Conversational System Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023
Overview:
The conversational system is a cognitive computing tool, which can process a simple and bidirectional text/voice dialog into meaningful output. It is an advanced model that makes use of multiple modalities (sound, sight, and tactile) to provide communication across the digital device mesh (IoT systems, sensors, and appliances). These systems can be used to process complex conversation; for instance, collecting verbal description from the witness and generating the sketch of the suspect for the police investigation purpose.
The conversational system is mainly an interactive platform designed to communicate with humans with specified coherent structure. These conversations are enabled with gestures, haptic feedback, and others. Conversational systems implement the functionalities of cognitive computing, artificial intelligence, Internet of Things, and others. These systems consist of hardware and software components being used to generate appropriate output responses. The deployment models for this system are cloud-based and on-premise.
Market Analysis:
According to Infoholic Research, the global conversational systems market revenue is expected to reach $850.65 million by 2023, growing at a CAGR of around 26.03% during the forecast period. Increasing IoT connectivity, M2M communication, need for real-time computing of time-critical process, and increase in demand for connected devices majorly drive the conversational systems market growth. In addition, the availability of a large volume of data and rapidly growing data complexity in the organization will spur the demand for conversational systems. The increase in the need for self-learning systems to mimic human brains is the primary factor responsible for the development of the industry.
Market Segmentation Analysis:
The report provides a wide-ranging evaluation of the market. It provides in-depth qualitative insights, historical data, and supportable projections & assumptions about the market size. The projections featured in the report have been derived using proven research methodologies and assumptions based on the vendor’s portfolio, blogs, whitepapers, and presentations. Thus, the research report serves every side of the market and is segmented based on regional markets, deployment, and end-users.
Countries and Vertical Analysis:
The report contains an in-depth analysis of the vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. The key and the prominent vendors covered in the report include 3M, Enterra Solutions, IBM Corporation, Hewlett-Packard, Google, Palantir Technologies, Microsoft Corporation, and others. Most of the major players are in the Americas region. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
The countries covered in the report are the US, Canada, the UK, France, Germany, India, China, and, Japan. Among these, Japan, the US, and China are expected to grow at a high rate during the forecast period (2017-2023) owing to an increase in the penetration rate of connected devices and growing popularity of the smartphones.
Competitive Analysis
The report covers and analyses the global conversational systems market. Various strategies, such as joint ventures, partnerships, collaborations, and contracts, have been considered. In addition, as customers are in search of better solutions, there will be a rise in the number of partnerships along with mergers, acquisitions, and collaborations during the forecast period.
The report includes complete insights of the industry and aims to provide an opportunity for the emerging and established players to understand the market trends, current scenario, initiatives taken by the government, and the latest technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
Regional Analysis
The Americas is the dominating region, which holds the largest share of the global conversational systems market owing to the presence of major players in this region. In addition, they have the largest base for technological innovations and adoption. Asia Pacific (APAC) is among the fastest growing regions in the global conversational systems market. Emerging economies, such as China and India, are developing on technology innovation; and increasing adoption of automated tool to enhance productivity at the workplace is the key driver for the growth of the market in the Asia Pacific region. EMEA is expected to capture the third largest market share in terms of revenue due to the huge involvement of technology in various sectors including BFSI, manufacturing, education, and healthcare.
Benefits
The report provides an in-depth analysis of the global conversational systems market aiming to reduce time to market for products and services, reduce operational cost, improve accuracy, and operational performance. The report offers a comprehensive evaluation of the market. It provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies, primary calls, and valid assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to regional markets, technology, types, and applications. Further, the report provides details about the major challenges impacting the market growth.
The conversational system is a cognitive computing tool, which can process a simple and bidirectional text/voice dialog into meaningful output. It is an advanced model that makes use of multiple modalities (sound, sight, and tactile) to provide communication across the digital device mesh (IoT systems, sensors, and appliances). These systems can be used to process complex conversation; for instance, collecting verbal description from the witness and generating the sketch of the suspect for the police investigation purpose.
The conversational system is mainly an interactive platform designed to communicate with humans with specified coherent structure. These conversations are enabled with gestures, haptic feedback, and others. Conversational systems implement the functionalities of cognitive computing, artificial intelligence, Internet of Things, and others. These systems consist of hardware and software components being used to generate appropriate output responses. The deployment models for this system are cloud-based and on-premise.
Market Analysis:
According to Infoholic Research, the global conversational systems market revenue is expected to reach $850.65 million by 2023, growing at a CAGR of around 26.03% during the forecast period. Increasing IoT connectivity, M2M communication, need for real-time computing of time-critical process, and increase in demand for connected devices majorly drive the conversational systems market growth. In addition, the availability of a large volume of data and rapidly growing data complexity in the organization will spur the demand for conversational systems. The increase in the need for self-learning systems to mimic human brains is the primary factor responsible for the development of the industry.
Market Segmentation Analysis:
The report provides a wide-ranging evaluation of the market. It provides in-depth qualitative insights, historical data, and supportable projections & assumptions about the market size. The projections featured in the report have been derived using proven research methodologies and assumptions based on the vendor’s portfolio, blogs, whitepapers, and presentations. Thus, the research report serves every side of the market and is segmented based on regional markets, deployment, and end-users.
Countries and Vertical Analysis:
The report contains an in-depth analysis of the vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. The key and the prominent vendors covered in the report include 3M, Enterra Solutions, IBM Corporation, Hewlett-Packard, Google, Palantir Technologies, Microsoft Corporation, and others. Most of the major players are in the Americas region. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
The countries covered in the report are the US, Canada, the UK, France, Germany, India, China, and, Japan. Among these, Japan, the US, and China are expected to grow at a high rate during the forecast period (2017-2023) owing to an increase in the penetration rate of connected devices and growing popularity of the smartphones.
Competitive Analysis
The report covers and analyses the global conversational systems market. Various strategies, such as joint ventures, partnerships, collaborations, and contracts, have been considered. In addition, as customers are in search of better solutions, there will be a rise in the number of partnerships along with mergers, acquisitions, and collaborations during the forecast period.
The report includes complete insights of the industry and aims to provide an opportunity for the emerging and established players to understand the market trends, current scenario, initiatives taken by the government, and the latest technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
Regional Analysis
The Americas is the dominating region, which holds the largest share of the global conversational systems market owing to the presence of major players in this region. In addition, they have the largest base for technological innovations and adoption. Asia Pacific (APAC) is among the fastest growing regions in the global conversational systems market. Emerging economies, such as China and India, are developing on technology innovation; and increasing adoption of automated tool to enhance productivity at the workplace is the key driver for the growth of the market in the Asia Pacific region. EMEA is expected to capture the third largest market share in terms of revenue due to the huge involvement of technology in various sectors including BFSI, manufacturing, education, and healthcare.
Benefits
The report provides an in-depth analysis of the global conversational systems market aiming to reduce time to market for products and services, reduce operational cost, improve accuracy, and operational performance. The report offers a comprehensive evaluation of the market. It provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies, primary calls, and valid assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to regional markets, technology, types, and applications. Further, the report provides details about the major challenges impacting the market growth.
