Conversational Systems Market Share

Market Share of Conversational Systems Industry

The conversational systems market is highly fragmented with the presence of major players like IBM Corporation, Microsoft Corporation, Google LLC (Alphabet Inc.), Amazon Web Services, Inc., and Nuance Communications Inc. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their offerings and gain sustainable competitive advantage.

In July 2023, IBM watsonx is available to help meet enterprises' AI for business needs, Watsonx allows clients and partners to specialize and deploy models for various enterprise use cases or build their own. To date, the platform has been shaped by more than 150 users across industries – from telco to banking participating in the beta and tech preview program

In December 2022, TTEC Holdings, Inc., one of the largest global customer experience (CX) technology and services innovators for end-to-end digital CX solutions, announced that VoiceFoundry, a TTEC Digital company, has earned the Amazon Web Services (AWS) Conversational Artificial Intelligence (AI) Competency. This award highlights VoiceFoundry's competence in creating high-quality, high-performance chatbots, virtual assistants, and interactive voice response (IVR) systems.

In October 2022, IBM expanded its embeddable AI software portfolio by releasing three new libraries designed to let IBM Ecosystem partners, customers, and developers build and market their AI-powered products more easily, rapidly, and cost-effectively. The AI libraries, now generally available, were developed in IBM Research and were designed to provide independent software vendors (ISVs) across industries with an easily scalable way to build natural language processing, speech-to-text, and text-to-speech capabilities into applications across any hybrid, multi-cloud environment.

Conversational Systems Market Leaders

1. IBM Corporation

2. Microsoft Corporation

3. Google LLC (Alphabet Inc.)

4. Amazon Web Services, Inc.

5. Nuance Communications Inc.

*Disclaimer: Major Players sorted in no particular order