Global Conversational Computing Platform Market, By Component (Solution, Service), Deployment Type (On-Premise, Cloud), Technology (Natural Language Processing, Natural Language Understanding, Machine Learning and Deep Learning, Automated Speech Recognition), Application (Personal Assistance, Branding and Advertisement, Data Privacy and Compliance, Customer Engagement and Retention, Customer Support, Others), Vertical (Retail and Ecommerce, BFSI, Telecom, Entertainment and Media, Travel and Hospitality, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Conversational Computing Platform Market
The conversational computing platform market is expected to witness market growth at a rate of 58.5% in the forecast period of 2021 to 2028. Data Bridge Market Research report on conversational computing platform market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth.
The conversational computing solutions contains speech recognition, speech synthesis, multi-faceted machine learning, natural language understanding, and neural networks are utilized in business procedures that includes multi-turn conversations in the management of customer queries, generating insurance quotes, and answering claims inquiries from healthcare. The conversational computing platform is gradually being accepted for automated conversational techniques.
Major factors that are expected to boost the growth of the conversational computing platform market in the forecast period are the rise in the utilization of customer service support by several companies on their mobile application or website, the developments in the artificial intelligence and machine learning technologies and the growing usage of virtual digital assistants in smartphones. Furthermore, the decrease in time and the price needed to develop the conversational computing platforms, the utilization of chatbots simplifying customer service operations and the increase usage of chatbots on messaging apps are few of the factors that are anticipated to propel the conversational computing platform market growth in the timeline period.
On the other hand, the concerns regarding the data privacy, the chatbots substituting the manual work and the unnecessary actions presented by the conversational computing platforms are further estimated to derail the growth of the conversational computing platform market in the near future.
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 localised 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 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.
Conversational Computing Platform Market Scope and Market Size
The conversational computing platform market is segmented on the basis of component, deployment type, technology, application and vertical. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the conversational computing platform market is segmented into solution, service.
- On the basis of deployment type, the conversational computing platform market is segmented into on-premises, cloud.
- On the basis of technology, the conversational computing platform market is segmented into natural language processing, natural language understanding, machine learning and deep learning, automated speech recognition.
- On the basis of application, the conversational computing platform market is segmented into personal assistance, branding and advertisement, data privacy and compliance, customer engagement and retention, customer support, others.
- On the basis of vertical, the conversational computing platform market is segmented into retail and ecommerce, BFSI, telecom, entertainment and media, travel and hospitality, others.
Conversational Computing Platform Market Country Level Analysis
The conversational computing platform market is analysed and market size, volume information is provided by country, component, deployment type, technology, application and vertical as referenced above.
The countries covered in the conversational computing platform market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific dominates the conversational computing platform market due to the increase in the government funding for accepting the innovation in the business. Furthermore, the increase in the utilization of customer service support by several companies on their mobile application or website will further boost the growth of the conversational computing platform market in the region during the forecast period. Europe is projected to observe significant amount in the conversational computing platform market due to the rise in the expenditure by the population. Moreover, the increase in the consumption of Chabot in the E-commerce sector is further propel the growth of the conversational computing platform market in the region in the coming years.
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 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, regional presence, 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 conversational computing platform market.
The major players covered in the conversational computing platform market report are Alphabet Inc., IBM, Microsoft Corporation, Nuance Communications, Inc., Nuacem., Apexchat, Artificial Solutions, Conversica, Inc., Jio Haptik Technologies Limited, Rulai., Cognizant, PolyAI Ltd., Avaamo, SAP, Cognigy, Botpress, 42Chat., Accenture, Amazon.com, Inc., Oracle, Omilia Natural Language Solutions Ltd, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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