$13.2 Billion Conversational Artificial Intelligence (AI) and Voice Cloning Market, 2027: Next Generation Enterprise Solutions by Use Case, Application, and Industry Verticals - ResearchAndMarkets.com (2022)

DUBLIN--(BUSINESS WIRE)--Aug 18, 2022--

The “Conversational Artificial Intelligence (AI) and Voice Cloning Market: Next Generation Enterprise Solutions by Use Case, Application, and Industry Verticals 2020 - 2027” report has been added to ResearchAndMarkets.com’s offering.

This report evaluates the market drivers and uses cases for conversational AI and voice cloning solutions to execute various business functions such as CRM. The report analyzes the core technologies used to build conversational AI and voice cloning solutions along with the potential application areas across industry verticals.

The report provides an analysis of leading company strategies, capabilities, and offerings. Forecasts include technologies, solutions, services, applications, tools, and platforms from 2022 to 2027. It also provides forecasts by deployment type, business type (enterprise, SMB, government), industry vertical, and specific applications.

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Select Report Findings:

  • The conversational AI platform market will reach $13.2 billion by 2027
  • North America will lead the market, followed by Europe and the Asia Pacific region
  • 36% of enterprises will shift their customer support function entirely to virtual assistants by 2027
  • Leading technologies are machine learning, deep learning, NLP, and automated speech recognition
  • Call centers are evolving to become AI-enabled customer contact service providers for enterprise services
  • Enterprise services companies are increasingly leveraging AI for CRM as well as inbound and outbound marketing and sales operations

Traditional peer-to-peer communication systems consisting of emails, phone calls, text messages, and face to face meetings have hugely been disrupted with the widespread adoption of next-generation platforms such as social media, messaging apps, and voice-based assistants.

This has triggered a major paradigm shift in customer behavior to prefer these alternative communications platforms, providing omnichannel experience regardless of devices. Not surprisingly, younger people are at the tip of the spear of the adoption curve for text but also voice, video, and image sharing.

For additional market segments, a shift occurs in terms of customers’ business engagement expectations when they realize they may engage over their favorite chat platform using text, voice, and video communications. Conversational AI plays a profound role here, automatically communicating with customers as if a real human being, but in actuality an authentically human-sounding, AI-powered bot.

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Conversational AI leverages natural language, machine learning, and other technologies to help omnichannel engagement platforms better understand and interact with customers, providing automated and personalized experiences across any channel including web, applications, mobile, and other platforms. Businesses can leverage opportunities to automate customer service operations as well as marketing and sales initiatives.

Businesses are beginning to integrate conversational AI through voice assistants, chatbots, and messaging apps. We expect that 36% of enterprises will shift their customer support function entirely to virtual assistants by 2027. This prediction is supported by our findings that indicate most customers prefer to shop with business through chat applications. This represents a massive shift from five years ago.

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Whereas conversational AI merely sounds like an actual human, voice cloning mimics a known person’s voice that is distinguishable as someone that a person would believe is the real person that they know. Like basic conversational AI, it may be used with various applications and industry verticals, particularly retail and other consumer services-oriented business areas.

With voice cloning, businesses can introduce a customer familiar voice to build a long-term relationship and ensure a better customer experience. Voice cloning models are trained through some data set, typically within only a few hours of recorded speech. It also leverages AI and machine learning technologies to train models so that it may engage in natural-sounding, real-time conversations with customers.

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In addition to shifting customer behaviors and expectations, there are some other factors that drive enterprise and contact service providers towards leveraging conversational AI and voice cloning solutions. Some of the factors include saving time for customer service, improving real-time accessibility, increasing efficiency, reducing customer acquisition costs, building long-term relationships, handling customer queries effectively, and reducing customer complaints.

Pandemic mitigation is expected to add a significant growth factor to the conversational AI and voice cloning market as businesses seek to automate operations and enhance worker safety as well as support governmental rules and regulations. As social distancing, remote work and operation, and massive digitization continue to grow, businesses will be more reliant on providing remote services to customers.

