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Conversational AI platform market will reach $13.2 billion by 2027

This report evaluates the market drivers and uses cases for conversational AI and voice cloning solutions 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, according to Research and Markets.

The report provides an 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 by deployment type, business type (enterprise, SMB, government), industry vertical, and specific applications.

Report findings:

  • The conversational AI platform market will reach $13.2 billion by 2027
  • North America will lead the market, followed by Europe and the Asia Pacific region
  • 36% of enterprises will shift their customer support function entirely to virtual assistants by 2027
  • Leading technologies are machine learning, deep learning, NLP, and automated speech recognition
  • Call centers are evolving to become AI-enabled customer contact service providers for enterprise services
  • Enterprise services companies are increasingly leveraging AI for CRM as well as inbound and outbound marketing and sales operations

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 omnichannel experience regardless of devices. Not surprisingly, younger people are at the tip of the spear of the adoption curve for text but also voice, video, and image sharing.

For additional 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. Conversational AI plays a profound role here, automatically communicating with customers as if a real human being, but in actuality an authentically human-sounding, AI-powered bot.

Conversational AI leverages natural language, machine learning, and other technologies to help omnichannel 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.

Businesses are beginning to integrate conversational AI through voice assistants, chatbots, and messaging apps. We expect that 36% of enterprises will shift their customer support function 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 conversational AI merely 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 conversations with customers.

In addition to shifting customer behaviors and expectations, there are some other factors that drive enterprise and contact service providers towards leveraging conversational AI and voice cloning solutions. Some of the factors include saving time for customer service, improving 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 social distancing, remote work and operation, and massive digitization continue to grow, businesses will be more reliant on providing remote services to customers.

CT Bureau

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