1 INDUSTRY OUTLOOK
1.1 Industry Overview
1.2 Industry Trends
1.3 PEST Analysis
2 REPORT OUTLINE
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 MARKET SNAPSHOT
3.1 Total Addressable Market
3.2 Segmented Addressable Market
3.3 Related Markets
1. AI IN HOMES
2. SMART METERS
4 MARKET OUTLOOK
4.1 Overview
3. MARKET DEFINITION – INFOHOLIC RESEARCH
4.2 Market Trends and Impact
4.3 Market Segmentation
4.4 Porter 5 (Five) Forces
5 MARKET CHARACTERISTICS
5.1 Evolution
5.2 Value Chain
5.3 Benefits and Challenges of Conversational System Market
5.4 Factors Influencing Conversational System
5.5 Market Dynamics
4. DRIVERS
5.5.1.1 Focusing on IoT, and M2M communication system
5.5.1.2 Proliferation of digital intelligent devices
5.5.1.3 Data boom and digitalization
5.5.1.4 Enhanced global broadband connectivity
5. RESTRAINTS
5.5.1.5 High upfront cost
5.5.1.6 Lack of standards and interoperability
5.5.1.7 Supports High-End Smart Devices
5.5.1.8 Low awareness
6. OPPORTUNITIES
5.5.1.9 Opportunities for growth of wearable devices
5.5.1.10 Opportunities from developing economy
5.5.1.11 Opportunities for telecom providers
5.6 DRO – Impact Analysis
6 END-USERS
6.1 Overview
6.2 Telecom & IT
7. MARKET SIZE AND ANALYSIS
6.3 Public Sector
8. MARKET SIZE AND ANALYSIS
6.4 Energy & Utilities
9. MARKET SIZE AND ANALYSIS
6.5 Retail
10. MARKET SIZE AND ANALYSIS
6.6 Manufacturing
11. MARKET SIZE AND ANALYSIS
7 DEPLOYMENT
7.1 Overview
7.2 Cloud-based
7.3 On-Premise
8 REGIONS
8.1 Overview
8.2 Americas
12. MARKET SIZE AND ANALYSIS
13. DRO FOR THE AMERICAS
14. US
15. CANADA
8.3 EMEA
16. MARKET SIZE AND ANALYSIS
17. DRO FOR EMEA
18. UK
19. FRANCE
20. GERMANY
8.4 APAC
21. MARKET SIZE AND ANALYSIS
22. DRO FOR APAC
23. INDIA
24. CHINA
25. JAPAN
9 VENDOR PROFILES
9.1 Microsoft Corporation
Overview
1.1.1. Business Units
1.1.2. Business Focus
1.1.3. SWOT Analysis
1.1.4. Business Strategies
9.2 IBM Corporation
1.1.5. Overview
1.1.6. IBM Corporation: Overview snapshot
1.1.7. Business Units
1.1.8. Geographic Revenue
1.1.9. Business Focus
1.1.10. SWOT Analysis
1.1.11. Business Strategies
9.3 Google Inc.
26. OVERVIEW
27. BUSINESS UNITS
28. GEOGRAPHIC REVENUE
29. BUSINESS FOCUS
30. SWOT ANALYSIS
31. BUSINESS STRATEGIES
10 GLOBAL GENERALIST
10.1 SAP SE
32. OVERVIEW
10.2 Numenta
33. OVERVIEW
10.3 Palantir Technologies
34. OVERVIEW
10.4 Enterra Solutions
35. OVERVIEW
10.5 Nuance Communications Inc
36. OVERVIEW
10.6 Tibco Software
37. OVERVIEW
10.7 Saffron Technology
38. OVERVIEW
10.8 Cognitive Scale
39. OVERVIEW
Annexure
? Abbreviations
?
