Conversational System Market to Witness Widespread Expansion During 2021 – 2028

Conversational System Market to Witness Widespread Expansion During 2021 – 2028

Conversational system is a computer system which has a conversation with human in a coherent structure. This conversation can be in the form of speech, text, gestures, haptic feedback, graphics and other modes of communication. Conversational systems use a combination of functionalities such as artificial intelligence, machine learning, natural language processing, cognitive computing, internet of things (IoT) and others. The applications of conversational systems are chatbot, smart home speaker (E.g. Homepod by Apple Inc.), mobile phone assistant (E.g. Siri by Apple Inc.) and conversational robots (E.g. Sophia, first robot to receive citizenship). Researchers and scientists along with big industry experts predict that the conversational systems will drive the business growth in the future.

Technological advancements in the field of machine to machine (M2M) communication, internet of things (IoT), artificial intelligence etc. have fuelled the demand for more advanced conversational systems. The need to handle unstructured and complex data generated in the form of text, image, video etc. and the demand for advanced analytical tools are factors that are driving the growth of the Conversational system market. Increasing ability of people to afford conversational technology and increasing demand for chatbots for businesses have also contributed to the growth of conversational systems market.

The components of the conversational system include machine learning algorithms, data warehouses (including cloud storage), network and computational components which are potentially susceptible to cyber-attacks and thus, could act as a restraint to the growth of conversational system market.
Owing to numerous advantages of conversational system application such as chatbot, businesses from all sectors have an opportunity to cut down costs, complexity in handling data and serve their customer better. Chatbots usually carries out a general conversation with the customers on the website in the form of text or voice (IVR). This increases the efficiency of handling the complaints and responding in real-time. Conversational systems in smartphones and home automation devices can now let users perform tasks like ordering food from nearby restaurants, booking a cab or setting a reminder. Tech giants such as Google Inc., Amazon, Facebook Inc. and Apple Inc. etc. already have their foot firm in conversational system category by launching products and services like Apple Homepod, Amazon Echo, Siri, facebook chatbot etc. Facebook has a chatbot API for companies who are engaging their customers on FB messenger and includes features like payments, call for a cab, searching recent fashion trends etc.

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In terms of end-use industry, conversational systems can be segmented as:
• E-commerce
• Telecom & IT
• Manufacturing
• Healthcare
• Energy
• Education
• Other
In terms of deployment, conversational systems can be segmented as:
• On-premise
• Cloud
In terms of geography, conversational systems can be segmented as:
• North America
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Belgium
• Netherlands
• Other European countries
• Asia-Pacific
• Japan
• China
• India
• Australia
• New Zealand
• Other Asia-pacific countries
• Latin America
• Mexico
• Brazil
• Peru
• Chile
• Other Latin American companies
• Middle East and Africa
• South Africa
• Other Middle-east and African countries
• Others
Some of the key players in conversational system market are:
• Google Inc.
• Microsoft Corporation
• Facebook Inc.
•, Inc.
• Apple Inc.
• Oracle Corporation
• Hubspot Inc.
• IBM Corporation
• Hewlett-Packard
• Conversica Inc.

In May 2018, SAP announced the introduction of new machine learning features for their S/4HANA cloud services. Addition of conversational technology to its cloud enterprise resource planning (ERP) solution helped their customers to automate the process and react faster to the queries. SAP also integrated a digital assistant called CoPilot which enabled users to take action through an interface just like Apple’s Siri. Other features include automatic account reconciliation for banking, AI-powered project cost forecasting for project managers and creating automatic sales quotes using CoPilot.

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