Market Highlights
Market Research Future (MRFR) confirms that the conversational computing platform market 2020 can expand at a significant rate from 2019 to 2025, which is the appraisal period. We will provide covid-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak.
COVID-19 Analysis
With the surge in COVID-19 impact despite lockdowns along with social distancing measures, academia, governments, along with tech giants are developing solutions that can help reduce the pandemic aftereffects. While the world is facing economic crisis, the demand for next gen technologies such as conversational computing platforms has risen considerably as a response to the SARS-CoV-2.
Conversational computing platforms, especially chatbots, are being used by organizations as an interactive medium for several applications, such as offering updates and information about novel coronavirus, facilitating communication within firms, and more. The efforts being put to achieve a COVID-19 breakthrough can speed up with the help of conversational computing platforms, backed by various modern technologies in the healthcare industry.
Following the enforcement of lockdowns due to the pandemic, tech giants are doing everything they can to mitigate the negative impact of COVID-19, while boosting the capabilities of their conversational computing platforms. Given the widespread demand, more and more tech giants are now investing considerably in their conversational computing platforms, which can help the market stay resilient in the face of COVID-19.
Segmentation:
By Type, the global conversational computing platform market size has been divided into solution and service. The solution segment has further been divided into chatbots, text assistants, and voice assistants. The voice assistant sub-segment is further divided into natural language processing, natural language understanding, machine learning, and deep learning. The service segment is divided into consulting & training, system integration & deployment, and support & maintenance. Chatbots play an important role in reducing the time consumed in performing business operations, they provide accuracy and precision in their functions. This segment is expected to grow at a fast pace during the forecast period.
By Deployment Type, the global conversational computing platform market has been divided into cloud and on-premise. Since there is a rise in the adoption of cloud technology due to its limitless storage capacity, and easier access as well as a secure operating environment, the cloud segment is expected to grow and dominate the market in the forecast period.
Based on Technology, the global conversational computing platform market has been divided into natural language processing, natural language understanding, machine learning & deep learning, and automated speech recognition. The machine learning & deep learning segment is expected to register the highest CAGR during the forecast period. The natural language processing segment is projected to continue its dominance in the forecast period.
Based on Application, the conversational computing platform market has been divided into customer support, personal assistance, branding & advertisement, customer engagement & retention, booking travel arrangements, onboarding & employee engagement, data privacy & compliance, and others. The personal assistance segment leads the conversational computing platform market, whereas the branding & advertisement segment is projected to be the fastest-growing segment during the forecast period as the enterprises are adopting digital marketing solutions for campaigning their business offerings.
Based on Vertical, the global conversational computing platform market has been divided into retail & e-commerce, banking, financial services & insurance (BFSI), telecom, entertainment & media, travel & hospitality, and others. The BFSI vertical is expected to report the fastest growth during the forecast period due to the rising implementation of conversational computing platform solutions such as chatbots for live chat & messaging, lead generation, conversational IVR, conversational commerce, and other end uses in this vertical.
The Global Conversational Computing Platform Market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Regional Analysis
The key regions across which the market is projected to expand during the assessment period include Europe, North America, the Middle East & Africa/MEA, South America and Asia Pacific/APAC.
North America has been the biggest gainer in the global market, standing on the shoulders of highly celebrated players like IBM Corporation, Microsoft Corporation, Nuance Communications, Inc., Apexchat, Amazon.com, Inc., Conversica, Inc., Cognizant, Oracle, Alphabet Inc., to name a few. In addition to these players, a number of start-ups with expertise in advanced conversational computing platform solutions are expanding their presence in the region. The United States (US) ranks first in the region, thanks to the high uptake of digitization; and the widespread deployment of the latest technologies such as analytics and big data as well as the rising adoption of cloud-based solutions.
The European market is broadly segmented into Germany, the UK and France. It is the second-most profitable market on a global scale, with the UK in the lead and Germany presumed to clinch the fastest growth rate in the years to follow. The region holds a lot of attractive opportunities including AI-based conversational platforms that are finding extensive use among leading graph conversational computing firms of the region.
APAC has the potential to be the fastest expanding market during the conjectured timeline, and Japan, India and China at the vanguard. The fast growing economy of the countries along with the rapid digital transformation across enterprises is proving to be significant promoters in the regional market. The conversational computing solutions and services are being increasingly deployed by the IT and telecom and BFSI industries in the region, which can also boost the market profits in the long run.
The MEA and South American market can rise steadily in the next several years, because of the surge in optimized and efficient business conversational needs. Various enterprises in BFSI, and retail & e-commerce and telecommunication & IT verticals are fast adopting these solutions, which can emerge as a significant opportunity for the leading players in the region.
Key Players
The Key Players in the Global Conversational Computing Platform Market are IBM Corporation (US), Alphabet, Inc. (US), Microsoft Corporation (US), Amazon.com, Inc. (US), Artificial Solutions (Spain), Accenture (Ireland), Apexchat (US), Botpress, Inc. (Canada), Cognizant (US), Cognigy GmbH (Germany), Conversica, Inc. (US), Jio Haptik Technologies Limited (India), Nuance Communications, Inc. (US), Omilia Natural Language Solutions Ltd. (Cyprus), and Oracle (US).
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