No code Conversational AI – According to MarketsandMarkets research of July 2020, Conversational AI global market size will reach 13,9 billions of dollars by 2025 with an annual compound growth rate of 21,9%.
Conversational AI market is segmented in 5 regions: North America, Europe, APAC, MEA and Latin America.
North America represents the biggest segment in the forecasted period according to the rising demand of customer assistance services and customer retention’s needs.
The European market is placed at second place, according to the increasing need to reduce organizational workloads focused on customer engagement and retention.
The APAC market is estimated to have the fastest growing rate in the forecasted period.
In general, the increasing level of interactions of customers and organization through social media are contributing to Conversational AI market’s growth, as well as, the increasing sophistication of AI technologies.
During the last 4 years, the increasing presence of consumers and companies on social media has been functional to Conversational AI agents integration in social media platforms, like Facebook, Twitter, Telegram, Tumblr, Skype, Kik, or WeChat.
In particular, Covid 19 pandemic effects of customers behaviours and impact on the worldwide economy have generated a demand for technologies to support remote work and education, as well as, companies’ decision making.
In customer care business function, for example, Conversational AI solutions support organizations in providing customers with maximized customer experience, also generating engagement.
Conversational AI agents use NLP (Natural Language Processing) technology for a real time interaction using natural language.
Meantime, they provide organizations with data analytics about customers’ interests, opinions and purchase preferences, designing new communication and marketing scenarios, based on proactivity and personalization.
Virtual assistants allow to automate and reduce repetitive workloads and manual processes, such as order entry, FAQ handling, helpdesk, enhancing companies’ productivity levels.
no code conversational ai to accelerate innovation
No Code Conversational AI – Conversational AI market size is growing along with No Code AI Platforms. According to Forrester Research CAIP (Conversational AI Platforms) market is growing from 3.8 billions dollars of 2017 to 21.2 billions in 2022.
“No code AI” platforms bring artificial intelligence benefits in organizations with no need to invest in developing or coding skills, dramatically accelerating the time to market.
Flexibility and easy-to-use features, as well as security and low costs implementation, make “no code AI” platforms the best solution to accelerate innovation, maximize customer experience and boost productivity.
Source:
https://www.marketsandmarkets.com/Market-Reports/conversational-ai-market-49043506.html
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