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The Silicon Review Asia

Conversational AI Market is Evolving fast, goes Mainstream now

Conversational AI Market is Evolving fast, goes Mainstream now

The conversational AI market in India is expected to grow more in 2019. Since businesses are embracing real-world applications of voice-powered assistance, AI-based chatbots, and carrying out investments and acquisitions in the space, the demand for the conversational AI is also increasing.

Sources familiar with the matter shows that the AI space has already clocked a deal worth $6million till now in 2019. Last year AI startups have raised $13 million across 11 deals.

Coming to funding rounds, Frontdesk.ai raised $2 million in a pre-Series A funding round led by pi Ventures. Frontdesk.ai is an AI platform which specializes in assisting health and wellness segment. Another platform called Yellow messenger, an AI-led conversational customer engagement platform raised $4million last from its series A funding. The names of the investors were not disclosed.

In India, majority of the conversational AI market is dominated by digital assistants, voice assistants, chatbots, and AI-supported human concierges.  These solutions are being embraced in the financial field related to sales and services as well. Other industries such as travel and hospitality are also adopting technology to attract more customers and deliver a good service. 

Apart from conversational AI, another booming segment is conversational analytics. In this segment, companies assess service levels by analyzing consumer sentiments using AI. This year, already there were two major Startup acquisitions in the segment. Reliance Industries took over Haptik. The deal was worth Rs 700 crore. 

The sources are referred from Economic Times.

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