The ‘Global Conversational Computing Platform Market Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global conversational computing platform market, assessing the market on the basis of its segments like types and major regions.
Conversational Computing Platform Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 31%
| Report Attribute | Details |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Base Year | 2021 |
| Growth Rate CAGR | 31% |
| Major Players | Amazon Web Services Inc., Google LLC, International Business Machines Corporation, Microsoft Corporation, and Nuance Communications Inc., among others. |
The increasing adoption of smart electronic devices such as smartphones, laptops, and tablets, is driving the demand for conversational computing platforms. Virtual assistants such as Siri and Google Assistant are high in demand in households owing to the increasing awareness and the benefits they offer. Conversational computing platforms offer automated resolutions, lower cost of operations, and enhanced customer experience. In addition, these platforms are more efficient than humans which is another key conversational computing platform market driving factor.
The rising application of virtual assistants in the healthcare industry is further fuelling the market growth. Conversational computing platform in the medical field keep patients updated, enable greater engagement of patients, and can handle queries at any time. Moreover, conversational computing platforms brings great comfort to both patients and doctors. In this regard, the rising healthcare expenditure and robust digitalisation in the industry are bolstering the market growth.
Furthermore, the increasing deployment of conversational computing platform across medium and large enterprises for enhanced productivity in sales and marketing are providing impetus to the global conversational computing platform market.
Conversational Computing Platform Industry Definition and Major Segments
A conversational computing platform is defined as a platform which enables the engagement of a user using text and/or voice. This technology mimics human conversation and allows the customers to access specified features by verbally or text communication. Conversational computing platforms analyse the needs of customers and gathers valuable feedback.
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On the basis of type, the market can be segmented into:
• Virtual Digital Assistants
• Chatbots
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Conversational Computing Platform Market Trends
The key trends in the global conversational computing platform market include the penetration of artificial intelligence (AI) which is facilitating the self-learning feature of chatbots and virtual assistants. Meanwhile, technological advancements across industries such as BFSI, media and entertainment, and travel and hospitality, among others are further escalating the deployment of conversational computing platforms.
The flourishing e-commerce industry is another crucial trend in the market which is leading to an increased application of chatbots. Apart from providing 24X7 service to the customers, conversational computing platforms analyse the purchase preferences of customers using efficient algorithms, procure historical information of the customers, and offer product recommendations. Therefore, the increasing inclination towards online shopping, coupled with the increasing online purchasing power of the customers, is bolstering the global conversational computing platform market.
In terms of geography, North America accounts for a healthy share in the market. The strong foothold of the major conversational computing platform developers across strong economies such as the United States is driving the market in the region. In addition, the advanced digital infrastructure in the region is further boosting awareness about the benefits of virtual assistants.
Key Market Players
The major players in the Global Conversational Computing Platform Market are :
- Amazon Web Services Inc.
- Google LLC
- International Business Machines Corporation
- Microsoft Corporation
- Nuance Communications Inc.
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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