Conversational Computing Platform Market Synopsis
Global Conversational Computing Platform Market size is expected to register a significant 42.90% CAGR during the forecast period 2022 to 2030.
Conversational computing solutions that include speech synthesis, speech recognition, multi-faceted machine learning, neural networks, and natural language understanding are used in business processes that include multi-turn conversations in handling customer queries, generating insurance quotes, and answering claims inquiries from healthcare. The conversational computing platform is increasingly being adopted for automated conversational techniques. These solutions offer straightforward conversation between the customer and the AI system in place, to deal with their problems, concerns, and reach the ultimate goal of customer satisfaction. Digital Marketing managers are using this AI-based technology to identify their potential targets for marketing campaigns. The media & entertainment industry depends on conversational computing solutions for information dissemination, advertising, promotions, and product discovery, among other applications.
Segmentation
Global Conversational Computing Platform Market has been segmented based on Type, Deployment Type, Technology, Application, Vertical, and Region/Country.
By Type, the global conversational computing platform market has been segmented into solution and service. The solution sub-segment is further divided into the chatbot, text assistant, and voice assistant. The voice assistant segment is further divided into natural language processing, natural language understanding, machine learning, and deep learning. The service segment has further been divided into consulting & training, system integration & deployment, and support & maintenance.
By Deployment Type, the global conversational computing platform market has been divided into cloud and on-premise. The rising adoption of cloud computing technology, mainly due to its limitless storage capacity, easier access, and security provisions, the on-cloud deployment type segment is expected to grow and dominate the global conversational computing platform market.
Based on Technology, the global conversational computing platform market has been divided into natural language processing, natural language understanding, machine learning & deep learning, and automated speech recognition.
Based on Application, the global conversational computing platform market has been divided into customer support, personal assistance, branding & advertisement, customer engagement & retention, booking travel arrangements, onboarding & employee engagement, data privacy & compliance, and others.
Based on Vertical, the global conversational computing platform market has been divided into retail & e-commerce, banking, financial services & insurance (BFSI), telecom, entertainment & media, travel & hospitality, and others. The BFSI vertical is expected to report the fastest growth during the forecast period as the rising implementation of conversational computing platform solutions such as chatbots, have various end-uses in this vertical.
The Global Conversational Computing Platform Market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Regional Analysis
North America has the largest market share mainly due to the presence of major global players in the region that include IBM Corporation, Alphabet, Inc., Microsoft Corporation, Amazon.com, Inc., Apexchat, Cognizant, Conversica, Inc., Nuance Communications, Inc., and Oracle. Along with these major players, there are several other start-ups in the region that offer enhanced conversational computing platform solutions to cater to the needs of enterprises across industry verticals. The US leads the market in the North America regional market due to the high adoption of digital transformation; and the use of advanced technologies such as big data and analytics and high adoption of cloud in the country.
For the purpose of this analysis, the European market has been divided into the UK, Germany, France, and the rest of Europe. In terms of market size, Europe is expected to be the second-largest regional market across the globe. The UK is projected to be the leading country-level market, while Germany is expected to register the highest growth over the forecast period. The rising use of AI-based conversational platforms poses an opportunity for graph conversational computing vendors in Europe.
The market in Asia-Pacific is projected to grow at the fastest rate over the forecast period, with the regional market being segmented into China, Japan, India, and the rest of Asia-Pacific. The rapid economic growth in major countries such as China, Japan, India, and the digital transformation of enterprises across verticals are the key factors driving the growth of the conversational computing platform market in the region. The growing demand for conversational computing solutions from the BFSI, and IT & telecom verticals in this region offers lucrative opportunities for conversational computing vendors.
The market in the Middle East & Africa and South America is expected to register steady growth during the forecast period with the rising demand for optimized business conversational needs. The enterprises from telecommunication & IT, BFSI, and retail & e-commerce verticals are expected to adopt conversational computing solutions in this region.
Competitive Analysis
The Global Conversational Computing Platform Market is witnessing a high growth due to the rise in demand from various verticals that include BFSI, IT & telecommunications, e-commerce & retail, entertainment & media, and travel & hospitality. Major players have opted for partnerships as the inorganic strategy and product enhancements as their key organic growth strategy to enhance their positions in the market and cater to the demands of end-users across verticals. For instance, in July 2019 Jio Haptik Technologies Limited acquired Los Angeles-based startup Converg. By this, the company enhanced chatbot and voice products offered to the customers from India and North America.
Key Players
The Key Players in the Global Conversational Computing Platform Market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include
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IBM Corporation (US)
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Alphabet, Inc. (US)
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Microsoft Corporation (US)
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Amazon.com, Inc. (US)
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Artificial Solutions (Spain)
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Accenture (Ireland)
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Apexchat (US)
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Botpress, Inc. (Canada)
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Cognizant (US)
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Cognigy GmbH (Germany)
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Conversica, Inc. (US)
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Jio Haptik Technologies Limited (India)
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Nuance Communications, Inc. (US)
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Omilia Natural Language Solutions Ltd. (Cyprus)
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Oracle (US).
The key strategies adopted by most of the players are partnerships, agreements, and collaborations.
Intended Audience
- Banking and Financial Service Enterprises
- Telecom Service Providers
- Technology Consultants
- Sales Professionals
- Customer Service Providers
- Lead Generation Teams
Conversational Computing Platform Market Highlights:
