Conversation Intelligence Platform Market Size, Share, Growth, and Industry Analysis, By Type (Cloud Based and On-premises), By Application (Small and Medium Enterprises (SMEs) and Large Enterprises), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Conversation Intelligence Platform Market REPORT OVERVIEW

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The global conversation intelligence platform market size was USD 1685.4 million in 2022 and market is projected to touch USD 15545.3 million by 2031, exhibiting a compound annual growth rate (CAGR) of 28.0% during the forecast period.

To extract information from business call recordings, Conversation Intelligence platforms use artificial intelligence, especially in the forms of machine learning and natural language processing.

The CI software platform then imports the call records and analyses and transcripts the dialogue. The programme recognises who is speaking, when they speak, significant words and phrases, and conversational pauses. The processing of further data and the creation of action items follow. In order for customers to understand how effective the agents are and where they may make improvements, conversation intelligence also gives information on agent performance.

Reduced agent inconsistencies, the eradication of obvious mistakes, and deeper insights that can guide data-driven decision-making are the results of obtaining insights at scale. Utilizing conversation intelligence, businesses dramatically enhance communications, processes, and products. In call centre operations, agent conduct is a critical performance metric. However, gathering such information without a plan for using it is pointless. Platforms for conversation intelligence assess agent behaviour and make suggestions for what to say, what to do, and how to teach an agent to produce better results. Such platforms can suggest actions like increasing empathy, asking for the right information, and cross-selling products that might better fulfil a customer's wants in addition to providing indications on what information resolves a customer's problem.

COVID-19 Impact: Usage of the System in Controlling the Virus to Help Market Survive

Around the world, the COVID-19 pandemic has brought about a dire situation. The rapid rise in COVID-19 cases had prompted the use of conversation intelligence, which may be used to effectively track the illness and control its spread. The growth of the possible danger in many nations throughout the world has also been predicted and studied using the model. To stop the spread of the coronavirus, the entire world is making extraordinary efforts in terms of finances, data sources, infrastructure, life-risk treatments, and protective equipment. By leveraging real-time data, conversation intelligence is crucial to comprehending the prediction of COVID-19's future reachability across nations.

LATEST TRENDS

"Huge Opportunity Held by IoT to Augment Market Growth"

The demand for conversation intelligence platforms will increase as a result of the rapid expansion of sensors and IoT-connected devices, which will result in an equal emphasis on creating useful insights to handle new business risks and possibilities. Regarding many new breakthroughs like smart homes, smart automobiles, and smart cities, IoT is anticipated to provide enormous possibility for the conversation intelligence platform market. The Internet of Things (IoT) is a network of devices that are typically connected to the Internet. These interconnected robots are able to perceive their internal and exterior environments in order to exchange vital information with one another and adjust their environment as needed or react appropriately.

Conversation Intelligence Platform Market SEGMENTATION

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• By Type

Based on type; the market is divided into cloud based and on-premises.

In terms of product, cloud based is the largest segment.

• By Application

Based on application; the market is divided into small and medium enterprises (SMES) and large enterprises.

In terms of application, medium enterprises is the largest segment.

DRIVING FACTORS

"Adoption of the System in Banking and Finance to Enhance Market Sales"

Conversation intelligence platform are being used in the healthcare industry for a variety of tasks, including medical imaging, electronic medical records (EMRs), assisted diagnosis and treatment, illness risk prediction, medical data processing and analysis, and drug discovery. Conversation intelligence systems are employed in banking and finance to ensure minimal risk by identifying all potential hazards through a thorough examination of historical and current data or information.

"Rising Adoption of the Platform by Businesses to Propel Market Growth"

During the forecast period, deep learning and deep neural networks are anticipated to lead the worldwide conversation intelligence platform market. The adoption of conversation intelligence platforms across the globe is being strongly influenced by the growing need for smart machines. The majority of businesses are moving toward intelligent robots that can learn on their own and get better over time. Additionally, in order to reduce human error and save time, businesses are constantly looking for technology that enables robots to identify real-time incidents and provide forecasts accordingly. In turn, it is predicted that during the projected period, this will drive the conversation intelligence platform market growth.

RESTRAINING FACTORS

"Errors in Data Processing to Impede Market Expansion"

Lack of a competent AI workforce and hazy regulatory standards for medical software are the main challenges limiting the growth of the worldwide conversation intelligence in digital genome industry. Because conversation intelligence platform is a complicated system, businesses need a workforce that possesses the necessary skill sets to create, oversee, and use AI systems. Personnel working with AI systems, for instance, should be knowledgeable about image recognition, deep learning, cognitive computing, and machine learning and intelligence. In order to emulate human brain behaviour, integrating AI technologies into current systems is a difficult operation that necessitates substantial data processing. Even a small mistake might break the system or have a negative impact on the intended outcome.

Conversation Intelligence Platform Market REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Rising Demand for Cloud Computing"

North America dominates the market and owns largest portion of conversation intelligence platform market share. During the projected period, North America is anticipated to experience significant expansion in the global market for intelligence platforms. Companies in North America are in a unique position to perform advanced solutions effectively and swiftly by embracing cloud computing and other tools. The region's market for business conversation intelligence platforms is expected to develop as big data and IOT usage increase.

KEY INDUSTRY PLAYERS

"Rivalry Among Market Players to Boost Market Growth"

This thorough research provides a thorough analysis of the market. The major market participants are listed in this section of the study. This section explains how market participants cooperate and employ strategies to combat competition. The reader will be able to recognise the footprints and manufacturers by looking at the global revenue of all manufacturers for the forecast period. This Advanced research offers a thorough analysis of the market, including development patterns, planned aspects, expanding prospects, risks/challenges, and landscape investigation. It also addresses the factors that have led to new market entrants in light of the adjustments made in this industry. The above data points provided are only related to the companies' focus related to the market.

List of Market Players Profiled

• Gong.io (U.S.)
• Chorus.ai (AffectLayer) (U.S.)
• SalesLoft (U.S.)
• CallRail (U.S.)
• ExecVision (U.S.)
• RingDNA (U.S.)
• Jiminny (U.S.)
• VoiceOps (U.S.)
• DialogTech (U.S.)
• Convin (India)

KEY INDUSTRY DEVELOPMENT

"February, 2019"":" Accenture Plc entered into partnership with Splice Machine Inc., a provider of platforms for operational artificial intelligence (AI). Through this partnership, the company is expected to deliver better customer experiences and business outcomes by implementing an AI-fueled platform that can manage large data transformation.

REPORT COVERAGE

Individual tactics are covered in the study on the global conversation intelligence platform market before corporate profiles of artificial intelligence vendors. The report's "Competition Landscape" section gives readers a dashboard perspective and a company-by-company analysis of the major competitors in the worldwide artificial intelligence industry. The study offers important data on the market situation for producers of commodity chemicals and is a useful resource for businesses and anyone interested in the sector. The research starts out by giving a fundamental review of the sector, including its definition, uses, and manufacturing methods. The paper then goes into great detail about the top global industry participants. The research includes each firm's market share and company profile in this section.