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The global conversational AI industry is being driven by the rapid digitalisation and the increasing adoption of advanced digital solutions to enhance customer engagement. In addition, the growing penetration of AI along with natural language processing technology is also aiding the market growth. Moreover, rapid technological advancements, such as the inclusion of machine learning (ML) solutions that enable self-learning, are allowing conversational AI technology to simulate human interactions based on its prior experiences and accurately predict the conversational behaviour while also rectifying any errors in the process. As a result, this helps create a more personalised and user-friendly experience, further enhancing customer satisfaction.
The growing collaborations and partnerships and the rising investments by the leading technology companies to develop improved conversational AI platforms are anticipated to aid the market growth in the coming years. In January 2019, Nuance Communications, Inc. (NASDAQ: NUAN) announced its partnership with MEDITECH, a leading electronic health record (HER) vendor, to enhance patient experience and physician efficiency through the integration of Nuance’s Dragon Medical Virtual Assistant to automate clinical and administrative tasks. Furthermore, in May 2021, Artificial Solutions International AB (OTCMKTS: ASAIF), a leading chatbot creator, announced the expansion of its Conversational AI platform to 86 languages, with the addition of 2 more languages, namely, Korean and Albanian. This will enable the platform to provide customer assistance in 86 languages globally, which is the most comprehensive conversational AI language solution in the market. These developments are expected to positively impact the growth of the conversational AI industry in the forecast period.
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The major players in the global conversational AI market are Google LLC, Microsoft Corporation, Amazon Web Services (AWS), Oracle Corporation, IBM Corporation, Nuance Corporations, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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