Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The conversational computing platform market is undergoing transformative changes, reflecting the evolving nature of human-computer interactions and the increasing integration of conversational interfaces into various applications and services. Conversational computing platforms leverage natural language processing and artificial intelligence to enable seamless and human-like communication between users and computers, giving rise to several key trends in this dynamic market.
One significant trend is the widespread adoption of conversational AI in customer service and support. Organizations across industries are deploying conversational computing platforms to enhance customer interactions, provide instant support, and streamline query resolution. Chatbots and virtual assistants, powered by advanced natural language understanding, are becoming integral components of customer service strategies, contributing to improved customer satisfaction and operational efficiency. This trend aligns with the growing emphasis on delivering personalized and responsive customer experiences.
Moreover, the expansion of conversational interfaces beyond simple chatbots is a notable trend in the market. Conversational computing platforms now encompass voice-enabled devices, virtual assistants, and interactive voice response (IVR) systems. As voice recognition technology advances, users increasingly rely on voice commands for tasks such as information retrieval, smart home control, and hands-free interactions with devices. This trend reflects a shift towards multimodal and multi-sensory conversational experiences, expanding the scope of conversational computing beyond text-based interactions.
Another key trend is the integration of conversational computing into enterprise applications and workflows. Businesses are recognizing the value of incorporating conversational interfaces into collaboration tools, project management systems, and enterprise resource planning (ERP) solutions. This integration enhances communication and productivity within organizations, allowing users to interact with systems, access information, and execute tasks using natural language. The trend towards embedding conversational computing into enterprise applications reflects the broader movement towards user-centric and intuitive software interfaces.
The market is also witnessing a rise in the use of open-domain conversational AI models. Open-domain models, such as large language models, aim to understand and generate human-like responses across a wide range of topics. These models, often trained on extensive datasets, enable more contextually rich and diverse conversations. The trend towards open-domain conversational AI signifies a move towards more sophisticated and versatile conversational systems that can handle a broader array of user inquiries and interactions.
Furthermore, the trend towards democratization of conversational AI is gaining momentum. Advances in low-code and no-code development platforms are empowering non-technical users to create and deploy conversational interfaces without extensive programming knowledge. This democratization trend allows a broader range of professionals, including business analysts and subject matter experts, to contribute to the design and implementation of conversational computing solutions. This aligns with the goal of making conversational AI more accessible and adaptable to the specific needs of diverse industries.
Additionally, the market is experiencing an increased focus on privacy and security in conversational computing. As conversational interfaces handle sensitive information and personal data, there is a growing emphasis on implementing robust security measures and privacy controls. Encryption, secure authentication, and compliance with data protection regulations are becoming integral components of conversational computing platforms. This trend underscores the importance of building trust and ensuring user privacy in the deployment of conversational AI solutions.
Moreover, the incorporation of emotional intelligence into conversational computing is a noteworthy trend. Advanced AI models are being designed to recognize and respond to users' emotional cues, enhancing the overall user experience. Conversational interfaces that can understand and appropriately respond to emotions contribute to more empathetic and engaging interactions. This trend reflects the evolving nature of conversational computing towards creating more human-like and emotionally aware virtual interactions.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|
Conversational Computing Platform Market Highlights:
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 includeÂ
-
IBM Corporation (US)
-
Alphabet, Inc. (US)
-
Microsoft Corporation (US)
-
Amazon.com, Inc. (US)
-
Artificial Solutions (Spain)
-
 Accenture (Ireland)
-
Apexchat (US)
-
Botpress, Inc. (Canada)
-
Cognizant (US)
-
Cognigy GmbH (Germany)
-
Conversica, Inc. (US)
-
Jio Haptik Technologies Limited (India)
-
Nuance Communications, Inc. (US)
-
Omilia Natural Language Solutions Ltd. (Cyprus)
-
Oracle (US).Â
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
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
