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Conversational Computing Platform Market Analysis by Component (Solution, Service), Deployment Type (On-Premise, Cloud), by Technology (Natural Language Processing, Natural Language Understanding, Machine Learning and Deep Learning, Automated Speech Recognition), by Application, by Vertical and by Region: Global Forecast, 2024 - 2033

  • PUBLISHED ON
  • 2024-02-08
  • NO OF PAGES
  • 233
  • CATEGORY
  • Electronics & Communication

Market Overview

The Conversational Computing Platform market is predicted to develop at a compound annual growth rate (CAGR) of xx% from 2024 to 2033, when it is projected to reach USD xx Million, based on an average growth pattern. The market is estimated to reach a value of USD xx Million in 2024.


                 

SOURCE: We Market Research

A software program that facilitates natural language communication between people and machines is called a conversational computing platform. To enable smooth communication, it combines response creation, speech recognition, and natural language understanding. Chatbots, virtual assistants, and other conversational interfaces are powered by these platforms and can be found in a variety of apps and devices. They provide individualized and effective solutions by continuously refining their grasp of human language and context through the application of machine learning and artificial intelligence approaches. Conversational Computing Platforms improve user experience, expedite procedures, and enable organizations to interact with customers more successfully in a world that is becoming more and more digital by facilitating intuitive communication.

A number of factors, such as the growing demand for individualized user experiences, the expanding use of AI and machine learning technologies, the growing expectations of customers for quick and easy communication, and the expansion of digital channels for customer engagement, are driving the market for conversational computing platforms. These technologies let companies enhance customer service, automate repetitive operations, and extract insightful information from conversational data. Additionally, by improving the precision and effectiveness of conversational engagements, developments in speech recognition and natural language processing technology further drive market expansion. In general, the need for organizations to remain competitive and satisfy changing client demands is driving the demand for conversational computing platforms.

Market Scope

Report Attributes

Description

Market Size in 2024

USD xx Million

Market Forecast in 2033

USD xx Million

CAGR % 2024-2033

xx%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2033

Report USP

 

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Component, by Deployment Type, by Technology, by Application, by Vertical and By Region

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

 

Conversational Computing Platform Industry: Dynamics & Restrains



 Market opportunity:



 We Market Research: Conversational Computing Platform Dashboard

Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.


Conversational Computing Platform Segmentation

Market- By Component Analysis

By Component, the Conversational Computing Platform Market is Categories into Solution, Service. The Solution segment accounts for the largest share of around 67% in 2024.


Solutions provide the essential functionalities like natural language processing, speech recognition, and chatbots. These features are the foundation of conversational computing platforms.

The following segments are part of an in-depth analysis of the global Conversational Computing Platform market:

Market Segments

 

By  Deployment Type

·         On-Premise

·         Cloud

By  Technology

·         Natural Language Processing

·         Natural Language Understanding

·         Machine Learning and Deep Learning

·         Automated Speech Recognition

By  Application

·         Personal Assistance

·         Branding and Advertisement

·         Data Privacy and Compliance

·         Customer Engagement and Retention

·         Customer Support

By Vertical

·         Retail and Ecommerce

·         BFSI

·         Telecom

·         Entertainment and Media

·         Travel and Hospitality

 

Conversational Computing Platform Industry: Regional Analysis

North America Market Forecast

North America dominate the Conversational Computing Platform Market with the highest revenue generating market with share of more than 46%. The Conversational Computing Platform market in North America thrives due to dominated by major tech companies. North America leads in conversational computing due to advanced tech adoption and significant AI R&D investments, driving innovations in customer experience and digital transformation across industries.


Europe Market Statistics

Europe is witnessing an increasing adoption of conversational AI, driven by GDPR compliance demands and investments in automation, particularly in the UK, Germany, and France. The region places a strong emphasis on digitization and customer-centric strategies.

Asia Pacific Market Forecasts

Asia Pacific is expected to be the fastest-growing regional segment of the Conversational Computing Platform market during the forecast period. In the Asia Pacific region, Rapid smartphone and internet adoption, along with AI investments, propel conversational AI growth across retail, banking, and healthcare in countries like China, India, Japan, and South Korea, catering to a diverse consumer base.

