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.

Conversational Computing Platform Market report gives inside and out audit of the Expansion Drivers, Potential Challenges, Distinctive Trends, and Opportunities with forecast.

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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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.

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 RD 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.

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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.