Description
Conversational AI market solutions leverage natural language, machine learning, and other technologies to help omni-channel engagement platforms better understand and interact with customers, providing automated and personalized experiences across any channel including web, applications, mobile, and other platforms. Businesses can leverage opportunities to automate customer service operations as well as marketing and sales initiatives.
Conversational AI Market Dynamics
Businesses are beginning to integrate conversational AI through voice assistants, chatbots, and messaging apps. Mind Commerce anticipates more than 36% of enterprises will shift customer support functions entirely to virtual assistants by 2027. This prediction is supported by our findings that indicate most customers prefer to shop with business through chat applications. This represents a massive shift from five years ago.
Whereas the conversational AI market enables conversation that sounds like an actual human, voice cloning mimics a known person’s voice that is distinguishable as someone that a person would believe is the real person that they know. Like basic conversational AI, it may be used with various applications and industry verticals, particularly retail and other consumer services-oriented business areas.
With voice cloning, businesses can introduce a customer familiar voice to build a long-term relationship and ensure a better customer experience. Voice cloning models are trained through some data set, typically within only a few hours of recorded speech. It also leverages AI and machine learning technologies to train models so that it may engage in natural-sounding, real-time conversation with customers.
In addition to shifting customer behaviors and expectations, Mind Commerce sees additional factors that drive enterprise and contact service providers towards leveraging conversational AI market solutions. Some of the factors include saving time for customer service, real-time accessibility, increasing efficiency, reducing customer acquisition costs, building long-term relationships, handling customer queries effectively, and reducing customer complaints.
Pandemic mitigation is expected to add a significant growth factor to the conversational AI and voice cloning market as businesses seek to automate operations and enhance worker safety as well as support governmental rules and regulations. As the social distancing, remote work and operation, and massive digitization continue to grow, businesses will be more reliant on providing remote services to customers.
Traditional peer-to-peer communication systems consisting of emails, phone calls, text messages, and face to face meetings have hugely been disrupted with the widespread adoption of next generation platforms such as social media, messaging apps, and voice-based assistants. This has triggered a major paradigm shift in customer behavior to prefer these alternative communications platforms, providing omni-channel experience regardless of devices. Not surprisingly, younger people are at the tip of the spear of the adoption curve for text as well as voice, video, and image sharing.
For additional conversational AI market segments, a shift occurs in terms of customers’ business engagement expectations when they realize they may engage over their favorite chat platform using text, voice, and video communications. Mind Commerce sees conversational AI playing a profound role in this regard as it may be leveraged to automatically communicate with customers as if a real human being, but in actuality an authentically human-sounding, AI-powered bot.
Conversational AI Market Report
This research evaluates the market drivers and use cases for the conversational AI market solutions leveraged to execute various business functions such as CRM. The report analyzes the core technologies used to build conversational AI and voice cloning solutions along with the potential application areas across industry verticals.
The report assesses the impact of the pandemic on the long-term business prospects for this market. It also provides analysis of leading company strategies, capabilities, and offerings. Forecasts include technologies, solutions, services, applications, tools and platforms from 2022 to 2027. It also provides forecasts for the conversational AI market by deployment type, business type (enterprise, SMB, government), industry vertical, and specific applications.
