Conversational Computing Platform Market Trends and Opportunity Assessment | COVID-19 Analysis

Market Highlights

Global Conversational Computing Platform Market size is expected to register a significant CAGR during the forecast period 2019 to 2025.

According to Market Research Future, the conversational computing platform market has been segmented based on Type, Deployment Type, Technology, Application, Vertical, and Region/Country.

The conversational computing platform is used for various conversational purposes including personal assistance. With the evolution of communication technologies, the rising adoption of artificial intelligence (AI) has increased the implementation of communication between human beings and machines. The importance of messaging applications and social media has been growing with time, which in turn has increased the need for conversational AI platforms that permit machines to understand and process human language that may be in the form of gestures, verbal speech, or textual characters.

Segmentation:

By Type, the global conversational computing platform market analysis has been divided into solution and service. The solution segment has further been divided into chatbots, text assistants, and voice assistants. The voice assistant sub-segment is further divided into natural language processing, natural language understanding, machine learning, and deep learning. The service segment is divided into consulting & training, system integration & deployment, and support & maintenance. Chatbots play an important role in reducing the time consumed in performing business operations, they provide accuracy and precision in their functions. This segment is expected to grow at a fast pace during the forecast period.

By Deployment Type, the global conversational computing platform market has been divided into cloud and on-premise. Since there is a rise in the adoption of cloud technology due to its limitless storage capacity, and easier access as well as a secure operating environment, the cloud segment is expected to grow and dominate the market in the forecast period.

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. The machine learning & deep learning segment is expected to register the highest CAGR during the forecast period. The natural language processing segment is projected to continue its dominance in the forecast period.

Based on Application, the 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. The personal assistance segment leads the conversational computing platform market, whereas the branding & advertisement segment is projected to be the fastest-growing segment during the forecast period as the enterprises are adopting digital marketing solutions for campaigning their business offerings.

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 due to the rising implementation of conversational computing platform solutions such as chatbots for live chat & messaging, lead generation, conversational IVR, conversational commerce, and other 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

The COVID-19 analysis of the Global Conversational Computing Platform Market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is expected to be the largest market due to the presence of a large number of conversational computing platform vendors in the region. The Asia-Pacific region is expected to be the fastest-growing market with a significant CAGR during the forecast period.

Key Players

The Key Players in the Global Conversational Computing Platform Market are 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), and Oracle (US).