Tables
Table 1 CONVERSATIONAL SYSTEM MARKET REVENUE BY APPLICATIONS, 2017–2023 ($MILLION)
Table 2 CONVERSATIONAL SYSTEM MARKET REVENUE BY CONNECTIVITY TECHNOLOGIES, 2017–2023 ($MILLION)
Table 3 CONVERSATIONAL SYSTEM MARKET SHARE BY REGIONS, 2017–2023 ($MILLION)
Table 4 DRO FOR THE AMERICAS
Table 5 AMERICAS MARKET REVENUE BY APPLICATIONS, 2017–2023 ($BILLION)
Table 6 AMERICAS MARKET REVENUE BY TECHNOLOGY, 2017–2023 ($BILLION)
Table 7 DRO FOR EMEA
Table 8 EMEA MARKET REVENUE BY APPLICATIONS, 2017–2023 ($MILLION)
Table 9 EUROPE MARKET REVENUE BY DEPLOYMENT, 2017–2023 ($BILLION)
Table 10 DRO FOR APAC
Table 11 APAC MARKET REVENUE BY APPLICATIONS, 2017–2023 ($BILLION)
Table 12 APAC MARKET REVENUE BY DEPLOYMENT, 2017–2023 ($MILLION)
Charts
Chart 1 PEST ANALYSIS OF CONVERSATIONAL SYSTEM MARKET
Chart 2 RESEARCH METHODOLOGY OF CONVERSATIONAL SYSTEM MARKET
Chart 3 AI MARKET REVENUE, 2017–2023 ($MILLION)
Chart 4 CONVERSATIONAL SYSTEM MARKET REVENUE, 2017–2023 ($BILLION)
Chart 5 CONVERSATIONAL SYSTEM MARKET SEGMENTATION
Chart 6 PORTER 5 FORCES OF CONVERSATIONAL SYSTEM MARKET
Chart 7 EVOLUTION OF CONVERSATIONAL SYSTEM MARKET
Chart 8 VALUE CHAIN OF CONVERSATIONAL SYSTEM MARKET
Chart 9 FACTORS AFFECTING THE CHOICE OF CONVERSATIONAL SYSTEM
Chart 10 MARKET DYNAMICS – DRIVERS, RESTRAINTS & OPPORTUNITIES
Chart 11 DRO – IMPACT ANALYSIS OF SMART HOMES M2M MARKET
Chart 12 CONVERSATIONAL SYSTEM MARKET SHARE BY END-USERS, 2017 AND 2023
Chart 13 TELECOM & IT MARKET REVENUE, 2017–2023 ($MILLION)
Chart 14 PUBLIC SECTOR MARKET REVENUE, 2017–2023 ($MILLION)
Chart 15 ENERGY & UTILITIES MARKET REVENUE, 2017–2023 ($MILLION)
Chart 16 RETAIL MARKET REVENUE, 2017–2023 ($MILLION)
Chart 17 MANUFACTURING MARKET REVENUE, 2017–2023 ($MILLION)
Chart 18 CONVERSATIONAL SYSTEM BY DEPLOYMENT, 2017 AND 2023
Chart 19 CLOUD-BASED MARKET REVENUE, 2017–2023 ($MILLION)
Chart 20 ON-PREMISE MARKET REVENUE, 2017–2023 ($BILLION)
Chart 21 CONVERSATIONAL SYSTEM MARKET SHARE BY REGIONS, 2017 AND 2023
Chart 22 AMERICAS MARKET REVENUE, 2017–2023 ($MILLION)
Chart 23 EMEA MARKET REVENUE, 2017–2023 ($BILLION)
Chart 24 APAC MARKET REVENUE, 2017–2023 ($MILLION)
Chart 25 MICROSOFT CORPORATION: OVERVIEW SNAPSHOT
Chart 26 MICROSOFT CORPORATION: BUSINESS UNITS
Chart 27 MICROSOFT CORPORATION: SWOT ANALYSIS
Chart 28 IBM CORPORATION: BUSINESS UNITS
Chart 29 IBM CORPORATION: GEOGRAPHIC REVENUE
Chart 30 IBM CORPORATION: SWOT ANALYSIS
Chart 31 GOOGLE INC.: OVERVIEW SNAPSHOT
Chart 32 GOOGLE INC.: BUSINESS UNITS
Chart 33 GOOGLE INC.: GEOGRAPHIC REVENUE
