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The conversational computing platform market size is estimated to grow by USD 35.65 billion at a CAGR of 55.15% between 2023 and 2028. Conversational computing platforms have witnessed a significant reduction in development time and cost due to the increasing adoption of chatbots. Chatbots have become an indispensable tool for simplifying customer service operations by automating routine queries and providing instant responses. The popularity of messaging apps has further fueled the use of chatbots, enabling businesses to engage with customers in a more conversational and personalized manner. By leveraging natural language processing and machine learning algorithms, chatbots can understand and respond to customer queries effectively, thereby enhancing customer experience and satisfaction. Additionally, chatbots operate 24/7, ensuring that customer queries are addressed promptly, reducing the workload on human agents, and improving overall operational efficiency.
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Conversational computing platforms are revolutionizing the way businesses interact with their customers and automate business processes. These platforms utilize advanced technologies such as speech synthesis and speech recognition, powered by neural networks and natural language understanding, to understand and respond to customer queries in a human-like manner. In industries like insurance, claims inquiries and quotes can be handled efficiently using conversational AI. In healthcare, patient consultations and appointment scheduling can be streamlined. Automated conversational techniques are also being employed in digital marketing, enabling businesses to engage with their customer bases through messaging services and platforms. AI-based technology, including generative AI and computer vision, are being integrated into conversational computing platforms to enhance their capabilities. Voice recognition technology and AI chatbots are becoming increasingly popular, enabling businesses to provide information dissemination and advertising services to their customers. Customer satisfaction is a key focus for businesses, and conversational computing platforms offer a personalized and efficient way to engage with customers, leading to increased loyalty and repeat business. Digital Marketing managers are recognizing the potential of conversational computing platforms to enhance their marketing strategies and improve customer engagement. Overall, the market is expected to grow significantly in the coming years, driven by the increasing demand for efficient and personalized customer interactions and automation of business processes. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Reduction in time and cost required to develop conversational computing platforms is notably driving market growth. Conversational Computing Platforms (CCPs) have gained significant traction in recent years due to their ability to facilitate natural language interactions between humans and internal enterprise systems. With the increasing trend of remote work and the need for IT departments to provide efficient solutions, CCPs have become an essential tool for organizations.
Furthermore, advanced technologies such as Artificial Intelligence (AI), Natural Language Processing (NLP), Machine Learning (ML), Voice recognition, and Big Data analytics have been integral to the development of CCPs. These technologies enable CCPs to understand and respond to human queries effectively. Moreover, the integration of IoTs, Blockchain, and Bi data analytics further enhances their capabilities. The availability of free development tools and research data from major players like Microsoft, Google, and IBM has made the development of chatbots and virtual digital assistants more accessible and cost-effective. Deploying CCPs in the cloud reduces the upfront investment required by organizations, making them an attractive option for businesses of all sizes. Thus, such factors are driving the growth of the market during the forecast period.
The use of AI in conversational computing platforms is the key trend in the market. Conversational computing platforms have evolved from basic query response systems to sophisticated tools capable of handling complex tasks. Advanced technologies such as Natural Language Processing (NLP), Machine Learning (ML), Voice Recognition, Artificial Intelligence (AI), Big Data, Internet of Things (IoTs), and Blockchain are driving this transformation.
Furthermore, AI algorithms analyze conversations with customers to identify keywords and determine their needs. These systems use self-learning capabilities to improve subsequent interactions based on data insights. Sentiment analysis is employed to gauge customer mood, while real-time analytics enables the detection of customer irritation. In the current scenario, with the rise of remote work, conversational computing platforms have become indispensable tools for IT departments to manage internal enterprise systems effectively. Thus, such trends will shape the growth of the market during the forecast period.
Issues associated with data privacy is the major challenge that affects the growth of the market. Conversational computing platforms, which utilize natural language interfaces powered by Artificial Intelligence (AI), Machine Learning (ML), Voice recognition technologies, and Big Data analytics, are revolutionizing the way businesses interact with their internal enterprise systems and customers. These platforms enable remote work and facilitate efficient communication between IT departments and users, enhancing productivity and streamlining processes.
