- In August 2023, Inbenta acquired Horizn, a Toronto-based software company specializing in interactive product demonstrations. This acquisition will integrate Horizn’s innovative technology into Inbenta’s AI-driven customer experience platform. By enhancing its offerings with Horizn’s capabilities, Inbenta aims to provide clients with engaging, immersive experiences that facilitate product understanding and customer satisfaction, thus reinforcing its commitment to transforming digital interactions in the marketplace
- In August 2023, Kore.ai Inc. introduced an integration of its Experience Optimization Platform with Zoom Contact Center, providing users with an intelligent virtual assistant powered by the Kore.ai XO platform. This integration enables Zoom's customers to leverage advanced conversational AI, enhancing customer service efficiency and responsiveness. By automating interactions, it allows businesses to streamline operations and improve user engagement, ultimately driving better customer experiences and satisfaction
- In March 2023, Nuance Communications launched the Dragon Ambient eXperience Express, the first product to blend conversational and ambient AI with OpenAI’s latest model, GPT-4. This innovative system automates clinical documentation within workflows, building on the success of the Dragon Medical product line. By enhancing the existing Dragon Ambient solution, Nuance aims to improve healthcare documentation processes, enabling healthcare providers to focus more on patient care
- In April 2021, Microsoft announced its acquisition of Nuance Communications for $19.7 billion in an all-cash deal, aiming to strengthen its voice recognition and transcription technology capabilities. Nuance, a leader in AI-based solutions, brings extensive expertise that will enhance Microsoft's offerings in healthcare and other sectors. This acquisition reflects Microsoft's commitment to advancing AI technologies and integrating them into its product ecosystem to better serve its customers
- In March 2021, Google Cloud announced the general availability of Vertex AI, a managed machine learning platform designed to streamline the development and maintenance of AI models. Vertex AI provides businesses with robust tools and infrastructure, enabling faster deployment of machine learning applications. By facilitating easier access to advanced AI capabilities, Google Cloud aims to empower organizations to leverage AI technologies more effectively and efficiently
Frequently Asked Questions
The market is segmented based on Global Conversational AI Market Segmentation, By Component (Platform and Services), Type (Intelligent Virtual Assistants, and Chatbots), Technology (Machine Learning and Deep Learning, Natural Language Processing, and Automated Speech Recognition), Deployment Model (0n-Premises and Cloud), Application (Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Onboarding and Employee Engagement, Data Privacy and Compliance, and Others), Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), Business Function (Sales and Marketing, Finance, HR, Operations, and IT Service Management), Mode of Integration (Web-based, App-based, and Telephonic), End User (Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare and Life Sciences, Travel and Hospitality, Telecom, Media and Entertainment, and Others) – Industry Trends and Forecast to 2031
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The Global Conversational Ai Market size was valued at USD 10.42 USD Billion in 2023.
The Global Conversational Ai Market is projected to grow at a CAGR of 24.04% during the forecast period of 2024 to 2031.
The market report covers data from the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