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Key Topics Covered:

1.0 Executive Summary

2.0 Introduction

2.1 Conversational AI

2.1.1 What is Conversational AI

2.1.2 Conversational AI Architecture

2.1.3 Core Challenges

2.1.4 Core Principles

2.1.5 Technology Component

2.1.6 Conversational AI and Chatbot

2.1.7 Automatic Speech Recognition

2.1.8 Growth Drivers

2.2 Voice Cloning

2.2.1 What is Voice Cloning

2.2.2 Voice Cloning Architecture

2.2.3 AI Voice Cloning

2.2.4 Voice Anti-Spoofing and Fraud Detection

2.2.5 Core Challenges

2.2.6 Growth Drivers

2.3 Building Conversational AI and Voice Cloning Solutions

2.4 AI-Enabled Personalization

2.5 Enterprise and Customer Benefits

2.6 Artificial General Intelligence

2.7 Artificial Super Intelligence

2.8 Market Drivers and Challenges

2.9 Value Chain

2.9.1 AI Companies

2.9.2 Software/Platform Companies

2.9.3 Analytics Providers

2.9.4 IoT Companies

2.9.5 Connectivity Providers

2.9.6 Enterprises and End Users

2.10 Regulatory Implications

2.11 Pandemic Impact

3.0 Technology and Application Analysis

3.1 Conversational AI and Voice Cloning Technology

3.1.1 Machine Learning and Deep Learning

3.1.2 Natural Language Processing

3.1.3 Automatic Speech Recognition

3.1.4 Computer Vision

3.2 Conversational AI and Voice Cloning Application

3.2.1 Chatbots

3.2.2 Intelligent Voice Assistants (IVA) System

3.2.3 Accessibility/ Messaging Application

3.2.4 Digital Games

3.2.5 Interactive Learning Application

3.3 Conversational AI and Voice Cloning Functions

3.3.1 Customer Support

3.3.2 Personal Assistant

3.3.3 Branding and Advertising

3.3.4 Customer Engagement and Retention

3.3.5 Employee Engagement and Onboarding

3.3.6 Data Privacy and Compliance

3.3.7 Campaign Analysis and Data Aggregation

3.4 Conversational AI and Voice Cloning Use Cases

3.4.1 Healthcare and Life Science

3.4.2 Education

3.4.3 Telecom, IT, and Internet

3.4.4 Bank and Financial Institution

3.4.5 Travel and Hospitality/Tourism

3.4.6 Media and Entertainment

3.4.7 Energy and Utilities

3.4.8 Government and Defense

3.4.9 Retail and E-commerce

3.4.10 Manufacturing

3.4.11 Automotive

3.5 Cloud Deployment and Enterprise AI Adoption

3.6 Software Platform and Tools

3.7 5G Deployment and Edge Computing

3.8 Smart Workplace and Service Automation

3.9 Public Safety and Governments

3.10 Ethical Implications

3.11 Social Scam, Theft, and Call Fraud

3.12 Augmented Reality and RCS Messaging

3.13 Multilingualism

3.14 M2M Communications

4.0 Company Analysis

4.1 Acapela Group

4.2 Alt Inc.

4.3 Amazon

4.4 Aristech GmbH

4.5 Artificial Solutions

4.6 AT&T

4.7 Avaamo

4.8 AmplifyReach

4.9 Baidu

4.10 CandyVoice

4.11 Cepstral

4.12 CereProc

4.13 Conversica

4.14 Creative Virtual

4.15 Cognify

4.16 Clinc

4.17 Descript Inc.

4.18 exClone

4.19 Exceed.ai

4.20 Facebook

4.21 FIS

4.22 Google

4.23 Haptik

4.24 IBM

4.25 Inbenta

4.26 iSpeech

4.27 Interactions

4.28 Kata.ai

4.29 Kore.ai

4.30 Kasisto (KAI)

4.31 LumenVox

4.32 Lyrebird

4.33 Microsoft

4.34 Mindsay

4.35 ReadSpeaker (rSpeak)

4.36 Nuance Communications

4.37 Oracle

4.38 Pypestream

4.39 Quosphere

4.40 Rasa

4.41 Rulai

4.42 Resemble AI

4.43 Saarthi.ai

4.44 SAP

4.45 Smartbox Assistive Technology

4.46 Solvvy

4.47 SoundHound

4.48 VivoTek

4.49 VocaliD

4.50 Voctro Labs

4.51 Voicery

5.0 Conversational AI and Voice Cloning Market Analysis and Forecasts

5.1 Global Conversational AI and Voice Cloning Market 2022 - 2027

