Adroit Market Research - Industry Insights

A Conversational AI platform is the one where a user can have conversations with the apps or website or the device. There are various applications of the conversational AI platform like marketing, instant messenger, chatbots, inbox. The Conversational AI Platform is helping people as an assistance to carry out certain tasks or as a source of information through chatting with them. The technology is end to end automated technology. There is an emergency of various devices which work on Artificial intelligence which listens to the demands from the users

A Conversational AI platform is the one where a user can have conversations with the apps or website or the device. There are various applications of the conversational AI platform like marketing, instant messenger, chatbots, inbox. The Conversational AI Platform is helping people as an assistance to carry out certain tasks or as a source of information through chatting with them. The technology is end to end automated technology. There is an emergency of various devices which work on Artificial intelligence which listens to the demands from the users and helps them to do certain tasks. Customer satisfaction is the aim of these companies through making efforts in understanding users responses over different situations there by maintaining the customer subscriptions. A virtual assistant makes user experience easy and makes it smooth functioning hence all the industries adapting the technology is driving the global Conversational AI Platform market. People tend to use this applications before buying any product or subscribing for any service to understand more about the product and service and then take a decision.

Emergence of newer technologies in the old running software and products such as smart speakers, chatbots are been of great importance in the retail, ecommerce, entertainment, media, travel, hospitals, automobile, BPO and many other sectors all around the globe. In a last few years there has been a development of IVA that has got interactive voice response offer virtual identities that converse with the users making the user friendly with the application and hence growing the sales and revenue leading to the development of the global Conversational AI Platform market.

Health and Wellness Sector

As a response to cater the increasing population, there is a growing demand for health care services, machineries, products, being able to diagnose and cure various diseases and disorders in as less time as possible, as there is emergence of various newly introduced diseases, viruses and other disorders suffered by the large number of population and hence leading to the demand for advancements in the health care technology. It is important to ensure patient’s convenience and satisfaction from the initial treatments starting from booking the hospital or doctor’s appointment to the end of their complete treatment in one way or the other. Intelligent virtual assistants like chatbots helps the user to gain information on various things through chatting without making the person to read huge manuals or websites. It ensures efficiency of use gaining patient’s trust. There are applications which answers customer enquiries reducing manual work for the staff, fill and refill a prescription as per the requirement, finding out a doctor’s clinic and receive payment reminders from time to time.

There is growing importance of customer engagement activities as it helps the companies to provide them better services through Artificial Intelligence technology. These companies and hospitals are understanding the importance and benefits of up gradation by the health sector. People are addicted to the usage of smartphones to carry out majority of tasks on the phone from the time that they wake up in the morning with the alarm clocks to the various modes of entertainment and engagement on various social media apps. There is an increasing demand from healthcare organizations for improving patient experience which will increase the revenue for the hospital and prove to be easy to use for the patients of any category of the society, tasks such as medication reminders and other personalized services are at great importance. The health care sector is investing more on research and development activities to come up with better solutions is driving the global health Conversational AI Platform market.

Lack of awareness among the people about the emergence of new technologies over the traditional methods can be a restraint for the growth and development Global Health AI Conversation platform Market. There is a high cost of the virtual assistance tools and software as the need for constant development in the technology and the requirements, are causing a hindrance to the Global Health AI Conversation platform Market growth.

There is an increase in demand for Automatic Speech Recognition (ASR) or text recognition as it helps the BPO and ecommerce sectors to understand their customers better and provide better services. There is growth of the healthcare market because of various reasons like increasing demand, high investments and other emerging markets which indirectly affects the rise of the global Health AI Conversation platform market.

Ecommerce and BPO sector

Installations of the analytical tools in the BPO will help enterprises to make strategic decisions, reduce the time consumption, make working easier for the employees thereby increasing the revenue and working efficiently. There is increasing the volume of data which is creating demand for such tools to handle the data and make best out of it.

Reading and understanding a customer’s emotions during an interaction with them helps to understand more of their responses, preferences, feelings. This makes it easy for the companies to record these responses, find a pattern out of it and take decisions strategically depending upon the indirect customer feedback. This is done over the market through various points of interaction with the companies like calls, texts, emails, chats, video, social media platforms, and others. The data stating the emotion is been gathered in large numbers and companies try to search for trends and patterns in the given data using the machine learning and artificial intelligence technology. This can be useful to take actions or tailor the words on calls or emails to help the customer get his requirement fulfilled and have a satisfaction of opting for the service of the company. This helps the companies to generate offers and discounts understanding people’s emotions and giving maximum of customer satisfaction and reducing the cancellations of subscriptions or termination of services. The growth is the BPO (Business Process Outsourcing) and ecommerce is creating opportunities for the growth of Global conversational AI platform Market. The growing retail segment through ecommerce, and growing competition within the ecommerce players is also an opportunity as the company has to understand customer pattern through calls or emails to improve the customer service management and handle different customers differently and assist them with required information over the web.