Global Conversational Computing Platform Market – Overview
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 (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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