5.1.1 Combined Conversational AI and Voice Cloning Market 2022 - 2027

5.1.2 Conversational AI vs. Voice Cloning Markets 2022 - 2027

5.1.3 Conversational AI and Voice Cloning Market by Solutions and Services 2022 - 2027

5.1.3.1 Conversational AI and Voice Cloning Market by Tools and Platforms 2022 - 2027

5.1.3.2 Conversational AI and Voice Cloning Market by Service Type 2022 - 2027

5.1.3.2.1 Conversational AI and Voice Cloning Market by Professional Services 2022 - 2027

5.1.4 Conversational AI and Voice Cloning Market by Technology 2022 - 2027

5.1.5 Conversational AI and Voice Cloning Market by Application Type 2022 - 2027

5.1.6 Conversational AI and Voice Cloning Market by Application 2022 - 2027

5.1.7 Conversational AI and Voice Cloning Market by Deployment 2022 - 2027

5.1.8 Conversational AI and Voice Cloning Market by Business Type 2022 - 2027

5.1.9 Conversational AI and Voice Cloning Market by Industry Vertical 2022 - 2027

5.2 Regional Conversational AI and Voice Cloning Market 2022 - 2027

6.0 Conclusions and Recommendations

For more information about this report visit https://www.researchandmarkets.com/r/caohe0

View source version on businesswire.com:https://www.businesswire.com/news/home/20220818005411/en/

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KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY ARTIFICIAL INTELLIGENCE

SOURCE: Research and Markets

Copyright Business Wire 2022.

PUB: 08/18/2022 07:45 AM/DISC: 08/18/2022 07:46 AM

http://www.businesswire.com/news/home/20220818005411/en

FAQs

What is the most advanced AI in 2022? ›

Here are our top picks:
  • More power to language modeling. ...
  • The augmented workforce. ...
  • AI-based cybersecurity. ...
  • AI and the metaverse. ...
  • No-code AI. ...
  • Computer vision technology in businesses. ...
  • Creative AI. ...
  • Data wrangling.
6 May 2022

What is the latest breakthrough in AI? ›

AI gets artsy

DALL·E 2 is a new AI system developed by OpenAI that can draw realistic images and art based on a text description you provide. First introduced in 2021, the second iteration of the system produces creative images 4 times more resolution.

What exactly AI means? ›

artificial intelligence (AI), the ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings.

Is artificial intelligence the fastest growing industry? ›

Artificial intelligence and machine learning (+500%) topped the list of fastest-growing skills, followed by cost reduction (+400). Global human resources (+314%) came at the third position, while compensation strategy (+215%) occupied the fourth position.

What is the most powerful AI today? ›

Meta unveils AI Research SuperCluster, the world's most powerful artificial intelligence supercomputer - Actu IA.

What is the most advanced AI on earth? ›

The most advanced AI technology to date is deep learning, a technique where scientists train machines by feeding them different kinds of data. Over time, the machine makes decisions, solves problems, and performs other kinds of tasks on their own based on the data set given to them.

What are the 4 types of AI? ›

According to the current system of classification, there are four primary AI types: reactive, limited memory, theory of mind, and self-aware.

Which company is the leader in AI? ›

While the market for AI products and services is fragmented, IBM is leading the industry. Market research firm IDC ranked IBM as the leader in AI software platforms with a 13.7% market share in 2020, up 46% from the prior year.

What is AI used for today? ›

AI in everyday life

Artificial intelligence is widely used to provide personalised recommendations to people, based for example on their previous searches and purchases or other online behaviour. AI is hugely important in commerce: optimising products, planning inventory, logistics etc.

Who is the father of AI? ›

One of the greatest innovators in the field was John McCarthy, widely recognized as the father of Artificial Intelligence due to his astounding contribution in the field of Computer Science and AI.

Why is AI so important? ›

Simply put, AI allows organizations to make better decisions, improving core business processes by increasing both the speed and accuracy of strategic decision-making processes.

What is the main goal of AI? ›

At its core, AI reads human behavior to develop intelligent machines. Simply put, the foundational goal of AI is to design a technology that enables computer systems to work intelligently yet independently.

Which industry uses AI the most? ›

Manufacturing

It is beyond doubt that the manufacturing industry is leading the way in the application and adoption of AI technology.

What are the future of AI? ›

AI enables an unprecedented ability to analyze enormous data sets and computationally discover complex relationships and patterns. AI, augmenting human intelligence, is primed to transform the scientific research process, unleashing a new golden age of scientific discovery in the coming years.

Why is AI growing so fast? ›

Because of the proliferation of data and the maturity of other innovations in cloud processing and computing power, AI adoption is growing faster than ever. Companies now have access to an unprecedented amount of data, including dark data they didn't even realize they had until now.

What is the smartest AI in the world right now? ›

That said, the smartest AI in the world might be Google's AlphaGo. AlphaGo, created by the Google DeepMind team is the first artificial intelligence program to be able to beat human players at the game of Go.

Who owns the most powerful AI? ›

Facebook's parent company, Meta, is building the world's most powerful AI-specific supercomputer to develop better speech-recognition tools, automatically translate between different languages and help build its 3D virtual metaverse.
...
More on these topics:
  • computing.
  • Facebook.
  • AI.
24 Jan 2022

What is the most intelligent AI system? ›

The new TX-GAIA (Green AI Accelerator) computing system at the Lincoln Laboratory Supercomputing Center (LLSC) has been ranked as the most powerful artificial intelligence supercomputer at any university in the world.

Which country has the most advanced AI? ›

China, USA, Japan, United Kingdom, and Germany are the leading countries in AI research.
...
Countries leading the way in AI.
CountryRankScore
Singapore19.186
United Kingdom29.069
Germany38.810
United States of America48.804
6 more rows

What is the most human like robot? ›

Hanson Robotics' most advanced human-like robot, Sophia, personifies our dreams for the future of AI.

What are the 3 types of AI? ›

Artificial Narrow Intelligence or ANI, that has a narrow range of abilities; Artificial General Intelligence or AGI, that has capabilities as in humans; Artificial SuperIntelligence or ASI, that has capability more than that of humans. Artificial Narrow Intelligence or ANI is also referred to as Narrow AI or weak AI.

What are the 2 types of AI? ›

Artificial intelligence is generally divided into two types – narrow (or weak) AI and general AI, also known as AGI or strong AI.

What type of AI is Siri? ›

The conversational interface is based on Natural Language Processing (NLP), a branch of AI. Language data statistical analysis and machine learning power the personal context awareness portion of Siri. Siri can predict your intention from keywords that you use and your general habits and use of language.

What is the simplest AI? ›

Reactive machines are the most basic type of AI system.

What are the best AI stocks to invest in? ›

7 Best AI Stocks to Buy Now
SPLKSplunk$88.15
PATHUiPath$13.84
UPSTUpstart$26.65
TWLOTwilio$67.90
DUOTDuos Technologies Group$4.27
2 more rows
7 Sept 2022

Is AI stock a good buy? ›

AI stocks may be excellent long-term investments.

The global artificial intelligence industry is expected to grow from $59.6 billion in 2021 to $422 billion by 2028, according to Zion Market Research.

