Authored By: Sarah
11 Jul 2024

 Conversational Computing Platform Market Size to grow by USD 35648.1 million between 2024-2028

According to a research report “ Conversational Computing Platform Market” by Type (Virtual digital assistants, Chatbots) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 35648.1 million, at a CAGR of  55.15% during the forecast period. In recent years, the conversational computing platform market has witnessed significant growth due to the increasing awareness of its benefits among businesses. Initially, large-scale deployments were hindered by the high development costs and time required. However, the release of frameworks and development tools by major players such as Microsoft, Google, and IBM, along with an abundance of research data, has facilitated the low-cost creation of chatbots and virtual digital assistants using advanced technologies like AI, NLP, and speech recognition. This cloud-based deployment model reduces the upfront investments for organizations, making conversational computing platforms an attractive solution for enhancing customer engagement and streamlining business processes.

Browse market data tables, figures, and in-depth TOC on “Conversational Computing Platform Market” by Type (Virtual digital assistants, Chatbots) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Virtual digital assistants segment is projected to dominate the market size in 2024

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By Geography, North America  segment is expected to hold the largest market size for the year 2024

The Conversational Computing Platform market represents a significant growth opportunity for businesses seeking to enhance customer engagement and automate operational processes through advanced AI-driven conversational solutions. These platforms enable natural language processing, machine learning, and analytics capabilities, enabling businesses to provide personalized, efficient, and effective interactions with their customers and employees. Companies across industries are increasingly adopting conversational computing platforms to streamline operations, improve customer satisfaction, and gain valuable insights from their interactions.

North America is forecasted to hold the largest market size by region in 2024

The Conversational Computing Platform market represents a significant growth opportunity for businesses seeking to enhance customer engagement and automate operations through intelligent, natural language interactions. These platforms enable enterprises to build, deploy, and manage conversational applications at scale, leveraging advanced AI technologies like natural language processing and machine learning. By providing personalized, contextually relevant interactions, conversational computing platforms can help improve customer satisfaction, streamline workflows, and drive business growth.

The Conversational Computing Platform Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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.
  • SmarTek21 LLC
.

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Research Analysis Overview

The Conversational Computing Platform market is experiencing rapid growth as businesses seek to enhance customer service and engagement through AI-driven messaging platforms and services. With a vast and expanding customer base, conversational computing solutions are revolutionizing the way businesses interact with their clients. Messaging services like WhatsApp, Facebook Messenger, and Slack are integrating AI chatbots, voice recognition technology, computer vision, generative AI, and conversational AI to automate conversational techniques and provide personalized experiences. Digital marketing managers are leveraging these platforms for advertising and information dissemination, while healthcare providers use conversational computing for claims inquiries, insurance quotes, and customer queries. AI-based technology, including natural language understanding, neural networks, speech recognition, and speech synthesis, are enabling businesses to streamline processes and improve customer satisfaction. The future of conversational computing lies in the continued development of advanced AI technologies and their integration into business processes.

Market Research Overview

The Conversational Computing Platform market is experiencing significant growth as businesses seek to implement AI-driven conversational solutions to enhance customer engagement and automate internal processes. This market encompasses various technologies such as Bi data analytics, IoTs, Big Data, Artificial Intelligence (AI), Voice recognition technologies, Machine Learning (ML), Natural Language Processing (NLP), and Blockchain. IT departments are increasingly adopting conversational computing solutions for remote work and managing internal enterprise systems. Natural language interfaces, AI chatbots, and voice recognition technology are transforming customer service, messaging platforms, and messaging services across industries like travel and hospitality, entertainment and media, telecom, and healthcare. Conversational AI, including computer vision, generative AI, and deep learning, is revolutionizing industries by enabling automated conversational techniques, claims inquiries, insurance quotes, and customer queries. Startups are also playing a significant role in this market, offering innovative solutions for advertising, information dissemination, and digital marketing. Cloud-based conversational computing solutions provide support and maintenance, consulting and training, and offer scalability and flexibility. Neural networks, speech recognition, and speech synthesis are essential components of conversational computing platforms, enabling natural language understanding and enhancing customer satisfaction. The future of conversational computing is bright, with continuous advancements in AI, ML, and NLP technologies.

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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