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
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