Chart 34 GOOGLE INC.: SWOT ANALYSIS
1.1 Industry Overview
1.2 Industry Trends
1.3 PEST Analysis
2 REPORT OUTLINE
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 MARKET SNAPSHOT
3.1 Total Addressable Market
3.2 Segmented Addressable Market
3.3 Related Markets
1. AI IN HOMES
2. SMART METERS
4 MARKET OUTLOOK
4.1 Overview
3. MARKET DEFINITION – INFOHOLIC RESEARCH
4.2 Market Trends and Impact
4.3 Market Segmentation
4.4 Porter 5 (Five) Forces
5 MARKET CHARACTERISTICS
5.1 Evolution
5.2 Value Chain
5.3 Benefits and Challenges of Conversational System Market
5.4 Factors Influencing Conversational System
5.5 Market Dynamics
4. DRIVERS
5.5.1.1 Focusing on IoT, and M2M communication system
5.5.1.2 Proliferation of digital intelligent devices
5.5.1.3 Data boom and digitalization
5.5.1.4 Enhanced global broadband connectivity
5. RESTRAINTS
5.5.1.5 High upfront cost
5.5.1.6 Lack of standards and interoperability
5.5.1.7 Supports High-End Smart Devices
5.5.1.8 Low awareness
6. OPPORTUNITIES
5.5.1.9 Opportunities for growth of wearable devices
5.5.1.10 Opportunities from developing economy
5.5.1.11 Opportunities for telecom providers
5.6 DRO – Impact Analysis
6 END-USERS
6.1 Overview
6.2 Telecom & IT
7. MARKET SIZE AND ANALYSIS
6.3 Public Sector
8. MARKET SIZE AND ANALYSIS
6.4 Energy & Utilities
9. MARKET SIZE AND ANALYSIS
6.5 Retail
10. MARKET SIZE AND ANALYSIS
6.6 Manufacturing
11. MARKET SIZE AND ANALYSIS
7 DEPLOYMENT
7.1 Overview
7.2 Cloud-based
7.3 On-Premise
8 REGIONS
8.1 Overview
8.2 Americas
12. MARKET SIZE AND ANALYSIS
13. DRO FOR THE AMERICAS
14. US
15. CANADA
8.3 EMEA
16. MARKET SIZE AND ANALYSIS
17. DRO FOR EMEA
18. UK
19. FRANCE
20. GERMANY
8.4 APAC
21. MARKET SIZE AND ANALYSIS
22. DRO FOR APAC
23. INDIA
24. CHINA
25. JAPAN
9 VENDOR PROFILES
9.1 Microsoft Corporation
Overview
1.1.1. Business Units
1.1.2. Business Focus
1.1.3. SWOT Analysis
1.1.4. Business Strategies
9.2 IBM Corporation
1.1.5. Overview
1.1.6. IBM Corporation: Overview snapshot
1.1.7. Business Units
1.1.8. Geographic Revenue
1.1.9. Business Focus
1.1.10. SWOT Analysis
1.1.11. Business Strategies
9.3 Google Inc.
26. OVERVIEW
27. BUSINESS UNITS
28. GEOGRAPHIC REVENUE
29. BUSINESS FOCUS
30. SWOT ANALYSIS
31. BUSINESS STRATEGIES
10 GLOBAL GENERALIST
10.1 SAP SE
32. OVERVIEW
10.2 Numenta
33. OVERVIEW
10.3 Palantir Technologies
34. OVERVIEW
10.4 Enterra Solutions
35. OVERVIEW
10.5 Nuance Communications Inc
36. OVERVIEW
10.6 Tibco Software
37. OVERVIEW
10.7 Saffron Technology
38. OVERVIEW
10.8 Cognitive Scale
39. OVERVIEW
Annexure
? Abbreviations
?
