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“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.
Download Report Sample to Unlock the Conversational Computing Platform Market Size for the Forecast Period and Other Important Statistics
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.
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
Key Conversational Computing Platform Market Trend
Key Conversational Computing Platform Market Challenge
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
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.
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.
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.
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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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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