Press release

Global Conversational Computing Platform Market 2019-2023 | Rising Use of Voice-Based Assistants to Boost Growth | Technavio

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The global conversational computing platform market is expected to post
a CAGR of more than 43% during the period 2019-2023, according to the
latest market research report by Technavio.
However, the market’s momentum will decelerate in the coming years
because of the decrease in year-over-year growth.

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Technavio has published a new market research report on the global conversational computing platform ...

Technavio has published a new market research report on the global conversational computing platform market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global conversational computing
platform market size is the rising use of chatbots on messaging apps.
Conversational computing platforms such as chatbots and virtual digital
assistants have been used in websites to address the queries of website
visitors. However, customers can also interact with organizations
through other channels apart from websites such as social media pages
and messaging platforms. Hence, it has become important for
organizations to have an interactive presence across these different
mediums. As a result, many messaging apps are providing a platform that
allows organizations to build chatbots. Chatbots allow organizations to
deliver automated customer support as well as provide content and
interactive experiences to customers. The use of chatbots on messaging
apps is expected to increase significantly during the next five years.

As per Technavio, the rise in the use of voice-based assistants will
have a positive impact on the market and contribute to its growth
significantly over the forecast period. This global
conversational computing platform market 2019-2023
research
report also analyzes other important trends and market drivers that will
affect market growth over 2019-2023.

Global conversational computing platform
market: Rise in use of voice-based assistants

The adoption of voice interface-based virtual digital assistants has
been increasing significantly over the past few years. As voice-based
assistants mainly use NLP and NLU to understand user inputs,
technological advances in NLP and NLU have enhanced voice-interface
based assistants, leading to their rising adoption. Major technology
vendors such as Amazon, Apple, and Google have invested significantly in
developing virtual assistance technologies. They are also launching
smart devices such as smart speakers, which are based on their virtual
digital assistant software. Such advances and developments will fuel the
growth of the conversational computing platform market during the
forecast period.

“Apart from the rise in use of voice-based assistants, other factors
such as growing applications in e-commerce, and the increasing use of
artificial intelligence (AI) in conversational computing platforms will
have a significant impact on the growth of the conversational computing
platform market size during the forecast period,” says a senior analyst
at Technavio.

Global conversational computing platform
market: Segmentation analysis

This market research report segments the global conversational computing
platform market by type (virtual digital assistants, and chatbots), and
geographic regions (North America, APAC, Europe, MEA, and South America).

The North America region led the conversational computing platform
market in 2018, followed by APAC, Europe, MEA, and South America
respectively. The growth of the conversational computing platform market
in North America can be attributed to several factors such as the rising
adoption of smartphones, growing interest from large technology
companies on the conversational computing platform, and the increasing
sale of devices such as smart speakers in the region.

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Some of the key topics covered in the report include:

Market Landscape

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  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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