Tables
Table 1 CONVERSATIONAL SYSTEM MARKET REVENUE BY APPLICATIONS, 2017–2023 ($MILLION)
Table 2 CONVERSATIONAL SYSTEM MARKET REVENUE BY CONNECTIVITY TECHNOLOGIES, 2017–2023 ($MILLION)
Table 3 CONVERSATIONAL SYSTEM MARKET SHARE BY REGIONS, 2017–2023 ($MILLION)
Table 4 DRO FOR THE AMERICAS
Table 5 AMERICAS MARKET REVENUE BY APPLICATIONS, 2017–2023 ($BILLION)
Table 6 AMERICAS MARKET REVENUE BY TECHNOLOGY, 2017–2023 ($BILLION)
Table 7 DRO FOR EMEA
Table 8 EMEA MARKET REVENUE BY APPLICATIONS, 2017–2023 ($MILLION)
Table 9 EUROPE MARKET REVENUE BY DEPLOYMENT, 2017–2023 ($BILLION)
Table 10 DRO FOR APAC
Table 11 APAC MARKET REVENUE BY APPLICATIONS, 2017–2023 ($BILLION)
Table 12 APAC MARKET REVENUE BY DEPLOYMENT, 2017–2023 ($MILLION)
Charts
Chart 1 PEST ANALYSIS OF CONVERSATIONAL SYSTEM MARKET
Chart 2 RESEARCH METHODOLOGY OF CONVERSATIONAL SYSTEM MARKET
Chart 3 AI MARKET REVENUE, 2017–2023 ($MILLION)
Chart 4 CONVERSATIONAL SYSTEM MARKET REVENUE, 2017–2023 ($BILLION)
Chart 5 CONVERSATIONAL SYSTEM MARKET SEGMENTATION
Chart 6 PORTER 5 FORCES OF CONVERSATIONAL SYSTEM MARKET
Chart 7 EVOLUTION OF CONVERSATIONAL SYSTEM MARKET
Chart 8 VALUE CHAIN OF CONVERSATIONAL SYSTEM MARKET
Chart 9 FACTORS AFFECTING THE CHOICE OF CONVERSATIONAL SYSTEM
Chart 10 MARKET DYNAMICS – DRIVERS, RESTRAINTS & OPPORTUNITIES
Chart 11 DRO – IMPACT ANALYSIS OF SMART HOMES M2M MARKET
Chart 12 CONVERSATIONAL SYSTEM MARKET SHARE BY END-USERS, 2017 AND 2023
Chart 13 TELECOM & IT MARKET REVENUE, 2017–2023 ($MILLION)
Chart 14 PUBLIC SECTOR MARKET REVENUE, 2017–2023 ($MILLION)
Chart 15 ENERGY & UTILITIES MARKET REVENUE, 2017–2023 ($MILLION)
Chart 16 RETAIL MARKET REVENUE, 2017–2023 ($MILLION)
Chart 17 MANUFACTURING MARKET REVENUE, 2017–2023 ($MILLION)
Chart 18 CONVERSATIONAL SYSTEM BY DEPLOYMENT, 2017 AND 2023
Chart 19 CLOUD-BASED MARKET REVENUE, 2017–2023 ($MILLION)
Chart 20 ON-PREMISE MARKET REVENUE, 2017–2023 ($BILLION)
Chart 21 CONVERSATIONAL SYSTEM MARKET SHARE BY REGIONS, 2017 AND 2023
Chart 22 AMERICAS MARKET REVENUE, 2017–2023 ($MILLION)
Chart 23 EMEA MARKET REVENUE, 2017–2023 ($BILLION)
Chart 24 APAC MARKET REVENUE, 2017–2023 ($MILLION)
Chart 25 MICROSOFT CORPORATION: OVERVIEW SNAPSHOT
Chart 26 MICROSOFT CORPORATION: BUSINESS UNITS
Chart 27 MICROSOFT CORPORATION: SWOT ANALYSIS
Chart 28 IBM CORPORATION: BUSINESS UNITS
Chart 29 IBM CORPORATION: GEOGRAPHIC REVENUE
Chart 30 IBM CORPORATION: SWOT ANALYSIS
Chart 31 GOOGLE INC.: OVERVIEW SNAPSHOT
Chart 32 GOOGLE INC.: BUSINESS UNITS
Chart 33 GOOGLE INC.: GEOGRAPHIC REVENUE
Chart 34 GOOGLE INC.: SWOT ANALYSIS
