Conversational Computing Platform Market – Overview
The Conversational Computing Platform Industry is witnessing a considerable increase across the globe. The market growth attributes to the rising demand from various verticals, including BFSI, IT & telecommunications, e-commerce & retail, entertainment & media, and travel & hospitality. Besides, the increasing adoption of conversational computing platforms across end-users verticals substantiates the size of the market. The report focuses on the major Conversational Computing Platform market manufacturers, in order to study future sales, value, market share and development plans. Conversational Computing Platform Market is Predicted to Reach US$ 19.26 Billion by 2027 Registering a CAGR of 41.15%.
Moreover, the increasing implementation of machine learning and conversational computers to enhance the performance of chatbots and voice products escalate market growth. According to Market Research Future (MRFR), the global conversational computing platform market is projected to grow at a significant CAGR during the review period. The augmenting demand for optimized business conversational needs boosts the market demand.
Additionally, the rising uptake of conversational computing solutions in telecommunication & IT, BFSI, and retail & e-commerce companies fosters the market's growth. Rising awareness about conversational computing, increasing adoption of the technology, and stringent government initiatives are some of the other major driving forces behind the market's growth.
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COVID-19 Analysis
With the surge in COVID-19 impact despite lockdowns along with social distancing measures, academia, governments, along with tech giants are developing solutions that can help reduce the pandemic aftereffects. While the world is facing economic crisis, the demand for next gen technologies such as conversational computing platforms has risen considerably as a response to the SARS-CoV-2.
Conversational computing platforms, especially chatbots, are being used by organizations as an interactive medium for several applications, such as offering updates and information about novel coronavirus, facilitating communication within firms, and more. The efforts being put to achieve a COVID-19 breakthrough can speed up with the help of conversational computing platforms, backed by various modern technologies in the healthcare industry.
Following the enforcement of lockdowns due to the pandemic, tech giants are doing everything they can to mitigate the negative impact of COVID-19, while boosting the capabilities of their conversational computing platforms. Given the widespread demand, more and more tech giants are now investing considerably in their conversational computing platforms, which can help the market stay resilient in the face of COVID-19.
Key Drivers and Primary Deterrents
The strong online presence of a number of companies along with the surge in digital methods of staying in touch with customers has boosted the value of chatbots. Chatbots are increasingly being deployed to address all types of queries of the website users. Chatbots also help boost the marketing strategies that are employed by organizations; therefore, the rising use of advanced chatbots for various purposes is anticipated to induce growth of the conversational computing platform market in the approaching years.
Virtual digital assistants are also in great demand, finding extensive use in the management of smart home devices to help understand and respond to simple as well as complex commands. The favorable scenario has encouraged several players to introduce smartphones and smart speakers that feature virtual digital assistants. With this, these players are not only able to expand their customer base and boost their profits but also benefit the conversational computing platform market in the process.
Conversational Computing Platform Market - Segments
The report is segmented into six dynamics;
By Type : Solution (Text Assistant, Chatbots, Voice Assistant { Natural Language Understanding, Natural Language Processing, Machine Learning & Deep Learning, Automated Speech Recognition}) and Services (Consulting & Training, System Integration & Deployment, Support & Maintenance, others).
By Technology: Machine Learning & Deep Learning, Natural Language Processing, Natural Language Understanding, Automated Speech Recognition, and others.
By Deployment Type: On-Premise and On-Cloud.
By Application : Personal Assistance, Data Privacy & Compliance, Branding & Advertisement, Customer Engagement & Retention, Onboarding & Employee Engagement, Booking Travel Arrangements, Customer Support, and others.
By Vertical : Retail & Ecommerce, BFSI, Telecom, Entertainment & Media, Travel & Hospitality and others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Conversational Computing Platform Market - Competitive Analysis
Highly competitive, the conversational computing platform market appears to be fragmented due to the presence of numerous well-established players. Prevailing strategies traced from the study of recent developments of the players include product launch, agreement & partnership, acquisition, and expansion. The study indicates large investments by multinational companies and emerging startups. The market demonstrates a high growth prospect, which, in turn, is attracting several new entrants to the market that would intensify the market competition further.