How do I invest in AI? ›

How to invest in artificial intelligence
  1. Global X Robotics & Artificial Intelligence ETF (BOTZ) BOTZ invests in companies focused on AI and robotics technologies across sectors in developed world markets. ...
  2. ARK Autonomous Technology & Robotics ETF (ARKQ) ...
  3. ROBO Global Robotics and Automation Index ETF (ROBO)
3 Aug 2022

Which jobs will be replaced by AI? ›

Based on the nature and type of these jobs, here is a rundown of the jobs that AI machines are most likely to perform in the future:
  • Customer service executives. ...
  • Bookkeeping and data entry. ...
  • Receptionists. ...
  • Proofreading. ...
  • Manufacturing and pharmaceutical work. ...
  • Retail services. ...
  • Courier services. ...
  • Doctors.
5 Oct 2021

Where is the city of AI today? ›

Ai, ancient Canaanite town destroyed by the Israelites under their leader Joshua (Joshua 7–8). Biblical references agree in locating Ai (Hebrew: ha-ʿAy, “The Ruin”) just east of Bethel (modern Baytīn in the West Bank). This would make it identical with the large early Bronze Age site now called At-Tall.

How does AI affect your life? ›

Positive Impacts of AI in our Daily Lives. Artificial Intelligence is acquiring force in our life. Most of our day-to-day activities are influenced by calculations or Algorithms that can outperform human-level execution. It can drastically upgrade the efficiencies of our factories or workplaces.

Which language is not used in AI? ›

Which of the given language is not commonly used for AI? Explanation: Among the given languages, Perl is not commonly used for AI. LISP and PROLOG are the two languages that have been broadly used for AI innovation, and the most preferred language is Python for AI and Machine learning.

What problems can be solved by AI? ›

Solving Global Problems
  • Making driving safer. Though self-driving cars are still a few years away from being fully safe to drive, this area of AI could dramatically decrease the rates of deaths and injuries on the roads. ...
  • Transforming how we learn. ...
  • Help us become more energy efficient. ...
  • Helping wildlife.
17 Mar 2020

Who started AI? ›

The earliest substantial work in the field of artificial intelligence was done in the mid-20th century by the British logician and computer pioneer Alan Mathison Turing.

Is AI good for society? ›

Positive Impacts of Artificial Intelligence on Society

When AI takes over repetitive or dangerous tasks, it frees up the human workforce to do work they are better equipped for—tasks that involve creativity and empathy among others.

How will AI change the world? ›

On a far grander scale, AI is poised to have a major effect on sustainability, climate change and environmental issues. Ideally and partly through the use of sophisticated sensors, cities will become less congested, less polluted and generally more livable.

Can AI learn on its own? ›

As we have seen from Google's MultiModel, AI can certainly learn to become general-purpose learners like us. However, getting there will still take some time. There are two parts to this: meta-reasoning and meta-learning. Meta-reasoning focuses on the efficient use of cognitive resources.

What is super AI? ›

Also known as super AI, artificial superintelligence is considered the most advanced, powerful, and intelligent type of AI that transcends the intelligence of some of the brightest minds, such as Albert Einstein. Human-like Capabilities of Super AI.

What are the 2 main goals of AI? ›

The goals of artificial intelligence include computer-enhanced learning, reasoning, and perception. AI is being used today across different industries from finance to healthcare. Weak AI tends to be simple and single-task oriented, while strong AI carries on tasks that are more complex and human-like.

What are the advantages and disadvantages of AI? ›

This is one of the biggest advantages of Artificial intelligence. We can overcome many risky limitations of humans by developing an AI Robot which in turn can do the risky things for us.
...
  • High Costs of Creation: ...
  • Making Humans Lazy: ...
  • Unemployment: ...
  • No Emotions: ...
  • Lacking Out of Box Thinking:

What is the future of artificial intelligence in 2022? ›

Surveys have shown that there has been significant adoption of AI solutions by many businesses, including online casino. However, not that many organizations are completely run by Artificial Intelligence but the amount and level of AI applications is increasing all the time.

