Europe Conversational Computing Platform Market, By Type (Solution, Services), Deployment Type (Cloud-Based, On-Premise), Technology (Natural Language Processing, Natural Language Understanding, Machine Learning and Deep Learning, Automated Speech Recognition), Application (Customer Support, Personal Assistance, Branding and Advertisement, Customer Engagement and Retention, Booking Travel Arrangements, Onboarding and Employee Engagement, Data Privacy and Compliances, Others), End Users (Retail and E-Commerce, Banking, Financial Services and Insurance (BFSI), IT and Telecom, Entertainment and Media, Travel and Hospitality) – Industry Trends and Forecast to 2030.
Europe Conversational Computing Platform Market Analysis and Size
The conversational computing platform is a set of techniques that allows the user to enable computer application processes, and understand and respond to the voice and text-related commands. The rising adoption of big data analytics and cloud-based services are the factors boosting the growth of the market. The cloud-based segment held the largest generated revenue share in 2020. Furthermore, the increasing use of Chabots’ in various AI-powered applications is also a factor boosting the market's growth over the forecasted period.
Conversational computing platform market was valued at USD 29413.82 million in 2022 and is expected to reach USD 255106.69 million by 2030, registering a CAGR of 31% during the forecast period of 2023-2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Europe Conversational Computing Platform Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015- 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Solution, Services), Deployment Type (Cloud-Based, On-Premise), Technology (Natural Language Processing, Natural Language Understanding, Machine Learning and Deep Learning , Automated Speech Recognition), Application (Customer Support, Personal Assistance, Branding and Advertisement, Customer Engagement and Retention, Booking Travel Arrangements, Onboarding and Employee Engagement, Data Privacy and Compliances, Others), End Users (Retail and E-Commerce, Banking, Financial Services and Insurance (BFSI), IT and Telecom, Entertainment and Media, Travel and Hospitality)
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Countries Covered
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Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe
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Market Players Covered
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IBM (U.S.), Alphabet (U.S.), Microsoft (U.S.), Amazon Web Services, Inc. (U.S.), Artificial Solutions (Sweden), Accenture (Ireland), Apexchat (U.S.), Botpress (Canada), Cognizant (U.S.), Cognigy (Germany), Conversica, Inc. (U.S.), Jio Haptik Technologies Limited (India), Nuance Communications, Inc. (U.S.), Omilia Natural Language Solutions Ltd (Cyprus), Oracle (U.S.), Nuacem AI (India), PolyAI Ltd., (U.K.), SAP (Germany)
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Market Opportunities
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Market Definition
Conversational computing platforms are software programs that enable communication between computers and humans over text or voice inputs. This platform includes various solutions such as Chabot virtual assistants through text or voice and other innovations. They are used for wide range of applications such as generating insurance quotes, handling customer queries and answering claims inquiries from healthcare and speech recognition facilities.
Europe Conversational Computing Platform Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Accelerating urbanization across the globe
The rising adoption of artificial intelligence has largely changed the era of digitalization. Urbanization depends on social and communication infrastructure in addition to physical infrastructure. Big data and IOTs have contributed significantly to the success of computing platforms by providing a significant amount of data gathered from diverse sources. Through highly networked services, IoT enables the integration of sensors, actuators, radio frequency, and Bluetooth in a real environment. Moreover, the increased emphasis on efficiency brought on by rising urbanization is also a factor driving the growth of the market over the forecasted period.
- Favourable initiatives carried out by the government
Governments' growing adoption of big data analytics will accelerate the overall market expansion during the forecast period. Additionally, the improvement in people's living standards is anticipated to drive the growth rate of the. The rising disposable income of the population will further positively impact the market's growth rate during the forecast period.
Opportunities
- Adoption of various advanced technologies
The increased adoption of various advanced technologies is further estimated to generate lucrative opportunities for the market, which will further expand the conversational computing platform market’s growth rate in the future. Advanced technologies such as artificial intelligence, machine learning, blockchain bi-data analytics are being used to build conversational computing platforms. These technologies are rising worldwide due to their expanding use across numerous industries. All these factors are creating growth opportunities for the market over the forecasted period.
Restraints/Challenges
- High implementation costs
Smart technology implementation demands a significant financial investment. These technologies can be quite expensive to build an infrastructure. Therefore, the high costs as well as the investments required are further expected to obstruct market growth over the forecast period.
- Data privacy concerns
Businesses have been dealing into cutting-edge, AI-powered algorithms to create new sensitive information due to which privacy concerns are emerging. As a result, these data privacy issues will further create various challenges for the conversational computing platform market.
This conversational computing platform market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the b conversational computing platform market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Conversational Computing Platform Market
Increasing cases of covid-19 across the globe is resulting in economic slowdown. Businesses were closed to partial or full lockdown. The business started handling customer queries and providing customer support on digital platform. The conversational computing platforms helped businesses provide hassle-free customer service during 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.
Recent Developments
- In 2019, PolyAI Ltd. raised USD 12 million in funding for series A. This investment will help the company develop more sophisticated AI technology for its customers, enhancing the company's product portfolio.
Europe Conversational Computing Platform Market Scope
The conversational computing platform market is segmented on the basis of type, deployment type, technology, application and end users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Solution
- Chatbot
- Text Assistant
- Voice Assisted
- Service
- Training & Consulting
- System Integration and Deployment
- Support & Maintenance
Deployment Type
- Cloud-Based
- On-Premise
Technology
- Natural Language Processing
- Natural Language Understanding
- Machine Learning and Deep Learning
- Automated Speech Recognition
Application
- Customer Support
- Personal Assistance
- Branding and Advertisement
- Customer Engagement and Retention
- Booking Travel Arrangements
- Onboarding and Employee Engagement
- Data Privacy and Compliances
- Others
End Users
- Retail and E-Commerce
- Banking, Financial Services and Insurance (BFSI)
- IT and Telecom
- Entertainment and Media
- Travel and Hospitality
- Others
Conversational Computing Platform Market Regional Analysis/Insights
The conversational computing platform market is analyzed and market size insights and trends are provided by type, deployment type, technology, application and end users as referenced above.
The countries covered in the conversational computing platform market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Europe Conversational Computing Platform Market Share Analysis
The conversational computing platform market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to.
Some of the major players operating in the conversational computing platform market are
- IBM (U.S.)
- Alphabet (U.S.)
- Microsoft (U.S.)
- Amazon Web Services, Inc. (U.S.)
- Artificial Solutions (Sweden)
- Accenture (Ireland)
- Apexchat (U.S.)
- Botpress (Canada)
- Cognizant (U.S.)
- Cognigy (Germany)
- Conversica, Inc. (U.S.)
- Jio Haptik Technologies Limited (India)
- Nuance Communications, Inc. (U.S.)
- Omilia Natural Language Solutions Ltd (Cyprus)
- Oracle (U.S.)
- Nuacem AI (India)
- PolyAI Ltd., (U.K.)
- SAP (Germany)
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