Key Market Players

·         Microsoft Corporation

·         Artificial Solutions

·         Avaamo

·         Cognigy GmbH

·         Cognizant

·         Conversica

·         IBM Corporation

·         Accenture

·         Alphabet

·         Amazon

·         Apexchat

·         Nuance Communications

·         Omilia Natural Language Solutions

·         Oracle

·         PolyAI

·         Other

1.      Global Conversational Computing Platform Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Conversational Computing Platform Market Scope and Market Estimation

1.2.1. Global Conversational Computing Platform Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2033)

1.2.2. Global Conversational Computing Platform Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033

1.3.    Market Segmentation

1.3.1. Component of Global Conversational Computing Platform Market

1.3.2. Technology of Global Conversational Computing Platform Market

1.3.3. Technology of Global Conversational Computing Platform Market

1.3.4. Region of Global Conversational Computing Platform Market

2.      Executive Summary

2.1.    Global Conversational Computing Platform Market Industry Trends under COVID-19 Outbreak

2.1.1. Global COVID-19 Status Overview

2.1.2. Influence of COVID-19 Outbreak on Global Conversational Computing Platform Market Industry Development

2.2.    Market Dynamics

2.2.1. Drivers

2.2.2. Limitations

2.2.3. Opportunities

2.2.4. Impact Analysis of Drivers and Restraints

2.3.    Pricing Trends Analysis & Average Selling Prices (ASPs)

2.4.    Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.

2.5.    Porter’s Five Forces Analysis

2.5.1. Bargaining Power of Suppliers

2.5.2. Bargaining Power of Buyers

2.5.3. Threat of Substitutes

2.5.4. Threat of New Entrants

2.5.5. Competitive Rivalry

2.6.    Value Chain / Ecosystem Analysis

2.7.    Russia-Ukraine War Impacts Analysis

2.8.    Economic Downturn Analysis

2.9.      Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Region

3.      Global Conversational Computing Platform Market Estimates & Historical Trend Analysis (2019 - 2022)

4.      Global Conversational Computing Platform Market Estimates & Forecast Trend Analysis, by COMPONENT

4.1.    Global Conversational Computing Platform Market Revenue (US$ Mn) Estimates and Forecasts, by COMPONENT, 2019 to 2033

4.1.1. Solution

4.1.2. Service

5.      Global Conversational Computing Platform Market Estimates & Forecast Trend Analysis, by Deployment Type

5.1.    Global Conversational Computing Platform Market Revenue (US$ Mn) Estimates and Forecasts, by Deployment Type, 2019 to 2033

5.1.1. On-Premise

5.1.2. Cloud

6.      Global Conversational Computing Platform Market Estimates & Forecast Trend Analysis, by

6.1.    Global Conversational Computing Platform Market Revenue (US$ Mn) Estimates and Forecasts, by Technology, 2019 to 2033

6.1.1. Hospital

6.1.2. speciality Clinics

7.      Global Conversational Computing Platform Market Estimates & Forecast Trend Analysis, by APPLICATION

7.1.    Global Conversational Computing Platform Market Revenue (US$ Mn) Estimates and Forecasts, by Technology, 2019 to 2033

7.1.1. Personal Assistance

7.1.2. Branding and Advertisement

7.1.3. Data Privacy and Compliance

7.1.4. Customer Engagement and Retention

7.1.5. Customer Support

8.      Global Conversational Computing Platform Market Estimates & Forecast Trend Analysis, by VERTICAL

8.1.    Global Conversational Computing Platform Market Revenue (US$ Mn) Estimates and Forecasts, by Technology, 2019 to 2033

