Global 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.
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 (2019–2025). 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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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 - 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.
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.
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:
October 23, 2020 ---- 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 is a platform which is specially designed so that user can interact with the computer program through text and messages.
Chatbots and virtual digital assistants are two of the most common type of the conversational computing platform.
They usually uses different artificial intelligence technologies and use natural language so that they can interact with the user easily.
These days, chatbots are most commonly used customer service for shopping, technical support an others.
Increasing use of voice based assistants is the factor fuelling the growth of this market.Market Analysis: Global Conversational Computing Platform MarketGlobal conversational computing platform market is set to witness a healthy CAGR in the forecast period of 2019- 2026.
The report contains data of the base year 2018 and historic year 2017.
Drips, the founders of Conversational Texting®, today announced it will be the headline sponsor in this year’s Contact.io conference on September 12-14 in Denver, Colorado.
The company unveiled their conversational AI platform for the first time at the 2016 Contact.io conference and has come a long way in the past four years, experiencing a growth rate of 1,115%.Conference participants will have the opportunity to engage with subject matter experts in the Drips booth to learn how to drive engagement through the SMS channel.
Attendees will also hear from Drips’ leaders during a dedicated panel session, “The State of the Contact Industry,” and a breakout session, “The Art of the Message.”
