Research firm MarketsandMarkets predicts that the global conversational systems market will grow from its current value of $4.6 billion to $17.4 billion by 2024, at a compound annual growth rate of 30.8 percent.
The major growth drivers for the market include highly advanced artificial intelligence and natural language processing tools and increasing demand for AI-powered customer support services, according to the firm's research.
Enterprises, the firm said, are leveraging the technology to create awareness and post ads about products and for cross-selling and up-selling. Moreover, conversations between customers and machines can be analyzed with the help of data aggregator tools integrated with the platform.
The report identified Google, Microsoft, IBM, Amazon, Baidu, Oracle, SAP, Nuance Communications, Artificial Solutions, Conversica, Haptik, Rasa, Rulai, Avaamo, Kore.ai, Solvvy, Pypestream, Inbenta, and Saarthi.ai as the leading vendors in the conversational systems market.