8.1.1. Retail and Ecommerce

8.1.2. BFSI

8.1.3. Telecom

8.1.4. Entertainment and Media

8.1.5. Travel and Hospitality

9.      Global Conversational Computing Platform Market Estimates & Forecast Trend Analysis, by Region

9.1.    Global Conversational Computing Platform Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2033

9.1.1. North America

9.1.2. Europe

9.1.3. Asia Pacific

9.1.4. Middle East & Africa

9.1.5. South America

10.  North America Conversational Computing Platform Market: Estimates & Forecast Trend Analysis

10.1.      North America Conversational Computing Platform Market Assessments & Key Findings

10.1.1.   North America Conversational Computing Platform Market Introduction

10.1.2.   North America Conversational Computing Platform Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

10.1.2.1.    By COMPONENT

10.1.2.2.    By Deployment Type

10.1.2.3.    By Technology

10.1.2.4.    By APPLICATION

10.1.2.5.    By VERTICAL

10.1.2.6.    By Country

10.1.2.6.1. The U.S.

10.1.2.6.2. Canada

10.1.2.6.3. Mexico

11.  Europe Conversational Computing Platform Market: Estimates & Forecast Trend Analysis

11.1.  Europe Conversational Computing Platform Market Assessments & Key Findings

11.1.1.   Europe Conversational Computing Platform Market Introduction

11.1.2.   Europe Conversational Computing Platform Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

11.1.2.1.    By COMPONENT

11.1.2.2.    By Deployment Type

11.1.2.3.    By Technology

11.1.2.4.    By APPLICATION

11.1.2.5.    By VERTICAL

11.1.2.6.    By Country

11.1.2.6.1. Germany

11.1.2.6.2. U.K.

11.1.2.6.3. France

11.1.2.6.4. Italy

11.1.2.6.5. Spain

11.1.2.6.6. Russia

11.1.2.6.7. Rest of Europe

12.  Asia Pacific Conversational Computing Platform Market: Estimates & Forecast Trend Analysis

12.1.  Asia Pacific Market Assessments & Key Findings

12.1.1.   Asia Pacific Conversational Computing Platform Market Introduction

12.1.2.   Asia Pacific Conversational Computing Platform Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

12.1.2.1.    By COMPONENT

12.1.2.2.    By Deployment Type

12.1.2.3.    By Technology

12.1.2.4.    By APPLICATION

12.1.2.5.    By VERTICAL

12.1.2.6.    By Country

12.1.2.6.1. China

12.1.2.6.2. Japan

12.1.2.6.3. India

12.1.2.6.4. Australia

12.1.2.6.5. South Korea

12.1.2.6.6. ASEAN

12.1.2.6.7. Rest of Asia Pacific

13.  Middle East & Africa Conversational Computing Platform Market: Estimates & Forecast Trend Analysis

13.1.  Middle East & Africa Market Assessments & Key Findings

13.1.1.   Middle East & Africa Conversational Computing Platform Market Introduction

13.1.2.   Middle East & Africa Conversational Computing Platform Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

13.1.2.1.    By COMPONENT

13.1.2.2.    By Deployment Type

13.1.2.3.    By Technology

13.1.2.4.    By APPLICATION

13.1.2.5.    By VERTICAL

13.1.2.6.    By Country

13.1.2.6.1. U.A.E.

13.1.2.6.2. Saudi Arabia

13.1.2.6.3. Egypt

13.1.2.6.4. South Africa

13.1.2.6.5. Rest of Middle East & Africa

14.  South America Conversational Computing Platform Market: Estimates & Forecast Trend Analysis

14.1.  South America Market Assessments & Key Findings

14.1.1.   South America Conversational Computing Platform Market Introduction

14.1.2.   South America Conversational Computing Platform Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

14.1.2.1.    By COMPONENT

14.1.2.2.    By Deployment Type

14.1.2.3.    By Technology

14.1.2.4.    By APPLICATION

14.1.2.5.    By VERTICAL

14.1.2.6.    By Country

14.1.2.6.1. Brazil

14.1.2.6.2. Argentina

14.1.2.6.3. Colombia

14.1.2.6.4. Rest of South America

15.  Competition Landscape

15.1.  Global Conversational Computing Platform Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

15.2.  Global Conversational Computing Platform Market Competition White Space Analysis, By Technology

15.3.  Global Conversational Computing Platform Market Competition Heat Map Analysis, By Technology

15.4.  Global Conversational Computing Platform Market Concentration & Company Market Shares (%) Analysis, 2022

16.  Company Profiles

16.1.                     Microsoft Corporation

16.1.1.   Company Overview & Key Stats

16.1.2.   Financial Performance & KPIs

16.1.3.   Product Portfolio

16.1.4.   Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

16.2.      Artificial Solutions

16.3.      Avaamo

16.4.      Botpress

16.5.      Cognigy GmbH

16.6.      Cognizant

16.7.      Conversica

16.8.      IBM Corporation

16.9.      Accenture

16.10.  Alphabet

16.11.  Amazon

16.12.  Apexchat

16.13.  Nuance Communications

16.14.  Omilia Natural Language Solutions

16.15.  Oracle

16.16.  PolyAI

16.17.  Others

17.  Research Methodology

17.1.  External Transportations / Databases

17.2.  Internal Proprietary Database

17.3.  Primary Research

17.4.  Secondary Research

17.5.  Assumptions

17.6.  Limitations

17.7.  Report FAQs

18.  Research Findings & Conclusion

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We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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  • Assign a senior SR executive as QA Executive
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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Conversational Computing Platform Market in 2024?

Conversational Computing Platform Market was valued at USD xx Million in 2024.

What is the growth rate for the Conversational Computing Platform Market?

Conversational Computing Platform Market size will increase at approximate CAGR of xx% during the forecasted period.

Which are the top companies operating within the market?

Major companies operating within the Conversational Computing Platform Market are Microsoft Corporation, Artificial Solutions, Avaamo, Botpress, Cognigy GmbH, Cognizant, Conversica, IBM Corporation, Accenture, Alphabet, Amazon, Apexchat, Nuance Communications, Omilia Natural Language Solutions, Oracle, PolyAI.

Which region dominates the Conversational Computing Platform Market?

North America dominates the market with an active share of 46%.

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