Conversational Computing Platform Market 2022
Conversational Computing Platform Market
Conversational computing is a subdivision of artificial intelligence that supports human-computer and computer-human interaction through speech or text. Conversational AI plays a vital role in human-to-computer and face-to-face communication. This is an important function in the deployment of chat-bots and interactive voice commands or interactive voice response (IVR) systems.
Conversational computing platforms are used by developers to create interactive user interfaces, chat-bots and virtual assistants for communication through messaging platforms, social media, SMS, chat websites, etc
Description and overview of the market:
Conversational platforms are software that allows the interface between the computer and the human via text or voice inputs.
The conversational computing platform contains different key solutions such as chat-bots, virtual assistants, via voice commands or texts. The conversational computing platform allows the user to interact through computing for video conferences, meetings, social connections, etc. This platform is very important for multi-turn conversations. For example, integrating insurance quotes, handling customer queries, responding to customer complaints and questions. This platform is integrated with speech recognition, text-to-speech, neural networks, multi-faceted machine learning and natural language understanding, etc.
Some platforms are gradually implementing automated software for automated conversational systems. These platforms provide direct and easy conversations between the computer and the system to handle customer queries and issues.
The conversational computing platform market is expected to witness a substantial expansion with a CAGR of 41.16% during the forecast period of 2022 to 2030. According to experts, the conversational computing platform market is expected to observe a notable growth by 2030. is valued at USD 18.25 billion in 2022, and it is expected to show a remarkable growth of USD 287.72 billion by 2030.
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Market segmentation :
The conversational computing platform market is segmented into type, deployment type, technology, application, and vertical.
The market is further segmented into Type as
• The solution
• Text wizard
• Voice assistant
• Training and advice
• System integration and deployment
• Support and maintenance
The market is further segmented into deployment type as
• On the site
• On demand
The market is further segmented into technology as
• Natural language processing
• Understanding of natural language
• Machine learning and deep learning
• Automated voice recognition
The market is further segmented into Application as
• Customer service
• Personal support
• Branding and advertising
• Customer engagement and retention
• Reservation of travel arrangements
• Employee integration and engagement
• Data Privacy and Compliance
The market is further segmented into Vertical as
• Retail and e-commerce
• Bank, financial services and ins
• Entertainment and media
• Travel and Hospitality
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Based on the regional analysis, the market covers regions such as North America (US, Canada), Europe (UK, Germany, Italy, France), Asia-Pacific ( China, Japan, India, South Korea), the Middle East and Africa (GCC countries, South Africa), Latin America (Brazil, Mexico); while North America dominated the regional sector. This is attributed to the prevalence of a large number of high-tech companies.
Key market players:
The main players in any market include investors and intermediaries. Businesses analyze the process that identifies direct competitors to accomplish their mission and vision. Many leading companies undertake acquisitions and development activities to compete. The market is highly competitive and has seen increasing competition among vendors. Several local and regional market players are actively present in the conversational computing market. Some of the major players are 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.
Frequently Asked Questions:
• Who are the major players operating in the conversational computing platform market?
• What is the Conversational Computing Platform market growth rate?
• What is the future market value?
• How is the conversational computing platform market segmented?
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