Conversational Computing Platform Market Overview
The conversational computing platform market refers to the technology solutions that enable two-way human-like interactions between digital systems and end users via voice assistants, chatbots, and messaging apps. These platforms allow users to interact using natural language and get assistance, recommendations, or tasks executed through automated conversational flows.
Conversational Computing Platform Market is Predicted to Reach US$ 287,86 Billion by 2030 Registering a CAGR of 42.90%. Increasing demand for intelligent virtual assistants and omni-channel customer engagement are key growth drivers.
Key Market Segments
Based on component, the conversational computing platform market is segmented into:
On the basis of deployment mode, the market is bifurcated into:
By technology, the key segments are:
- Machine Learning and Deep Learning
- Natural Language Processing
- Automated Speech Recognition
Based on application, the market is categorized into:
- Customer Support and Personal Assistance
- Branding and Advertisement
- Customer Engagement and Retention
- Data Privacy and Compliance
- Others
The customer support and personal assistance segment accounted for the largest share in 2021. Retail, banking, and healthcare are the leading industry verticals adopting conversational computing platforms.
Key Players
Leading companies operating in the conversational computing platform market include:
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- AWS (Amazon)
- Artificial Solutions
- Baidu
- Conversica
- Cognizant
- Nuance Communications
These players are focusing on partnerships, mergers & acquisitions, and product innovation strategies to enhance market reach.
Market Drivers
The key factors driving the conversational computing platform market growth are:
- Need for omni-channel customer engagement amid rising adoption of smart devices
- Integration of conversational interfaces with websites, apps, and contact centers
- Advancements in natural language processing, machine learning, and AI technologies
- Growing demand for intelligent virtual assistants and chatbots for customer service
- Increased data privacy regulations driving self-service adoption
- Rising ubiquity of messaging apps and voice assistants
Regional Insights
North America accounted for the largest share of the global conversational computing platform market revenue in 2021. Rapid adoption of latest technologies in the region is a key factor. However, Asia Pacific is expected to grow at the highest CAGR during 2022-2027 due to rising consumer digital engagement.
Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) on Conversational Computing Platform Market
Recent Industry Developments
- Microsoft launched Azure bot service and cognitive services language understanding to expand its conversational AI capabilities.
- SAP acquired process mining software firm Signavio to strengthen business process intelligence offerings.
- Oracle enhanced its CX Service solution with an AI-powered conversational interface to boost customer engagement.
- IBM partnered with Automation Anywhere to integrate AI-powered bots with its Watson Assistant conversational platform.
The conversational computing platform market outlook remains positive driven by the surge in digital transformation, increasing integration of conversational interfaces in business processes, and ongoing AI advancements.
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