Market Highlights
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As per the analysis by Market Research Future Reports (MRFR), the global conversational computing platform market is likely to expand significantly during the forecast period from 2019 to 2025. The global conversational computing platform market 2020 is experiencing a high growth because of the increasing demand from various sectors, which are travel & hospitality, I.T. & telecommunications, BFSI, entertainment & media, and e-commerce & retail. The rapid adoption in digital transformation and the usage of the latest technologies have resulted to the expansion of the market. The conversational computing platform is being adopted at a very pace because it offers a transparent and advanced conversation between the A.I. and the customer. Moreover, digital marketing managers are using AI-based technology to locate their potential targets for marketing campaigns. Apart from this, the conversational computing platform is mostly adopted by the media and entertainment sector for advertising, information dissemination, product discovery, promotions, and other applications.
Regional Analysis
The geographical analysis of North America, Europe, Asia-Pacific, the Middle East & Africa, and South America has been conducted. As per the analysis by MRFR, North America acquires the largest market share because of the presence of key players in the region. In North America, the U.S leads the regional market. Due to the quick adoption of the latest technologies and usage of advanced technologies like big data and analytics. The second position is attained by Europe. The U.K. is estimated to be the dominating country, and Germany is expected to record the maximum growth during the review period. The regional market is augmenting due to the increasing usage of AI-based conversational platforms. On the other hand, the APAC region is estimated to expand at the fastest rate during the forecast period. The fastest developing economies like India, China, and Japan play a significant role in the expansion. There has been a significant rise in demand from the BFSI and I.T. & Telecom sector, which have given path for a significant expansion. And, The MEA region is estimated to record steady growth during the forecast period.
Key Players
The forefront players of the global conversational computing platform are Oracle (U.S.), Alphabet, Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Artificial Solutions (Spain), Amazon.com, Inc. (U.S.), Apexchat (U.S.), Cognizant (U.S.), Conversica, Inc. (U.S.), Cognigy GmbH (Germany), Nuance Communications, Inc. (U.S.), Jio Haptik Technologies Limited (India), and others.
Segmentation:
The Global Conversational Computing Platform Market Share can be classified on the basis of Vertical, Application, Deployment Type, Type, Technology, and Region.
On the basis of vertical, the Global Conversational Computing Platform Market can be classified into banking, retail & e-commerce, financial services & insurance (BFSI), entertainment & media, telecom, travel & hospitality, and others.
On the basis of application, the Global Conversational Computing Platform Market can be classified into personal assistance, customer support, branding & advertisement, booking travel arrangements, customer engagement & retention, data privacy & compliance, onboarding & employee engagement, and others.
On the basis of deployment type, the Global Conversational Computing Platform Market can be classified into on-premise and cloud.
On the basis of type, the Global Conversational Computing Platform Market can be classified into service and solution.
On the basis of technology, the Global Conversational Computing Platform Market can be classified into automated speech recognition, natural language understanding, natural language processing, and machine learning & deep learning.
On the basis of region, the Global Conversational Computing Platform Market can be classified into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