How do you evolve AI in 2022? ›

Anthropologist Beth Singler, who studies AI and robots at the University of Cambridge, told CNBC that claims about the effectiveness and reality of AI in spaces that are now being labeled as the metaverse will become more commonplace in 2022 as more money is invested in the area and the public start to recognize the “ ...

Which company is the leader in AI? ›

While the market for AI products and services is fragmented, IBM is leading the industry. Market research firm IDC ranked IBM as the leader in AI software platforms with a 13.7% market share in 2020, up 46% from the prior year.

What is trending in AI? ›

In the future, we will see more unstructured data structured with natural language processing and machine learning processes. Organisations will leverage these technologies and create data that RPA or robotic process automation technology can use when they want to automate transactional activity in an organization.

Which technology will be in demand in future? ›

Artificial intelligence will become more prevalent in 2022 with natural language processing and machine learning advancement. Artificial intelligence can better understand us and perform more complex tasks using this technology. It is estimated that 5G will revolutionize the way we live and work in the future.

Why AI is the future? ›

AI enables an unprecedented ability to analyze enormous data sets and computationally discover complex relationships and patterns. AI, augmenting human intelligence, is primed to transform the scientific research process, unleashing a new golden age of scientific discovery in the coming years.

What are the main 5 areas of AI? ›

Five AI technologies that you need to know
  • Artificial Intelligence. Artificial intelligence (AI) makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks. ...
  • Machine Learning. ...
  • Deep Learning. ...
  • Natural Language Processing. ...
  • Computer Vision.

Is Siri an AI? ›

Siri is Apple's personal assistant for iOS, macOS, tvOS and watchOS devices that uses voice recognition and is powered by artificial intelligence (AI).

Will AI take over the world? ›

No, AI will not take over the world. Movies like I, Robot are science fiction, with an emphasis on the word fiction. All that said, AI is a powerful business tool that is supporting companies and their customer service strategies. It's creating a better customer experience.

How smart is AI right now? ›

140 character summary: AI is still dumb, but it can be helpful.
...
Average Human IQ: 100. Machine IQ: 7. Cooperative IQ: 120.
Average Human IQ:100
Cooperative IQ:120
1 more row

What are the best AI stocks to invest in? ›

7 Best AI Stocks to Buy Now
SPLKSplunk$88.15
PATHUiPath$13.84
UPSTUpstart$26.65
TWLOTwilio$67.90
DUOTDuos Technologies Group$4.27
2 more rows
7 Sept 2022

Is AI stock a good buy? ›

AI stocks may be excellent long-term investments.

The global artificial intelligence industry is expected to grow from $59.6 billion in 2021 to $422 billion by 2028, according to Zion Market Research.

Which is the best AI company? ›

Top Artificial Intelligence Companies. Amazon, Microsoft, Google, and IBM all have one big thing in common - they are leaders in artificial intelligence (AI) and machine learning (ML).

What are the 3 types of AI? ›

Artificial Narrow Intelligence or ANI, that has a narrow range of abilities; Artificial General Intelligence or AGI, that has capabilities as in humans; Artificial SuperIntelligence or ASI, that has capability more than that of humans. Artificial Narrow Intelligence or ANI is also referred to as Narrow AI or weak AI.

What are some future AI projects? ›

Artificial IntelligenceProject Ideas – Advanced Level
  • Voice-based Virtual Assistant for Windows. ...
  • Facial Emotion Recognition and Detection. ...
  • Online Assignment Plagiarism Checker. ...
  • Personality Prediction System via CV Analysis. ...
  • Heart Disease Prediction Project. ...
  • Banking Bot.

How AI impacts our lives? ›

From morning to night, going about our everyday routines, AI technology drives much of what we do. When we wake, many of us reach for our mobile phone or laptop to start our day. Doing so has become automatic, and integral to how we function in terms of our decision-making, planning and information-seeking.

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