NEW YORK, July 29, 2024 /PRNewswire/ -- The
global conversational computing platform market size is
estimated to grow by USD 35.64
billion from 2024-2028, according to Technavio. The
market is estimated to grow at a CAGR of 55.15% during the forecast
period. Reduction in time and cost required to develop
conversational computing platforms is driving market growth, with a
trend towards use of ai in conversational computing platforms.
However, issues associated with data privacy poses a challenge. Key
market players include Alphabet Inc., Amazon.com Inc., Amelia US
LLC, Artificial Solutions International AB, Creative Virtual Ltd.,
Eudata, Inbenta Holdings Inc., International Business Machines
Corp., Jio Haptik Technologies Ltd., Kore.ai Inc., Liveperson Inc.,
Meta Platforms Inc., Microsoft Corp., onereach.ai, Oracle Corp.,
Pypestream Inc., Rasa Technologies Inc., Rulai, Salesforce Inc.,
and SmarTek21 LLC.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Type (Virtual digital
assistants and Chatbots) and Geography (North America, APAC,
Europe, South America, and Middle East and Africa)
|
Region
Covered
|
North America, APAC,
Europe, South America, and Middle East and Africa
|
Key companies
profiled
|
Alphabet Inc.,
Amazon.com Inc., Amelia US LLC, Artificial Solutions International
AB, Creative Virtual Ltd., Eudata, Inbenta Holdings Inc.,
International Business Machines Corp., Jio Haptik Technologies
Ltd., Kore.ai Inc., Liveperson Inc., Meta Platforms Inc., Microsoft
Corp., onereach.ai, Oracle Corp., Pypestream Inc., Rasa
Technologies Inc., Rulai, Salesforce Inc., and SmarTek21
LLC
|
Key Market Trends Fueling Growth
Conversational computing platforms have evolved from handling
basic customer queries to executing complex tasks, thanks to
advancements in AI and machine learning. AI algorithms analyze
customer conversations to determine their needs and take
appropriate actions. Sentiment analysis helps understand customer
moods, while real-time analytics enables quick human intervention
when necessary. Chatbots use natural language processing (NLP) to
summarize key information, assisting with product queries and
technical support. An example is Woebot, a chatbot using AI
technologies for mental health support, implementing cognitive
behavioral therapy and dialectical behavior therapy techniques.
Woebot, created by Stanford University
experts, sends over a million messages weekly to help users cope
with depression, anxiety, or loneliness.
The Conversational Computing Platform market is experiencing
significant growth as businesses adopt chatbots, text assistants,
and voice assistants for advertising, customer service, and
internal enterprise systems. Natural language processing (NLP),
machine learning (ML), and deep learning are key technologies
driving this trend. Cloud-based solutions are popular due to their
flexibility and scalability. Telecom, entertainment and media,
travel and hospitality, IT and telecom, and startups are major
industries investing in conversational AI and generative AI. NLP
and ML enable voice recognition technologies for AI chatbots on
messaging services and platforms. Customer bases are expanding as
these technologies improve digital transformation, remote work, and
IT department efficiency. Big Data, IoTs, Blockchain, and bi data
analytics are also integrating with conversational computing
platforms for enhanced capabilities.
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Market Challenges
- Conversational computing platforms, which include chatbots and
virtual digital assistants, offer valuable insights for businesses
by identifying search and buying patterns, consumer behavior, and
more. However, data privacy is a significant concern for users.
These platforms learn and improve through feedback and behavioral
data, but the collection and use of personal information raises
privacy and security concerns. Regulations like the GDPR limit data
collection and usage, and some conversational computing platforms
provide data ownership to customers. However, not all vendors offer
this flexibility, and users may not fully understand the data being
shared and third-party policies. Compliance with regulations, such
as GDPR, is crucial, but some platforms offer workarounds to
generate insights while adhering to regulations. Overall,
addressing privacy concerns is essential for the growth of the
conversational computing market.
