• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

VynZ Forecasts $16.2 Billion Market for Conversational AI

November 27, 2019

VynZ Forecasts $16.2 Billion Market for Conversational AI

A new report from VynZ Research predicts that the market for conversational AI tech will climb to $16.2 billion between 2019 and 2024. That figure represents a CAGR of 29.2 percent for the time period in question.

Conversational AI can be used for a wide range of purposes, including onboarding and customer support, though VynZ expects personal assistant applications to display the most growth in the next few years. The research firm also expects to see considerable demand for machine learning tech that will allow conversational solutions to learn from people’s prior behavior and tailor their responses to better serve individual users.

The report goes on to explain that cloud deployments have been and will continue to be more common than on-premises deployments. Chat bots, meanwhile, are currently more popular than more complex interactive voice response systems.

North America is the largest segment of the conversational AI market, which VynZ attributes to the high concentration of industry leaders in the region. The roster of companies exploring conversational AI tech includes tech titans like Google, Amazon, and Microsoft, as well as leading industry specialists like Nuance Communications.

Previous reports from Grand View Research and Fortune Business Insights have estimated that the overall voice recognition market will reach something close $30 billion in the same forecast period. Those reports are slightly more all-encompassing and include technologies that may fall outside the more limited conversational AI window, but there is nevertheless quite a bit of overlap in terms of the key players and applications.  

Nuance’s tech has been used to develop conversational tech for smart cars, healthcare, and financial call centers, while companies like Apple and Google have leveraged it to improve the utility of smart speakers and other devices.

Meanwhile, Nuance’s automotive division was recently spun off as an independent corporate entity.

Filed Under: Industry News Tagged With: AI, AI assistants, Artificial Intelligence, conversational AI, industry reports, market forecasts, market reports, speech recognition, voice-based AI assistants, VynZ Research

Related News & Articles

BehavioSec Platform Gets Upgrade in Time for PSD2

Nok Nok Labs Calls for Embrace of ‘Phishing-Proof’ FIDO Solutions in Wake of Wipro Hack

Google Details How Soli Radar Tech Works

Primary Sidebar

Learn About Mobile ID and Aviation

Tweets

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi’s product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/

Recent Posts

  • 1Password Rolls Out Passkey Support for iOS Users
  • Somalian Government Launches Digital ID System
  • Philippines Authorities Aim to Roll Out Mobile IDs By Year’s End
  • Ethiopian Authorities Enroll Students in Biometric Digital ID Program
  • Kenyan Government Officially Unveils New Digital ID Program

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 MobileIDWorld