Conversational AI is technology to enable speech-based interaction across users and platforms especially to better engage with users at scale. Building it requires utilities such as speech recognition, speech synthesis, natural language processing and machine learning.
In late 2021, ReportLinker announced the size of the conversational AI market will grow from $6.8 billion USD to $18.4 billion USD by 2026. The key factors giving rise to this phenomenon are an increase demand for AI-enabled customer support services, the adaptation of omni-channel strategies, continuous engagement with customers and the increasing demand for chatbots during COVID-19 restrictions.
Given the rising demand for conversational AI systems, we can expect to see advances in these endeavors.
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