Press release
Conversational Computing Platform Market 2022 By Manufacturers, Regions, Type And Application, Forecast To 2030
Conversational Computing Platform Market
Conversational computing platforms are used by developers to build interactive user interfaces, chat-bots and virtual assistants for communication through messaging platforms, social media, SMS, website chat etc.
Market Description & Overview:
Conversational platforms are software programs that allow interface between computer and human over text or voice inputs.
The conversational computing platform contains different keys solutions such as chat-bots, virtual assistants, through voice commands or texts. The conversational computing platform allows the user to interact via computing for video conferencing, meeting, social connects, etc. This platform is very important for multi-turn conversations. For instance, incorporating insurance quotes, handling customer queries, answering claims and client queries. This platform is embedded with speech recognition, speech synthesis, neural networks, multi-faceted machine learning, and natural language understanding etc.
Certain platforms are gradually implementing automated software for automated conversational systems. These platforms offer straight and easy conversations between computer and system to deal with concerns queries and problems of clients.
The Conversational Computing Platform Market is expected to witness a substantial expansion with a CAGR of 41.16% during the forecasted period of 2022 to 2030. As per experts, the Conversational Computing Platform Market is expected to observe a noteworthy growth by 2030. Conversational Computing Platform Market is valued at USD 18.25 billion in 2022, and it is anticipated to show a remarkable progress of USD 287.72 billion by the year 2030.
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Market Segmentation:
The Conversational Computing Platform Market is segmented into Type, Deployment Type, Technology, Application, and Vertical.
Type
The market is further segmented into Type as
• Solution
• Chat-bot
• Text Assistant
• Voice Assistant
• Service
• Training and Consulting
• System Integration and Deployment
• Support and Maintenance
Deployment Type
The market is further segmented into Deployment Type as
• On-premise
• On-demand
Technology
The market is further segmented into Technology as
• Natural Language Processing
• Natural Language Understanding
• Machine Learning and Deep Learning
• Automated Speech Recognition
Application
The market is further segmented into Application as
• Customer Support
• Personal Assistance
• Branding and Advertisement
• Customer Engagement and Retention
• Booking Travel Arrangements
• On-boarding and Employee Engagement
• Data Privacy and Compliance
• Others
Vertical
The market is further segmented into Vertical as
• Retail and E-commerce
• Banking, Financial Services and Ins
• Telecom
• Entertainment and Media
• Travel and Hospitality
• Others
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Regional Analysis:
Based on the regional analysis the market covers regions such as North America- (US, Canada), Europe (UK, Germany, Italy, France), Asia-pacific (China, Japan, India, South Korea), Middle East and Africa (GCC Countries, South Africa), Latin America (Brazil, Mexico); while, North America dominated the regional sector. This is attributable to the prevalence of large number of high-tech companies.
Market Key Players:
The key players of any market comprise of investors and intermediaries. Businesses are analysing the process that identifies direct competitors to accomplish their mission and vision. Many leading corporations are undertaking acquisitions and development activities to sustain the competition. The market is highly competitive and has witnessed growing competition between vendors. Several local and regional market players are actively present in conversational computing market. Some of the key players are Alphabet, Inc., Amazon.com, Inc., Apexchat, Artificial Solutions, Avaamo, Botpress, Inc., Cognigy GmbH, Cognizant, Conversica, Inc., IBM Corporation, Jio Haptik Technologies Limited, Microsoft Corporation, Nuance Communications, Inc., Omilia Natural Language Solutions Ltd., Oracle and PolyAI Ltd.
Frequently Asked Questions:
• Who are the major players operating in the Conversational Computing Platform Market?
• What is the growth rate of the Conversational Computing Platform Market?
• What is the future value of the Market?
• How the Conversational Computing Platform Market is segmented?
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