The North America Conversational AI Market would witness market growth of 15.2% CAGR during the forecast period (2021-2027).
The integration of natural language processing with the machine learning solutions like conversational bots and virtual agents that can help in communicating with users is known as conversational AI. In addition, conversational AI technology is developed to utilize a huge amount of data, machine learning, and natural language processing to assist virtual agents to copy human interactions and text inputs to understand their meanings in different languages.
Additionally, conversational AI is widely utilized in integration with intelligent virtual agents or chatbots in order to communicate with a complicated system in a rapid and trusted manner. Moreover, applied conversational AI needs the integration of art and science to develop a digital application, which includes context, relevance, and personalization within a conversation between humans and computers.
Furthermore, machine learning (ML) technology with natural language processing (NLP) NLP is developed to flow into a consistent loop with ML processes to consistently improve AI algorithms. Afterward, machine algorithms improve their response quality over time with advancement in the learning process.
The increasing interest of the companies in chatbots to provide efficient customer services would support the growth of the regional market. Conversational AI can handle and solve customer requests and queries rapidly, cheaply, and constantly. In addition, the rising popularity of messaging technology has surged the growth of messaging services utilizing conversational AI in the region. Along with that, the number of companies and individuals utilizing voice assistance-based devices is surging swiftly in the US, thereby boosting the demand for conversational AI in the regional market.
People in the US are highly utilizing voice search features than texting on their smart speakers, smartphones, and other gadgets. The growing popularity of voice-based search in the region has propelled the growth of regional conversational AI. The presence of various key market players in this region is estimated to support the growth of the regional market over the forecast period.
The US market dominated the North America Conversational AI Services Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,352.9 million by 2027. The Canada market is experiencing a CAGR of 20.1% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 19% during (2021 - 2027).
Based on Component, the market is segmented into Platform and Services. Based on Technology, the market is segmented into Natural Language Processing (NLP), Automated Speech Recognition, Deep Learning and Others. Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Type, the market is segmented into Chatbots and Intelligent Virtual Assistant (IVA). Based on End User, the market is segmented into Retail & eCommerce, BFSI, Travel & Hospitality, Healthcare, Telecom, Media & Entertainment, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Conversational AI Market is Estimated to reach $15.6 Billion by 2027, at a CAGR of 16.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Baidu, Inc., IBM Corporation, SAP SE, Oracle Corporation, Google, Inc., Amazon.com, Inc., Artificial Solutions, Conversica, Inc. and Inbenta Technologies, Inc.
By Component
By Technology
By Deployment Type
By Type
By End User
By Country
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