Conversational Computing Platform Market by Type and Geography - Forecast and Analysis 2022-2026

“The Conversational Computing Platform Market is poised to grow by USD 18.25 billion during 2022-2026, accelerating at a CAGR of 41.16% during the forecast period”

Technavio market report provides a holistic analysis, market size and forecast, trends, growth drivers, challenges, and vendor analysis covering around 15 vendors. Furthermore, this report extensively covers conversational computing platform market segmentation by type (virtual digital assistants and chatbots) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The market report also offers information on several market vendors, including Alphabet Inc., Amazon.com Inc., Amelia US LLC, Artificial Solutions International AB, Creative Virtual Ltd., Eudata, Inbenta Technologies 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.com Inc., and SmarTek21 LLC among others.

What will the Conversational Computing Platform Market Size be During the Forecast Period?

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Parent Market Analysis

Our Technavio Research categorizes the report belonging to Software Industry for the market. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions.

Conversational Computing Platform Market: Key Drivers, Trends, and Challenges

Technavio Research categorizes the global Conversational Computing Platform Market belonging to the Software and Services Industry. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forecast year.

The market is extremely competitive with all sizes of businesses, including large, medium, and small-sized companies vying to monopolize the market. The tremendous development in various fields such as product innovations and new product launches by manufacturers operating in the market will drive the growth further.

Key Conversational Computing Platform Market Driver

• The reduction in time and cost required to develop conversational computing platforms is one of the key drivers supporting the conversational computing platform market growth. 
• Several organizations were aware of the benefits of using conversational computing platforms due to their novelty. However, large-scale deployments were not feasible initially due to the time and cost associated with the development of conversational computing platforms.
• In the last few years, CSPs such as Microsoft, Google, and IBM had released frameworks and free development tools as well as a large volume of research data.
• The availability of such tools and data made the low-cost development of chatbots and virtual digital assistants using advanced technologies such as AI, NLP, and speech recognition possible. Moreover, deploying chatbots in the cloud reduces the investments required by organizations. These factors will drive conversational computing platform market growth during the forecast period.

Key Conversational Computing Platform Market Trend

• The use of AI in conversational computing platforms is one of the key conversational computing platform market trends that is contributing to market growth. 
• The advent of advanced technologies such as AI and ML has enabled chatbots and virtual digital assistants to perform complex tasks. 
• AI can be used to determine the keywords in conversations with customers. It can then determine the needs of customers and take appropriate actions. AI algorithms draw insights from every conversation.
• Self-learning AI algorithms use data to improve subsequent interactions. Furthermore, sentiment analysis can be used to understand the mood of customers.
• Real-time analytics enables the ability to understand if customers are becoming irate. Thus, conversational computing platforms can then quickly switch back to a human operator or supervisor to help resolve the issues of customers. Such feasible features of using AI will boost the market growth during the forecast period.

Key Conversational Computing Platform Market Challenge

• Issues associated with data privacy are one of the factors hindering the conversational computing platform market growth. 
• Some vendors such as Artificial Solutions allow customers to own the data generated by their conversational computing platform. However, not all vendors provide such flexibility. Most users also do not realize the amount of data being shared and the policies for third-party sharing. 
• Regulations such as the General Data Protection Regulation (GDPR) limit the amount of data that can be collected by organizations in Europe. Some regulations also restrict the location of data storage.
• The GDPR states that personal data can be used only for predefined specific purposes and not for any other purpose. However, even with the stringent regulations of the GDPR, some conversational computing platforms offer workarounds for generating insights through the data while complying with the regulation. Hence, the issues associated with data privacy are a challenge for the growth of the market.

Who are the Major Conversational Computing Platform Market Vendors?

The vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading market vendors such as

 

• Alphabet Inc.
• Amazon.com Inc.
• Amelia US LLC
• Artificial Solutions International AB
• Creative Virtual Ltd.
• Eudata
• Inbenta Technologies 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.com Inc.
• SmarTek21 LLC

 

Market Overview

The parent global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. The global application software market covers companies that are engaged in developing and producing software designed for specialized applications for the business or consumer market. It includes enterprise and technical software, as well as cloud-based software. It excludes companies classified in the interactive home entertainment sub-industry, and companies producing systems or database management software classified in the systems software sub-industry. Technavio calculates the global IT software market size based on combined revenue generated by companies that are engaged in the provision of all types of IT software, including cloud-based software. It includes software license revenues and subscription revenues. Maintenance and support services fees charged by vendors are also included in the software revenues. However, the professional services fees charged for consulting and systems integration services for vendors' products are charged separately and are not included in the IT software market. 

Conversational Computing Platform Market Value Chain Analysis

In this report, we provide extensive information on the value chain analysis for the market. Our data covers all key stages of a market flow and provides a complete understanding of all aspects of the market logistics value chain. This includes an end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies.

Which are the Key Regions for the Conversational Computing Platform Market?

36% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for conversational computing platforms in North America. Market growth in this region will be faster than the growth of the market in Europe.

The adoption of conversational computing platforms is the highest in North America compared with the other regions. Several large technology companies such as Amazon, Google, Microsoft, and IBM are based in the US. Such companies are making significant investments in conversational computing platforms such as chatbots and virtual digital assistants. Google Assistant, Microsoft Cortana, and Amazon Alexa are among the most advanced virtual digital assistants. Large technology companies that are based in the region have also released many frameworks and free development tools to simplify the development of conversational computing platforms. Organizations can build, test, and deploy their solutions by utilizing the cloud services offered by these companies. 

What are the Revenue-generating Type Segments in the Conversational Computing Platform Market?

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The conversational computing platform market share growth by the virtual digital assistant's segment will be significant during the forecast period. Virtual digital assistants are software programs that interact with users through a voice-based interface. They interpret the voice commands of users and complete assigned tasks. Virtual digital assistants are capable of performing a multitude of tasks, which include reading text messages or e-mails, making phone calls, scheduling appointments, and even shopping for items.The use of virtual digital assistants in smartphones had increased significantly over the past five years. Siri, a virtual digital assistant used in Apple iPhones, has been instrumental in the popularization of virtual digital assistants. Hence, other companies such as Google LLC (Google) and Amazon.com Inc. (Amazon) have also launched their own virtual digital assistants such as Google Assistant and Amazon Alexa, respectively. 

The report provides a near-term to long-term perspective on the trends and forecasts horizon for the market. It offers an overview of the key market drivers and restraints, enabling precise identification of key opportunities in each region over the coming years.

Conversational Computing Platform Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 41.16%
Market growth 2022-2026	$ 18.25 billion
Market structure	Fragmented
YoY growth (%)	37.67
Regional analysis	North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution	North America at 36%
Key consumer countries	US, Canada, China, UK, and Germany
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Alphabet Inc., Amazon.com Inc., Amelia US LLC, Artificial Solutions International AB, Creative Virtual Ltd., Eudata, Inbenta Technologies 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.com Inc., and SmarTek21 LLC
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 forecast period
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.

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What are the Key Data Covered in this Conversational Computing Platform Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive the growth during the next five years
• Precise estimation of the size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the industry across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of conversational computing platform market vendors

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