Conversational Computing Platform: Introduction
- Conversational computing platforms are software programs that enable communication between computers and humans over text or voice inputs. The conversational computing platform includes various solutions such as chatbot virtual assistants through text or voice.
- Conversational computing solutions are used in business procedures that comprise multi-turn conversations. For instance, generating insurance quotes, handling customer queries, and answering claims inquiries from healthcare. It includes speech recognition, speech synthesis, neural networks, multi-faceted machine learning, and natural language understanding
- The conversational computing platform is gradually adopted for automatic conversational systems. These solutions offer straight and easy conversation between the customer and the AI system to deal with their concerns, problems, and gain customer satisfaction. Digital marketing managers, and the media & entertainment industry extensively use conversational computing solutions for advertising, promotions, information broadcasting, and product discovery, amongst other applications.
Global Conversational Computing Platform Market: Dynamics
Global Conversational Computing Platform Market: Key Drivers
- Chatbots enable companies to deliver automated customer support. Thus, the utilization of conversational computing platforms has increased for customer service support. The increasing usage of chatbots on messaging apps is estimated to boost the conversational computing platform market during the forecast period.
- Advancement in machine learning, artificial intelligence technologies, and the increasing use of virtual digital assistants in smartphones is further projected to boost the market during the forecast period.
- Moreover, decrease in the price and time needed to develop conversational computing platforms is projected to drive the market.
- However, data privacy concerns and undesirable actions by conversational computing platforms is anticipated to hamper the market during the forecast period.
Impact of COVID-19 on the Global Conversational Computing Platform Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Businesses are closed due to partial or full lockdown. Therefore, businesses are handling customer queries and providing customer support on digital platforms. The conversational computing platform is helping businesses to provide hassle-free customer service during the time of the pandemic. Thus, adoption of conversational computing platforms has increased during the pandemic. Hence, COVID-19 has a positive impact on the conversational computing platform market.
North America to Hold Major Share of the Global Conversational Computing Platform Market
- In terms of region, the global conversational computing platform market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global conversational computing platform market with the largest share. Growth of the market in North America is driven by increasing interest from big technology companies in the conversational computing platform, rising adoption of smartphones and digital transformation, use of advanced technologies, and the growing sale of smart devices such as smart speakers in the region.
- The conversational computing platform market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to the increase in expenditure by the population on adopting advanced technologies, utilization of conversational computing platforms by several companies for customer service support, and digital transformation of enterprises in the region.
Global Conversational Computing Platform Market: Competition Landscape
Several local, regional, and global players are active in the conversational computing platform market with a strong presence. Rapid technological advancements have created significant opportunities in the market. Players in the market are continuously focusing on developing technologically advanced solutions for their customers.
Key Players Operating in the Global Conversational Computing Platform Market Include:
- Alphabet, Inc.
- Amazon.com, Inc.
- Artificial Solutions
- Botpress, Inc.
- Cognigy GmbH
- Conversica, Inc.
- IBM Corporation
- Jio Haptik Technologies Limited
- Microsoft Corporation
- Nuance Communications, Inc.
- Omilia Natural Language Solutions Ltd.
- PolyAI Ltd.
Global Conversational Computing Platform Market: Research Scope
Global Conversational Computing Platform Market, by Type
- Text Assistant
- Voice Assisted
- Training & Consulting
- System Integration and Deployment
- Support & Maintenance
Global Conversational Computing Platform Market, by Deployment Mode
Global Conversational Computing Platform Market, by Technology
- Natural Language Processing
- Natural Language Understanding
- Machine Learning and Deep Learning
- Automated Speech Recognition
Global Conversational Computing Platform Market, by Application
- Customer Support
- Personal Assistance
- Branding & Advertisement
- Customer Engagement & Retention
- Booking Travel Arrangements
- Onboarding & Employee Engagement
- Data Privacy & Compliance
Global Conversational Computing Platform Market, by Vertical
- Retail & E-commerce
- Banking, Financial Services & Insurance (BFSI)
- Entertainment & Media
- Travel & Hospitality
Global Conversational Computing Platform Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.