Conversational Computing Platform Market Global Revenue and Share Forecasts To 2025

Market Highlights

As per the analysis by Market Research Future Reports (MRFR), the global conversational computing platform market is likely to expand significantly during the forecast period from 2019 to 2025. The global conversational computing platform market 2020 is experiencing a high growth because of the increasing demand from various sectors, which are travel & hospitality, I.T. & telecommunications, BFSI, entertainment & media, and e-commerce & retail. The rapid adoption in digital transformation and the usage of the latest technologies have resulted to the expansion of the market. The conversational computing platform is being adopted at a very pace because it offers a transparent and advanced conversation between the A.I. and the customer. Moreover, digital marketing managers are using AI-based technology to locate their potential targets for marketing campaigns. Apart from this, the conversational computing platform is mostly adopted by the media and entertainment sector for advertising, information dissemination, product discovery, promotions, and other applications.

COVID-19 Analysis

With the surge in COVID-19 impact despite lockdowns along with social distancing measures, academia, governments, along with tech giants are developing solutions that can help reduce the pandemic aftereffects. While the world is facing economic crisis, the demand for next gen technologies such as conversational computing platforms has risen considerably as a response to the SARS-CoV-2.

Conversational computing platforms, especially chatbots, are being used by organizations as an interactive medium for several applications, such as offering updates and information about novel coronavirus, facilitating communication within firms, and more. The efforts being put to achieve a COVID-19 breakthrough can speed up with the help of conversational computing platforms, backed by various modern technologies in the healthcare industry.

Following the enforcement of lockdowns due to the pandemic, tech giants are doing everything they can to mitigate the negative impact of COVID-19, while boosting the capabilities of their conversational computing platforms. Given the widespread demand, more and more tech giants are now investing considerably in their conversational computing platforms, which can help the market stay resilient in the face of COVID-19.

Key Drivers and Primary Deterrents

The strong online presence of a number of companies along with the surge in digital methods of staying in touch with customers has boosted the value of chatbots. Chatbots are increasingly being deployed to address all types of queries of the website users. Chatbots also help boost the marketing strategies that are employed by organizations; therefore, the rising use of advanced chatbots for various purposes is anticipated to induce growth of the conversational computing platform market in the approaching years.

Virtual digital assistants are also in great demand, finding extensive use in the management of smart home devices to help understand and respond to simple as well as complex commands. The favorable scenario has encouraged several players to introduce smartphones and smart speakers that feature virtual digital assistants. With this, these players are not only able to expand their customer base and boost their profits but also benefit the conversational computing platform market in the process.

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Segmentation:

The Global Conversational Computing Platform Market can be classified on the basis of Vertical, Application, Deployment Type, Type, Technology, and Region.

On the basis of vertical, the Global Conversational Computing Platform Market can be classified into banking, retail & e-commerce, financial services & insurance (BFSI), entertainment & media, telecom, travel & hospitality, and others. 

On the basis of application, the Global Conversational Computing Platform Market can be classified into personal assistance, customer support, branding & advertisement, booking travel arrangements, customer engagement & retention, data privacy & compliance, onboarding & employee engagement, and others.

On the basis of deployment type, the Global Conversational Computing Platform Market can be classified into on-premise and cloud.

On the basis of type, the Global Conversational Computing Platform Market can be classified into service and solution.

On the basis of technology, the Global Conversational Computing Platform Market can be classified into automated speech recognition, natural language understanding, natural language processing, and machine learning & deep learning.

On the basis of region, the Global Conversational Computing Platform Market can be classified into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Regional Insight

The key regions across which the market is projected to expand during the assessment period include Europe, North America, the Middle East & Africa/MEA, South America and Asia Pacific/APAC.

North America has been the biggest gainer in the global market, standing on the shoulders of highly celebrated players like IBM Corporation, Microsoft Corporation, Nuance Communications, Inc., Apexchat, Amazon.com, Inc., Conversica, Inc., Cognizant, Oracle, Alphabet Inc., to name a few. In addition to these players, a number of start-ups with expertise in advanced conversational computing platform solutions are expanding their presence in the region. The United States (US) ranks first in the region, thanks to the high uptake of digitization; and the widespread deployment of the latest technologies such as analytics and big data as well as the rising adoption of cloud-based solutions.

The European market is broadly segmented into Germany, the UK and France. It is the second-most profitable market on a global scale, with the UK in the lead and Germany presumed to clinch the fastest growth rate in the years to follow. The region holds a lot of attractive opportunities including AI-based conversational platforms that are finding extensive use among leading graph conversational computing firms of the region.

APAC has the potential to be the fastest expanding market during the conjectured timeline, and Japan, India and China at the vanguard. The fast growing economy of the countries along with the rapid digital transformation across enterprises is proving to be significant promoters in the regional market. The conversational computing solutions and services are being increasingly deployed by the IT and telecom and BFSI industries in the region, which can also boost the market profits in the long run.

The MEA and South American market can rise steadily in the next several years, because of the surge in optimized and efficient business conversational needs. Various enterprises in BFSI, and retail & e-commerce and telecommunication & IT verticals are fast adopting these solutions, which can emerge as a significant opportunity for the leading players in the region.

Significant Players

Significant players that are collaborating and entering into partnerships to gain a bigger share in the conversational computing platform market are Alphabet, Inc. (US), Microsoft Corporation (US), Amazon.com, Inc. (US), IBM Corporation (US), Cognigy GmbH (Germany), Conversica, Inc. (US), Jio Haptik Technologies Limited (India), Accenture (Ireland), Artificial Solutions (Spain), Botpress, Inc. (Canada), Oracle (US), Omilia Natural Language Solutions Ltd. (Cyprus), Apexchat (US), Nuance Communications, Inc. (US), Cognizant (US), to mention a few.

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