Conversational Computing Platform Market Benefits as Virtual Digital Assistants Gain Popularity

MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Conversational Computing Platform Market.

Market Scope

Market Research Future (MRFR) confirms that the conversational computing platform market 2022 can expand at a significant rate from 2022 to 2030, which is the appraisal period. We will provide COVID-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak.

COVID-19 Analysis

With the surge in COVID-19 impact despite lockdowns along with social distancing measures, academia, governments, along with tech giants are developing solutions that can help reduce the pandemic aftereffects. While the world is facing economic crisis, the demand for next gen technologies such as conversational computing platforms has risen considerably as a response to the SARS-CoV-2.

Conversational computing platforms, especially chatbots, are being used by organizations as an interactive medium for several applications, such as offering updates and information about novel coronavirus, facilitating communication within firms, and more. The efforts being put to achieve a COVID-19 breakthrough can speed up with the help of conversational computing platforms, backed by various modern technologies in the healthcare industry.

Following the enforcement of lockdowns due to the pandemic, tech giants are doing everything they can to mitigate the negative impact of COVID-19, while boosting the capabilities of their conversational computing platforms. Given the widespread demand, more and more tech giants are now investing considerably in their conversational computing platforms, which can help the market stay resilient in the face of COVID-19.

Key Drivers and Primary Deterrents

The strong online presence of a number of companies along with the surge in digital methods of staying in touch with customers has boosted the value of chatbots. Chatbots are increasingly being deployed to address all types of queries of the website users. Chatbots also help boost the marketing strategies that are employed by organizations; therefore, the rising use of advanced chatbots for various purposes is anticipated to induce growth of the conversational computing platform market in the approaching years.

Virtual digital assistants are also in great demand, finding extensive use in the management of smart home devices to help understand and respond to simple as well as complex commands. The favorable scenario has encouraged several players to introduce smartphones and smart speakers that feature virtual digital assistants. With this, these players are not only able to expand their customer base and boost their profits but also benefit the conversational computing platform market in the process.

Market Segmentation

Conversational computing platform industry can be considered for type, deployment type, technology, application as well as vertical.

The types of conversational computing platforms are services and solutions.  

Deployment types studied in the report include on-premise and cloud. The cloud computing technology notes massive demand in the market, on account of its high storage capacity, security provisions and easier access. As a result, the on-cloud deployment type category can expect to achieve the leading position in the global market over the review period.

Technology-dependent market segments are machine learning & deep learning, natural language understanding, natural language processing, automated speech recognition and others.

The application areas of conversational computing platforms are data privacy & compliance, onboarding & employee engagement, branding & advertisement, customer support, personal assistance, booking travel arrangements, customer engagement & retention, and more.

Verticals that widely deploy conversational computing platforms include travel & hospitality, telecom, entertainment & media, banking, financial services & insurance (BFSI), retail & e-commerce, and others. BFSI can record the fastest expansion rate in the years ahead, as a result of the increasing use of conversational computing solutions like chatbots in banks, for a high number of applications.

Regional Insight

The key regions across which the market is projected to expand during the assessment period include Europe, North America, the Middle East & Africa/MEA, South America and Asia Pacific/APAC.

North America has been the biggest gainer in the global market, standing on the shoulders of highly celebrated players like IBM Corporation, Microsoft Corporation, Nuance Communications, Inc., Apexchat, Amazon.com, Inc., Conversica, Inc., Cognizant, Oracle, Alphabet Inc., to name a few. In addition to these players, a number of start-ups with expertise in advanced conversational computing platform solutions are expanding their presence in the region. The United States (US) ranks first in the region, thanks to the high uptake of digitization; and the widespread deployment of the latest technologies such as analytics and big data as well as the rising adoption of cloud-based solutions.

The European market is broadly segmented into Germany, the UK and France. It is the second-most profitable market on a global scale, with the UK in the lead and Germany presumed to clinch the fastest growth rate in the years to follow. The region holds a lot of attractive opportunities including AI-based conversational platforms that are finding extensive use among leading graph conversational computing firms of the region.

APAC has the potential to be the fastest expanding market during the conjectured timeline, and Japan, India and China at the vanguard. The fast growing economy of the countries along with the rapid digital transformation across enterprises is proving to be significant promoters in the regional market. The conversational computing solutions and services are being increasingly deployed by the IT and telecom and BFSI industries in the region, which can also boost the market profits in the long run.

The MEA and South American market can rise steadily in the next several years, because of the surge in optimized and efficient business conversational needs. Various enterprises in BFSI, and retail & e-commerce and telecommunication & IT verticals are fast adopting these solutions, which can emerge as a significant opportunity for the leading players in the region.

Significant Players

Significant players that are collaborating and entering into partnerships to gain a bigger share in the conversational computing platform market are Alphabet, Inc. (US), Microsoft Corporation (US), Amazon.com, Inc. (US), IBM Corporation (US), Cognigy GmbH (Germany), Conversica, Inc. (US), Jio Haptik Technologies Limited (India), Accenture (Ireland), Artificial Solutions (Spain), Botpress, Inc. (Canada), Oracle (US), Omilia Natural Language Solutions Ltd. (Cyprus), Apexchat (US), Nuance Communications, Inc. (US), Cognizant (US), to mention a few.