Crowd Media to launch talking head system and other solutions in 2022
The conversational AI market was valued at $6 billion in 2019, and is forecast to grow to $22.6 billion by 2024.
With a commercial launch in sight for its talking head system, conversational artificial intelligence technology developer Crowd Media’s (ASX: CM8) new chief executive officer Idan Schmorak revealed there will be other implementations throughout 2022 to open up further revenue streams.
Mr Schmorak said technology breakthroughs will enable the company to offer multiple solutions going-forward including new applications and extensions to its talking head conversational AI technology.
Over the last 12 months, Crowd has strengthened its technical know-how and intellectual property relating to conversational AI technology.
Its teams are working to roll-out the first commercial talking head system based on this technology early next year.
Mr Schmorak said that throughout 2022 the company will also present and commercialise its technology in “various use cases” with deals already under negotiation.
Identifying opportunities
The company is targeting spaces such as medicine, business-to-business (B2b), digital influencers, business-to-business-to-consumer (B2B2C) and other fields.
In the medical space, Crowd is finalising development of its proof of concept medical-assistive product for South African company PangeaMed.
Crowd is integrating its conversational Q&A and talking head visual technology for PangeaMed to create a digital human version of a healthcare provider that can interact with patients.
It is anticipated the proof of concept will be released in the March quarter of next year.
The company’s subscription division, which specialises in creating and monetising mobile content will be given access to develop its own talking head mobile content.
This has also been scheduled for commercialisation in the March quarter.
In the B2B space, Crowd says it is looking for other opportunities including in kiosks, hospitality, services and e-learning.
Conversational AI technology and market
In developing its one-on-one AI conversational system, Crowd needs to integrate three pillars – visual, audio and conversational.
The visual component requires creating human-like digital doubles that can communicate in real-time, while audio involves generating human-like text-to-speech that is also in real-time.
When developing the conversational part or “the brain” behind the conversation, the technology needs to understand user intentions and provide a coherent answer.
To ensure it achieves these goals, Crowd has partnered with companies to find the best technological solutions.
Crowd estimates the conversational AI market was worth $6 billion in 2019.
This is expected to grow to $22.6 billion by 2024.