversational systems market report are Amazon Web Services, Inc, Alphabet Inc, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Hewlwtt packard, Saffron Technology, Baidu, Inc, Snaps, Inc., TTEC Holdings, Inc., Tibco Software, Inbenta Technologies Inc., LivePerson, Inc., Heyday AI Inc., Rasa Technologies GmbH, Avaamo Inc., Solvvy Inc., Pypestream Inc., Rulai, Inc., Kasisto, Inc., Clinc, Inc., True AI Technologies Inc, Suki.AI, Cognigy GmbH
The conversational systems market report table of contents includes:
- Executive Summary
- Conversational Systems Market Characteristics
- Conversational Systems Market Trends And Strategies
- Conversational Systems Market – Macro Economic Scenario
- Global Conversational Systems Market Size and Growth
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- Global Conversational Systems Market Competitive Dashboard
- Key Mergers And Acquisitions In The Conversational Systems Market
- Conversational Systems Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Conversational Systems Market, Segmentation By Components, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Conversational Systems Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Conversational Systems Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Amazon Web Services, Inc Financial Performance
Table 76: Alphabet Inc Financial Performance
Table 77: Microsoft Corporation Financial Performance
Table 78: International Business Machines Corporation Financial Performance
Table 79: Oracle Corporation Financial Performance
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