TECH SUPPLIER Sep 2021 - Market Analysis Perspective - Doc # US47355421
Market Analysis Perspective: Worldwide Conversational AI Tools and Technologies, 2021
By: David SchubmehlResearch Vice President, Conversational Artificial Intelligence and Intelligent Knowledge Discovery, Hayley SutherlandSenior Research Analyst, Conversational AI & Intelligent Knowledge Discovery
This IDC Market Analysis Perspective provides insight into the current state and outlook of the rapidly evolving conversational artificial intelligence (AI) tools and technologies software market. Conversational AI solutions have become a "must have" for organizations looking to provide digital self-service capabilities both internally and externally. Related technologies, including speech recognition, machine translation, and emotion AI, are advancing on their own merits as well as being lifted by the tide of conversational AI.
"The conversational AI tools and technologies market grew significantly during 2020, and IDC expects that this market will continue to grow as more organizations understand the value and return on investment around conversational AI solutions," says David Schubmehl, research VP, Conversational AI and Intelligent Knowledge Discovery at IDC. "The opportunities for enhancing customer and employee value and satisfaction using conversational AI solutions are just beginning. IDC believes that this will be one of the fastest-growing segments in the artificial intelligence software market."
"Technology advances from new deep learning techniques, open source innovations, and increased compute power are enabling the creation of ever more advanced, intelligent, and efficient conversational AI applications," said Hayley Sutherland, senior research analyst, Conversational AI and Intelligent Knowledge Discovery at IDC. "These applications are rapidly becoming mainstream as organizations recognize their value for a variety of internal- and external-facing use cases."