However, privacy concerns persist due to the collection and analysis of user behavior data by NLP and ML algorithms. Some conversational systems, such as voice-activated assistants, record and store user interactions, raising questions about data security and confidentiality. The integration of conversational computing with emerging technologies like IoT, Blockchain, and Bi data analytics is expected to further expand their applications and capabilities. Despite these concerns, the benefits of conversational computing platforms in generating valuable insights from user interactions and improving operational efficiency are significant. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amazon.com Inc. - The company offers conversational computing platform such as Amazon Lex which is a fully managed artificial intelligence (AI) service with advanced natural language models to design, build, test, and deploy conversational interfaces in applications.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the virtual digital assistants segment will be significant during the forecast period. Conversational computing solutions have emerged as a game-changer in various industries, revolutionizing the way businesses engage with their customers and automate business processes. Speech synthesis and speech recognition, powered by neural networks and natural language understanding, enable AI-based conversational techniques to answer customer queries, provide insurance quotes, and handle claims inquiries.
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The virtual digital assistants segment showed a gradual increase in the market share of USD 1.28 billion in 2018. These technologies are increasingly being adopted in sectors such as healthcare, digital marketing, telecom, entertainment and media, travel and hospitality, and startups, among others, to enhance customer satisfaction and streamline operations. AI-driven chatbots and text assistants, utilizing natural language processing, machine learning, and deep learning, facilitate information dissemination, advertising, and customer service. Consulting and training services, along with support and maintenance, ensure seamless implementation and optimization of conversational AI systems in the cloud. Conversational AI, generative AI, and computer vision are the latest advancements in this domain, further expanding its applications in voice recognition technology and messaging services. Businesses across industries are embracing conversational computing platforms to digitally transform their operations and expand their customer bases.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Conversational computing solutions have gained significant traction in various industries due to the integration of advanced technologies such as speech synthesis and recognition, natural language understanding, neural networks, machine learning, deep learning, and computer vision. These technologies enable automated conversational techniques to handle customer queries, provide insurance quotes, process claims inquiries, and offer support in healthcare, digital marketing, and customer service. Businesses across telecom, entertainment and media, travel and hospitality, startups, IT and telecom, and other sectors are leveraging conversational AI and generative AI to enhance their digital transformation initiatives. AI-based chatbots and text assistants have become essential tools for information dissemination, advertising, and customer satisfaction. Voice recognition technology and messaging services have revolutionized communication, making it more interactive and efficient. Consulting and training, as well as support and maintenance, are crucial services ensuring the seamless implementation and optimization of conversational computing solutions in the cloud.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Conversational AI Market: Conversational AI Market by Devlpoment and Geography - Forecast and Analysis
Chatbot Market: Chatbot Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, UK, Germany, Japan - Size and Forecast
Virtual Assistant Market: Virtual Assistant Market by Type, End-user, and Geography - Forecast and Analysis
Conversational computing solutions have revolutionized the way businesses interact with their customers and automate business processes. Speech synthesis and speech recognition technologies power these solutions, enabling natural language understanding between humans and machines. Neural networks, natural language processing, machine learning, and deep learning are the key technologies driving conversational computing. Businesses across various industries, including insurance, healthcare, and telecom, are adopting conversational AI to handle customer queries, provide insurance quotes, and manage claims inquiries. AI-based technology is used for information dissemination, advertising, and digital marketing, enhancing customer satisfaction. Conversational AI comes in various forms such as chatbots, text assistants, and voice assistants.
Furthermore, these automated conversational techniques are transforming digital marketing strategies, enabling businesses to reach larger customer bases. The technology is also being adopted by startups and enterprises undergoing digital transformation in IT and telecom, entertainment and media, travel and hospitality, and other sectors. Consulting and training, support and maintenance, and cloud services are essential aspects of conversational computing solutions. Voice recognition technology and AI chatbots are also gaining popularity in messaging services and messaging platforms for customer service applications. The conversational computing market is expected to grow significantly due to the increasing demand for personalized and efficient customer interactions.
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Market Scope |
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Report Coverage |
Details |
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Page number |
148 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 55.15% |
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Market growth 2024-2028 |
USD 35.65 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
41.68 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 38% |
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Key countries |
US, China, UK, Canada, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alphabet Inc., Amazon.com Inc., Amelia US LLC, Artificial Solutions International AB, Creative Virtual Ltd., Eudata, Inbenta Holdings Inc., International Business Machines Corp., Jio Haptik Technologies Ltd., Kore.ai Inc., Liveperson Inc., Meta Platforms Inc., Microsoft Corp., onereach.ai, Oracle Corp., Pypestream Inc., Rasa Technologies Inc., Rulai, Salesforce Inc., and SmarTek21 LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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