Market Highlights
The conversational computing platform market 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.
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 (2021–2027). The augmenting demand for optimized business conversational needs boosts the market demand.
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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.
Conversational Computing Platform Market is Predicted to Reach US$ 19.26 Billion by 2027 Registering a CAGR of 41.15%
Segmentation:
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 - 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.
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.
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.
Major Players:
Players leading the conversational computing platform market include Alphabet, Inc. (US), IBM Corporation (US), Microsoft Corporation (US), Artificial Solutions (Spain), Amazon.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), and Oracle (US), among others.
Industry/Innovation/Related News:
Amelia US LLC, an IPsoft Company, launched its new conversational platform Digital Employee Builder that can democratize the creation of intelligent conversational agents by significantly lowering the technical barrier to adoption. Amelia is a global leader in AI and cognitive abilities, and it wants to reach the next level by delivering AI value to more people.
The Digital Employee Builder lowers technical barriers for implementing conversational AI agents and dramatically compresses time-to-value. The target for democratization of AI may include business partners, business executives, salespeople, assembly line workers, application developers, and IT professionals in the enterprise.
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Conversational Computing Platform Market Research Report: By Type (Solution [Chatbot, Text Assistant, Voice Assistant {Natural Language Processing, Natural Language Understanding, Machine Learning & Deep Learning, Automated Speech Recognition}], Service [Consulting & Training, System Integration & Deployment, Support & Maintenance]), By Deployment Type (On-Premise and Cloud), By Technology (Natural Language Processing, Natural Language Understanding, Machine Learning & Deep Learning, Automated Speech Recognition), By Application (Personal Assistance, Branding & Advertisement, Data Privacy & Compliance, Customer Engagement & Retention, Customer Support, Onboarding & Employee Engagement, Booking Travel Arrangements and others), By Vertical (Retail & Ecommerce, BFSI, Telecom, Entertainment & Media, Travel & Hospitality and others), Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2025
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