Conversational Computing Platform Market Key Players:
- Alphabet Inc. (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- Artificial Solutions (Spain)
- com Inc. (US)
- Accenture (Ireland)
- Botpress Inc. (Canada)
- Apexchat (US)
- Cognizant (US)
- Conversica Inc. (US)
- Cognigy GmbH (Germany)
- Jio Haptik Technologies Limited (India)
- Omilia Natural Language Solutions Ltd. (Cyprus)
- Nuance Communications Inc. (US)
- Oracle (US)
- among others.
Conversational Computing Platform Market - Regional Analysis
North America dominates the global conversational computing platform market. The market growth attributes to the high digital transformation, adoption of cloud, and advanced technologies, such as big data and analytics. Besides, the presence of technology leaders, such as IBM Corporation, Google, and Intel, contributes to the market's growth. Moreover, usages of conversational computers in government and aerospace & defense sectors and drive the market growth.
Also, the increasing R&D investments for the development of conventional computing technologies like machine learning boost the market's growth. The US, among other North American countries, holds the highest market share in the regional market. The North American conversational computing platform market would retain its dominance throughout the forecast period.
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Europe stands second in the global conversational computing platform market. The market growth is driven by the rising use of AI-based conversational platforms. Additionally, substantial investments by companies, as well as governments in the region, drive market growth. Multiple initiatives by governments in various countries in this region facilitate the development of conversational technology.
Furthermore, leading technology providers operating in the region that offer enhanced conversational computing platform solutions foster market growth, catering to enterprises' needs across industry verticals. The UK is the leading country-level market, while Germany is the rapidly growing market in the region.
The Asia Pacific conversational computing platform market is demonstrating promising growth. Factors such as the rapid economic growth and the digital transformation across the industry verticals act as a major growth propeller for the regional market. Moreover, the growing demand for conversational computing solutions from the BFSI and IT & telecom sectors offers lucrative opportunities for conversational computing vendors in the region. China, Japan, South Korea, and India are the major markets for conversational computing platforms in the region.
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Key Points Covered in the Report:
- Which are the five top players of the Conversational Computing Platform market?
- How will the Conversational Computing Platform market change in the next five years?
- What will be the market size and the growth rate by the end of the forecast period??
- What are the drivers and restraints of the Conversational Computing Platform market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the Conversational Computing Platform market throughout the forecast period?
Table Of Contents
1. EXECUTIVE SUMMARY
1.1. MARKET ATTRACTIVENESS ANALYSIS
1.1.1. GLOBAL CONVERSATIONAL COMPUTING PLATFORM MARKET, BY TYPE
1.1.2. GLOBAL CONVERSATIONAL COMPUTING PLATFORM MARKET, BY DEPLOYMENT TYPE
1.1.3. GLOBAL CONVERSATIONAL COMPUTING PLATFORM MARKET, BY TECHNOLOGY
1.1.4. GLOBAL CONVERSATIONAL COMPUTING PLATFORM MARKET, BY APPLICATION
1.1.5. GLOBAL CONVERSATIONAL COMPUTING PLATFORM MARKET, BY VERTICAL
1.1.6. GLOBAL CONVERSATIONAL COMPUTING PLATFORM MARKET, BY REGION
2. MARKET INTRODUCTION
2.1. DEFINITION
2.2. SCOPE OF THE STUDY
2.3. MARKET STRUCTURE
3. RESEARCH METHODOLOGY
3.1. RESEARCH PROCESS
3.2. PRIMARY RESEARCH
3.3. SECONDARY RESEARCH
3.4. MARKET SIZE ESTIMATION
3.5. LIST OF ASSUMPTIONS
4. MARKET DYNAMICS
4.1. INTRODUCTION
4.2. DRIVERS
Continued...
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