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The Conversational AI Market is projected to reach $54.1 billion by 2031, growing at a CAGR of 23.9% from 2024 to 2031. This growth is fueled by the increasing demand for conversational AI solutions to enhance call center operations and the rapid adoption of voice-enabled devices. However, the market faces challenges such as the difficulty in accurately recognizing regional accents and dialects, along with low awareness of these solutions. Despite these challenges, the expanding use of AI-powered voice assistants in healthcare and the rising integration of conversational AI for sales and marketing management are expected to offer significant growth opportunities for market players. Data privacy and security concerns remain a key hurdle, while the development of AI chatbots with high emotional intelligence and the growing prevalence of voice-enabled assistants are notable trends in this space.
Top 10 Companies Operating in the Conversational AI Market:
International Business Machines Corporation (U.S.)
Founded in 1911 and headquartered in New York, IBM is a key player in conversational AI, offering solutions such as digital assistants and chatbots. Notable products include IBM Watson Discovery, IBM Watson Natural Language Understanding, and IBM Watson Assistant. IBM Watson Assistant, built on natural language understanding (NLU) and a large language model (LLM), delivers fast and accurate customer service. The company operates in three segments: Software, Consulting, and Infrastructure.
Google LLC (U.S.)
Established in 1998 and headquartered in California, Google is a leading provider of conversational AI solutions aimed at improving customer acquisition and reducing service costs. Google’s conversational AI technologies, available through APIs like natural language processing, text-to-speech, and speech-to-text, enhance customer experiences.
Amazon Web Services, Inc. (U.S.)
Founded in 1994 and headquartered in Washington, AWS, a subsidiary of Amazon.com, Inc., offers a range of conversational AI solutions such as chatbots and voice assistants. AWS AI services support the creation of efficient chatbot and voice experiences, improving user satisfaction and streamlining business processes. AWS Chatbot is one of its key offerings for operational monitoring via messaging platforms.
Microsoft Corporation (U.S.)
Founded in 1975 and headquartered in Redmond, Washington, Microsoft offers conversational AI solutions, including virtual agents, interactive voice response (IVR) applications, and text analytics. Its Azure Bot Service and integration with Power Virtual Agents enable businesses to build AI-powered bots. Microsoft operates in three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing.
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Oracle Corporation (U.S.)
Founded in 1977 and headquartered in California, Oracle provides conversational AI solutions, including the Oracle Digital Assistant (ODA). ODA integrates across various channels, offering a seamless conversational interface for customer service, sales, and marketing applications. Oracle operates through Cloud and license, Hardware, and Services segments.
Verint Systems Inc. (U.S.)
Incorporated in 1994 and based in New York, Verint is a global leader in customer engagement solutions. Its conversational AI technology supports chatbots, virtual assistants, and voice assistants across multiple channels. Verint’s Intelligent Virtual Assistant (IVA) helps improve customer experiences and optimize contact center operations.
NVIDIA Corporation (U.S.)
Founded in 1993 and headquartered in California, NVIDIA provides platforms for building and deploying AI-driven applications like automatic speech recognition (ASR), natural language processing (NLP), and text-to-speech (TTS). NVIDIA offers its AI solutions across industries such as financial services, telecommunications, and consumer services.
AT&T Inc. (U.S.)
Founded in 1983 and headquartered in Texas, AT&T offers conversational AI solutions through its voice assistant mobile app, which helps users control aspects of their home security and automation systems. AT&T operates in two segments: Communications and Latin America – Mexico.
Kore.ai Inc. (U.S.)
Established in 2014 and based in Florida, Kore.ai is a pioneer in AI-first virtual assistants for enterprises. Its no-code platform allows businesses to design and deploy conversational AI applications across various digital and voice channels. Kore.ai serves industries such as banking, healthcare, and retail.
DRUID S.A. (Romania)
Founded in 2018 and headquartered in Bucharest, DRUID is a leading provider of no-code conversational AI platforms, enabling companies to automate processes and improve customer interactions. DRUID serves industries such as banking, healthcare, and retail, with over 100 global enterprise customers and a broad partnership network.
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