Market Analysis

Increasing Usage of Chatbots to Boost Market Growth

The increasing use of chatbots on messaging applications is a major driver propelling the rise of the worldwide conversational computing platform market size. Websites have started using conversational computing platforms like chatbots & virtual digital assistants to respond to visitor questions. Customers can communicate with businesses using methods other than websites, such as the social media pages & messaging apps. It is now crucial for businesses to have an engaging presence across these many platforms.

The global conversational computing platform market will grow at a 42.90% CAGR by 2030, as per the recent Market Research Future report.

Opportunities

Adoption of Voice Interface-based Virtual Digital Assistants to offer Robust Opportunities

Over the past few years, use of virtual digital assistants using voice interfaces has grown substantially. Since NLP and NLU are primarily used by voice-based assistants to comprehend user inputs, technical advancements in these fields have improved voice-interface based assistants, which has led to their increasing acceptance. Major technology companies like Google, Apple, and Amazon have made major investments in the creation of virtual aid systems.

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Restraints and Challenges

Privacy Issues to act as Market Restraint

Privacy and data security issues, data usage restrictions and consent requirements may act as market restraints over the forecast period. Besides, the COVID-19 impact may also impede market growth.

Market Segmentation

The global conversational computing platform market is bifurcated based on application, vertical, technology, deployment type, and type.

By type, solution (chatbot) will lead the market over the forecast period.

By deployment type, cloud will domineer the market over the forecast period.

By technology, natural language processing will spearhead the market over the forecast period.

By vertical, BFSI will spur the market over the forecast period.

By application, the market is bifurcated into customer engagement and retention, booking travel arrangements, personal assistance, customer support, branding and advertisement, on-boarding and employee engagement, data privacy and compliance, and others.

Regional Analysis

North America to Head Conversational Computing Platform Market

Due to the concentration of key international companies in the area, including IBM Corporation, Microsoft Corporation, Alphabet, Inc., Amazon.com, Inc., Cognizant, Conversica, Inc., Apexchat, Nuance Communications, Inc., & Oracle, North America now holds the biggest market share. Along with these significant firms, the area is home to a number of start-ups that provide improved conversational computing platform solution to meet the demands of businesses in a variety of industrial verticals. Due to its widespread usage of modern technologies like big data and analytics as well as the cloud, as well as its elevated adoption of digital transformation, the US dominates the industry in the North American area.

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Key Players

Key players profiled in the global conversational computing platform market report include IBM Corporation (US), Alphabet, Inc. (US), Microsoft Corporation (US), Amazon.com, Inc. (US), Artificial Solutions (Spain), Accenture (Ireland), Apexchat (US), Botpress, Inc. (Canada), Cognizant (US), Cognigy GmbH (Germany), Conversica, Inc. (US), Jio Haptik Technologies Limited (India), Nuance Communications, Inc. (US), Omilia Natural Language Solutions Ltd. (Cyprus), and Oracle (US).

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