Platforms for conversational computing are pieces of software that let people and machines converse via text or speech. The conversational computing platform offers a variety of services, including text- or voice-based chatbot virtual assistants.
Business processes involving multi-turn dialogues use conversational computing technologies. For instance, producing insurance quotations, managing client inquiries, and responding to healthcare claims questions. It combines machine learning with natural language processing, neural networks, voice synthesis, speech recognition, and multifaceted machine learning.
The global Conversational Computing Platform Market valued at US $18.25 Billion in 2022 is estimated to reach a value of US $287.72 Billion in 2030, growing at a CAGR of 41.16%.
Key Trends Of Global Conversational Computing Platform Market:
Advancement In Machine Learning And AI
Advancement in machine learning, artificial intelligence technologies, and the increasing use of virtual digital assistants in smartphones is further projected to boost the market during the forecast period. Moreover, decrease in the price and time needed to develop conversational computing platforms is projected to drive the market. However, data privacy concerns and undesirable actions by conversational computing platforms is anticipated to hamper the market during the forecast period.
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Segmental Analysis Of Global Conversational Computing Platform Market:
Based On Type:
- Solution
- Chat-bot
- Text Assistant
- Voice Assistant
- Service
- Training and Consulting
- System Integration and Deployment
- Support and Maintenance
Based On Deployment Type:
- On-premise
- On-demand
Based On Technology:
- Natural Language Processing
- Natural Language Understanding
- Machine Learning and Deep Learning
- Automated Speech Recognition
Based On Application:
- Customer Support
- Personal Assistance
- Branding and Advertisement
- Customer Engagement and Retention
- Booking Travel Arrangements
- On-boarding and Employee Engagement
- Data Privacy and Compliance
- Others
Based On Vertical:
- Retail and E-commerce
- Banking, Financial Services and Insurance (BFSI)
- Telecom
- Entertainment and Media
- Travel and Hospitality
- Others
Conversational Computing Platform Market: Geographical Analysis
The global conversational computing platform market is divided into five major countries; North America, Asia-Pacific, Europe, Latin America and Middle East and Africa.
North America dominated the global conversational computing platform market with the largest share. Growth of the market in North America is thrived by increased interest from big technology companies in the conversational computing platform, rising adoption of smartphones and digital transformation, use of advanced technologies, and the growing sale of smart devices such as smart speakers in the region.
The conversational computing platform market in Asia Pacific is projected to expand at a rapid pace during the forecast period.
Conversational Computing Platform Market: Competitive Landscape
Several local, regional, and global players are active in the conversational computing platform market with a strong presence. Rapid technological advancements have created significant opportunities in the market. Players in the market are continuously focusing on developing technologically advanced solutions for their customers.
Accenture, Alphabet, Inc., Amazon.com, Inc., Apexchat, Artificial Solutions, Avaamo, Botpress, Inc., Cognigy GmbH, Cognizant, Conversica, Inc., IBM Corporation, Jio Haptik Technologies Limited, Microsoft Corporation, Nuance Communications, Inc., Omilia Natural Language Solutions Ltd., Oracle and PolyAI Ltd.
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