Global 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 Ecommerce, Healthcare and Life Sciences, Telecom, Media and Entertainment, Travel and Hospitality, Others), By Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, U.K., Netherlands, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia Pacific, Saudi Arabia, U.A.E, Egypt, Israel South Africa, Rest of Middle East and Africa), Market Trends and Forecast to 2027.
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Market Analysis and Insights: Global Conversational Computing Platform Market
Conversational computing platform market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 32.3% in the forecast period of 2020 to 2027and expected to reach USD 45,845.50 million by 2027 from USD 4,924.88 million in 2019. People are rapidly shifting towards conversation based machines; this is expected to be the driving factor for this market.
Chatbots are user interface of conversational platforms and its related assistants, where conversational platforms enable chatbots to operate and decode the natural language. SMS, social media and other interactive platforms are integrated in these conversational platforms. APIs (application programming interfaces) are provided by conversational platform so as to integrate other interactive platforms.
Rising use of customer service support by many companies on their mobile application or website is expected to drive the market growth for this market. For instance, according to Oracle out of every 10 business entities almost 8 have implemented or planning to implement AI enabled customer service support by 2020. Advancements in artificial intelligence and machine learning are enhancing the growth rate for this market. For instance, according to Accenture by 2035 advancements in AI will lead to 40% increase in productivity through it.
This conversational computing platform market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Global Conversational Computing Platform Market Scope and Market Size
Conversational computing platform market is segmented of the basis of type, technology, deployment type, 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 type, the market is segmented into solution and services. Rising demand and adaptability for chatbots to communicate with digital technologies by speaking natural languages or local languages and get the work done through artificial intelligence. Chatbots have increased work efficiency of industrial operations as well as day to day personal activities. Chatbots are accurate, precise and have helped in reducing operational time. This factor allows market to grow with highest CAGR in the forecasted period of 2027
- On the basis of technology, the market is segmented into natural language processing, natural language understanding, machine learning and deep learning, automated speech recognition. Natural language processing segment is dominating the market while machine learning and deep learning are expected to grow with highest CAGR for forecasted of 2027. Machine learning and deep learning augments natural language processing. Earlier natural language processing rules were all hand written, but now with augmentation of machine learning and deep learning algorithms, conversations with chatbots have been more responsive.
- On the basis of deployment type, the market is segmented into cloud and on-premise. Cloud is dominating the market there is limitless storage capacity and no need of physical storage device for storing the recorded data. Based on previous records on massive cloud storage capacity chatbots can detect pattern of decision making of a person. Cloud is dominating the segment and leading companies are focussing on cloud based conversational computing platforms. For instance, IBM Watson Assistant is awarded leader in cloud based conversational computing platforms
- On the basis of application, the market is segmented into customer support, personal assistance, branding and advertisement, customer engagement and retention, booking travel arrangements, onboarding and employee engagement, data privacy and compliance, others. Personal assistance is dominating the market while branding and advertisement is expected to grow at a highest CAGR for forecasted period. Increasing digital marketing trend is co-relating with the application of conversational computing platforms. Digital marketers would prefer digitally managed solutions for their campaigns rather than hand managed campaigns in order to save time and cost as well as getting more accurate campaigns. Asia-Pacific being the highest growing region for conversational computing platforms, companies are focusing on providing are focussing on providing solutions according to regional languages.
- On the basis of Vertical, the market is segmented into banking, financial services, and insurance, retail and ecommerce, healthcare and life sciences, telecom, media and entertainment, travel and hospitality, others. Retail & Ecommerce segment is dominating the market while banking, financial services, and insurance is expected to grow at highest CAGR as smartphone industry and chatbots have enabled people to use banking applications and operations seamlessly in quick span of time. In addition, chatbots for banking services have helped people save time and efforts for carrying out small scale day to day financial activities.
Conversational Computing Platform Market Country Level Analysis
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Conversational computing platform market is analysed and market size information is provided by country by 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, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific in the Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, South Africa, Rest of Middle East and Africa as a part of Middle East and Africa, Brazil, Argentina and Rest of South America as part of South America.
Country Level Analysis, By Deployment Type
Asia-Pacific dominates the conversational computing platform market as Japan is one leader in the conversational computing platform is due to the rising government funding for adopting the innovation in the business has further increase the adoption of AI tool in the business .For instance Japan government had provided USD 1.44 billion for both private and public sector company. It has been witness that The Europe region is expected to grow with the highest growth rate in the forecast period of 2020 to 2027 because of increasing consumption by population.
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 such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Growing Familiarity and Dependence of People on Conversational Computing Platform Can Enhance Research and Development
Conversational computing platform market also provides you with detailed market analysis for every country growth in cloud based industry with conversational computing platform sales, services, impact of technological development in software and changes in regulatory scenarios with their support for the conversational computing platform market. The data is available for historic period 2010 to 2018.
Competitive Landscape Conversational Computing Platform Market Share Analysis
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, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to global conversational computing platform market.
The major players covered in the report are Alphabet Inc (google), IBM Corporation, Microsoft, Nuance Communications, Inc., Tresm Labs, Apexchat, Artificial Solutions, Conversica, Inc., Haptik, Inc., Rulai, Cognizant, PolyAI Ltd., Avaamo, SAP SE, Cognigy GmbH, Botpress, Inc., 42Chat, Accenture, Amazon.com, Inc., Oracle, Omilia Natural Language Solutions Ltd, among other players domestic and global. Conversational computing platform market share data is available for Global, North America, Europe, Asia-Pacific, Middle East and Africa and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many joint ventures and developments are also initiated by the companies worldwide which are also accelerating the global Conversational computing platform market.
- In October 2019, Artificial Solutions has signed a partnership agreement with Mobinology, which is a leading service provider of AI in Macau and Hong Kong region. Through this partnership, Mobinology will get high level of expertise in development and deployment of conversational AI applications. This will help the company to establish its presence in China’s special administrative regions (SAR).
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for Conversational computing platform through expanded model range.
Customization Available : Global Conversational Computing Platform Market
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