- The Conversational Computing Platform market is witnessing
significant growth due to the increasing demand for AI-driven
solutions that enhance customer engagement and automate business
processes. IT and telecom industries are leading the way,
integrating Conversational AI, Generative AI, Computer vision, and
Voice recognition technology into their offerings. Messaging
services and platforms are also adopting conversational computing
solutions to provide more personalized customer service. However,
challenges persist. Integrating conversational computing with
internal enterprise systems and remote work environments requires
IT departments to adapt. Natural Language Interfaces, NLP, ML, and
Voice recognition technologies pose challenges in understanding
complex queries and providing accurate responses. Big Data, IoTs,
Blockchain, Bi data analytics, and AI-based technology require
robust conversational techniques for effective information
dissemination. Digital Marketing managers seek AI-driven
conversational techniques for automated customer queries, insurance
quotes, and claims inquiries. Healthcare and other industries also
benefit from conversational computing, improving customer
satisfaction and streamlining business processes.
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challenges - Download a Sample Report
Segment Overview
This conversational computing platform market report extensively
covers market segmentation by
- Type
- 1.1 Virtual digital assistants
- 1.2 Chatbots
- Geography
- 2.1 North America
- 2.2 APAC
- 2.3 Europe
- 2.4 South America
- 2.5 Middle East and
Africa
1.1 Virtual digital assistants- The Conversational
Computing Platform market is experiencing significant growth as
businesses seek to enhance customer engagement and streamline
operations. These platforms enable natural language processing,
allowing for human-like interactions between users and machines.
Companies can build chatbots and voice assistants to handle
customer queries, automate workflows, and gather valuable data.
This technology is transforming industries, from retail and finance
to healthcare and education. By integrating conversational
computing into their strategies, businesses can improve customer
satisfaction, reduce response times, and gain a competitive
edge.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Cloud AI market is projected to reach $122 billion by 2028, driven by increasing
adoption of AI-powered services across industries. Cloud AI
solutions offer scalable, cost-effective data processing and
advanced analytics. Meanwhile, the Edge Computing market is
expected to hit $80 billion by 2027,
fueled by the demand for real-time data processing and reduced
latency. Edge computing complements Cloud AI by enabling faster
decision-making at the data source, enhancing overall system
efficiency and performance. Both markets are experiencing rapid
growth due to technological advancements and rising enterprise
needs.
Research Analysis
Conversational computing solutions have revolutionized the way
businesses interact with their customers and automate business
processes. These technologies, which include speech synthesis and
recognition, natural language understanding, and neural networks,
enable AI-based systems to understand and respond to customer
queries, provide insurance quotes and claims inquiries, and even
offer healthcare consultations. Automated conversational
techniques, such as chatbots and conversational AI, have become
essential tools for digital marketing managers to enhance customer
satisfaction and engagement. Generative AI and computer vision are
also being integrated into conversational computing platforms to
provide more personalized and visual experiences. Voice recognition
technology and AI chatbots are transforming messaging services and
platforms, making customer service more efficient and effective.
Overall, conversational computing is a rapidly growing market that
offers significant benefits for businesses and consumers alike.
Market Research Overview
Conversational computing solutions are revolutionizing the way
businesses interact with their customers and internal systems.
Speech synthesis and speech recognition, powered by neural networks
and natural language understanding, enable automated conversational
techniques for handling customer queries, providing insurance
quotes, and managing claims inquiries. These technologies are not
limited to customer service but also extend to healthcare, digital
marketing, advertising, and more. AI-based technology, including
natural language processing, machine learning, and deep learning,
plays a crucial role in understanding and responding to customer
needs. Conversational AI, generative AI, computer vision, and voice
recognition technologies are transforming industries such as
telecom, entertainment and media, travel and hospitality, and
startups. Consulting and training, support and maintenance, cloud
services, and IT departments are essential for implementing and
optimizing conversational computing solutions. Remote work and
internal enterprise systems are also benefiting from these advanced
technologies. Big Data, IoTs, Blockchain, and Bi data analytics are
integral to enhancing the capabilities of conversational computing
platforms.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Virtual Digital Assistants
- Chatbots
- Geography
-
- North America
- APAC
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
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Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio