Asia-Pacific Conversational Computing Platform Market – Industry Trends and Forecast to 2030

Asia-Pacific 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 2030.

 Asia-Pacific Conversational Computing Platform Market Analysis and Size

Conversational computing platform is increasingly implemented for automatic conversational systems. These solutions provide easy and straight conversation between customer and AI system to deal with their problems, concerns and gain customer satisfaction. The media and entertainment industry and digital marketing managers widely use conversational computing solutions for, information broadcasting, advertising, promotions and product discovery. Conversational computing platforms provide automated resolutions, enhanced customer experience and lower cost of operations which will help the market to grow during the forecast period.

Data Bridge Market Research analyses that the conversational computing platform market is expected to reach USD 27,251.35 million by 2030, which is USD 2,455.53 million in 2022, at a CAGR of 35.10% 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.

Asia-Pacific Conversational Computing Platform Market Scope and Segmentation

Market Definition

Conversational computing platforms are those software programs which allow communication between humans and computers over voice or text inputs. The conversational computing platform includes many solutions such as chatbot virtual assistants through voice or text. Conversational computing solutions are used in both personal and business procedures that comprise multi-turn conversations.

Asia-Pacific Conversational Computing Platform Market

Drivers

• Increasing inclination towards online shopping

The major significant factor in the global market that increases the application of chatbots is the expanding e-commerce sector. Apart from offering 24X7 service to the consumers, conversational computing platforms also analyze the purchase preferences of consumers using previous information of the customers. Thus, the rising inclination towards online shopping with the increasing online purchasing power of the consumers, is enhancing the growth of the conversational computing platform market.

• Increasing use of virtual digital assistance

 Users which are communicating with computer programs by using voice commands are using conversational computing platforms. One of the popular forms of conversational computing is the chatbot. Chatbots are becoming more prevalent in customer service for tasks including shopping, making trip reservations, and providing technical help. Microsoft’s Cortana, Apple’s Siri and Amazon’s Alexa are some of the major examples of automated assistants answering voice commands on mobile devices. Also, the increasing use of Chabot in the e-commerce industry is an important factor drive the market growth. U.S.-based chain of supermarkets for healthy foods recently introduced a chatbot which used for finding super market easily. Therefore, using Chabot will help improve customer services and drive the market growth in the forecast period.  

Opportunities

• High usage of conversational computing platforms in business procedures

Conversational computing platforms are frequently utilized in multi-turn conversational business processes. For instance, resolving consumer questions about healthcare and conducting insurance quote generation. It combines neural networks, various machine learning techniques, speech synthesis, speech recognition, and natural language understanding. It is anticipated that conversational computing will become more widely used in business processes which will create lucrative potential for the platform's expansion.

• Increasing demand of conversational computing platform for personal purposes

The personal use application of conversational computing platform is used for voice and assistants. The use of conversational computing platform are not limited to voice assistant, it has also integrated with messaging platforms such as WhatsApp, Facebook Messenger and many other. Other uses are setting reminders at the proper times based on the user's daily schedule. Therefore, increasing demand of conversational computing platform for personal purposes is expected to create lucrative potential for the market expansion during the forecast period.

Restraints

• Issues associated with data security and privacy

The large storage of client data or information puts conversational computing platform continuously at risk. The security and privacy of client data is very essential for the providers. Therefore, the increasing concerns regarding the issues associated with data privacy and undesirable actions by conversational computing platforms are projected to be a major challenge for the market growth during the forecast period.

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.

Recent Development

• In 2019, Artificial Solutions signed a partnership contract with Mobinology, eading service provider of AI in Hong Kong and Macau region. With this partnership, Mobinology will gain high level of expertise in deployment and development of conversational AI applications. This will aid the company  in creating its presence in special administrative regions (SAR).

Asia-Pacific 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 andamp
• Deep Learning
• Automated Speech Recognition
• Service
• Consulting andamp
• Training, System Integration and amp
• Deployment
• Support andamp
• 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 E-commerce
• 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 China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).

Asia-Pacific dominates the market due to China's high labor cost, which has increased the adoption of automation tool in the business. These automation tools allow the business to increase customer experience, save time, and more. For instance, it has been witness that per labor cost in 2017 was USD 5.51 which has increase to USD 5.78 in 2018 in China. As result, the demand for the conversational computing platform increases in china.

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 (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)