Market opportunity analysis and industry forecast for Conversational AI in Europe 2021-2027 – ResearchAndMarkets.com

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DUBLIN – (BUSINESS WIRE) – The report “Europe Conversational AI Market by Component, by Technology, by Deployment Type, by Type, by End User, by Country, Opportunity Analysis and Industry Forecast, 2021-2027” has been added ResearchAndMarkets.com to offer.

For the Europe Conversational AI market, market growth of 15.9% CAGR is expected over the forecast period (2021-2027).

The increasing demand for AI-based customer support services is expected to drive the growth of the conversational AI market over the forecast period. In addition, the conversational AI market is expected to grow as a result of the increasing use of omnichannel methods.

In addition, it is estimated that increasing customer loyalty through social media platforms over the forecast period will create lucrative growth opportunities for key players in the conversational AI market. However, the low level of awareness of conversational AI solutions is expected to inhibit the growth of the market.

Conversational AI technology offers companies several benefits such as lower costs, greater efficiency, better customer experience, and much more. These benefits attract more companies to adopt, thus fueling the growth of the regional conversational AI market. By using Conversational AI, companies can improve their interaction with customers and offer a better customer experience.

The automotive industry is one of the major industries that use conversational AI-based solutions to improve their products, and the strong automotive sector of this region is driving the growth of the regional market over the forecast period. In addition, increasing customer loyalty on social media platforms is paving the way for companies to grow their business and reach more consumers. This is expected to further accelerate the growth of the regional conversational AI market.

In addition, Conversational AI consists of elements designed to enable Gartner chatbots or virtual agents to process, understand and create responses. In addition, conversational AI will continue to be propelled by the improvements in artificial technology that are expected to fuel the growth of the conversational AI market in the coming years.

The German market dominated the European market for automated speech recognition in Europe until 2020 and reached a market value of 202.8 million US dollars by 2027.

The UK market has a CAGR of 14.1% over the period (2021-2027). In addition, a CAGR of 15.8% is expected for the French market in the period (2021-2027).

The market research report covers the analysis of the key market players. Key companies featured in the report include Microsoft Corporation, Baidu, Inc., IBM Corporation, SAP SE, Oracle Corporation, Google, Inc., Amazon.com, Inc., Artificial Solutions, Conversica, Inc., and Inbenta Technologies, Inc .

Scope of study

Market Segments Covered In The Report:

By component

According to technology

  • Natural language processing (NLP)

  • Automated speech recognition

  • Deep learning

  • Other

By deployment type

By type

  • Chatbots

  • Intelligent Virtual Assistant (IVA)

According to end user

  • Retail & E-Commerce

  • BFSI

  • Travel & hospitality

  • Health care

  • telecommunications

  • Media & entertainment

  • Other

By country

  • Germany

  • United Kingdom

  • France

  • Russia

  • Spain

  • Italy

  • Rest of Europe

Important market participants

  • Microsoft Corporation

  • Baidu, Inc.

  • IBM Corporation

  • SAP SE

  • Oracle Corporation

  • Google Inc.

  • Amazon.com, Inc.

  • Artificial solutions

  • Conversica, Inc.

  • Inbenta Technologies, Inc.

Please visit https://www.researchandmarkets.com/r/z8iv8 for more information on this report

Via ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and the latest trends.

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