North America Conversational Computing Platform Market, By Type (Solution, Service), Technology (Natural Language Processing, Natura Language Understanding, Machine Learning and Deep Learning, Automated Speech Recognition), Deployment Type (Cloud, On-Premise), Application (Customer Support, Personal Assistance, Branding and Advertisement, Customer Engagement and Retention, Booking Travel Arrangements, Onboarding and Employee Engagement, Data Privacy and Compliance, Others), Vertical (Banking, Financial Services, and Insurance, Retail and E-commerce, Healthcare and Life Sciences, Telecom, Media and Entertainment, Travel and Hospitality, Others) – Industry Trends and Forecast to 2029.
North America Conversational Computing Platform Market Analysis and Size
The increasing adoption of smart electronic devices, such as laptops, smartphones and tablets, is boosting the demand for conversational computing platforms. Virtual assistants such as Google Assistant and Siri are in high demand in households due to their benefits and growing awareness. Conversational computing platforms provide lower cost of operations, automated resolutions and enhanced customer experience.
Data Bridge Market Research analyses that the conversational computing platform market was valued at USD 3214.38 million in 2021 and is expected to reach the value of USD 31660.78 million by 2029, at a CAGR of 33.10% during the forecast period. 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.
North America Conversational Computing Platform Market Scope and Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2022 to 2029
|
|
Base Year
|
2021
|
|
Historic Years
|
2020 (Customizable to 2014 - 2019)
|
|
Quantitative Units
|
Revenue in USD Million, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Type (Solution, Service), Technology (Natural Language Processing, Natura Language Understanding, Machine Learning and Deep Learning, Automated Speech Recognition), Deployment Type (Cloud, On-Premise), Application (Customer Support, Personal Assistance, Branding and Advertisement, Customer Engagement and Retention, Booking Travel Arrangements, Onboarding and Employee Engagement, Data Privacy and Compliance, Others), Vertical (Banking, Financial Services, and Insurance, Retail and E-commerce, Healthcare and Life Sciences, Telecom, Media and Entertainment, Travel and Hospitality, Others)
|
|
Countries Covered
|
U.S., Canada and Mexico in North America
|
|
Market Players Covered
|
IBM (U.S.), Alphabet (US.), 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)
|
|
Market Opportunities
|
|
Market Definition
Conversational computing solutions include multi-faceted machine learning, neural networks, speech synthesis, speech recognition and natural language understanding which are used in business processes. The conversational computing platform is progressively being adopted for automated conversational methods. These solutions deliver straightforward conversation between the AI system and customer in place, to deal with their concerns, problems, and reach the ultimate goal of consumer satisfaction.
Conversational Computing Platform Market Dynamics
Drivers
- Rising demand of chatbot in conversational computing
Conversational computing involves those users communicating with computer programs using voice commands. The chatbot is one of the common types of conversational computing. Chatbots are progressively common in consumer service in terms of shopping, booking travel arrangements and technical support. Microsoft’s Cortana, Amazon’s Alexa and Apple’s Siri are some examples of automated assistants answering to voice commands on mobile devices. Also, the increasing use of Chabot in the E-commerce industry is an important factor drive the market growth. For instance the U.S-based healthy food supermarket chain had launched a chatbot which use for finding super market easy. Thus the use of Chabot will contribute in enhancing consumer services. This factor will increase the consumer base for the company.
- Increasing inclination toward online shopping
The growing e-commerce industry is another important factor in the market, dominating an augmented application of chatbots. Apart from providing 24X7 service to the consumers, conversational computing platforms study the purchase preferences of consumers using procure historical information of the customers, efficient algorithms and offer product recommendations. Thus, the growing inclination towards online shopping, with consumers' rising online purchasing power, is boosting the conversational computing platform market.
Opportunities
- High usage of conversational computing in business procedures
Conversational computing solutions are highly used in business procedures that contain multi-turn conversations. For instance, answering claims inquiries, generating insurance quotes and handling customer queries from healthcare. It includes neural networks, multi-faceted machine learning, speech recognition, speech synthesis, and natural language understanding. Increasing usage of conversational computing in business procedures is expected to create lucrative opportunities for the growth of the conversational computing platform.
Restraints
- Issues associated with security and data privacy
The wide storing of client data puts conversational computing platform continuously at risk. The client data security and privacy is very essential. Thus the increasing concerns about the issues associated with data privacy concerns and undesirable actions by conversational computing platforms are estimated to be a substantial challenge 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 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 all over the globe is resulting in economic decline. Businesses are shut down due to full or partial lockdown. Thus, businesses are handling consumer enquiries and providing consumer support on digital platforms. The conversational computing platform is aiding businesses to deliver hassle-free consumer service during pandemic. Therefore, adoption of conversational computing platforms has augmented during the pandemic. Hence, COVID-19 has a positive impact on the growth of the conversational computing platform market.
North America Conversational Computing Platform Market Scope
The conversational computing platform market is segmented on the basis of type, technology, deployment type, application and vertical. 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 Assistant
- Natural Language Processing
- Natural Language Understanding
- Machine Learning &
- Deep Learning
- Automated Speech Recognition
- Service
- Consulting &
- Training, System Integration
- Deployment
- Support &
- Maintenance
Technology
- Natural Language Processing
- Natura Language Understanding
- Machine Learning and Deep Learning
- Automated Speech Recognition
Deployment Type
- Cloud
- On-Premise
Application
- Customer Support
- Personal Assistance
- Branding and Advertisement
- Customer Engagement and Retention
- Booking Travel Arrangements
- Onboarding and Employee Engagement
- Data Privacy and Compliance
- Others
Vertical
- Banking
- Financial Services, and Insurance
- Retail and Ecommerce
- Healthcare and Life Sciences
- Telecom
- Media and Entertainment
- 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 country, type, technology, deployment type, application and vertical as referenced above.
The countries covered in the conversational computing platform market report are U.S., Canada and Mexico in North America.
North America dominates the conversational computing platform market mainly due to the presence of key market players, including Amazon.com, Inc., Apexchat, Cognizant, Conversica, Inc., IBM Corporation. U.S dominates the North America conversational computing platform market due to increasing adoption of business automation among companies, for instance, AI, machine learning and many other.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact 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, 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 conversational computing platform market.
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)
SKU-