Asia-Pacific Conversational Computing Platform Market By Type (Solution, Service), Technology (Natural Language Processing, Natura Language Understanding, Machine Learning and Deep Learning, Automated Speech Recognition), Deployment Type (Cloud, On-Premise), Application (Customer Support, Personal Assistance, Branding and Advertisement, Customer Engagement and Retention, Booking Travel Arrangements, Onboarding and Employee Engagement, Data Privacy and Compliance, Others), Vertical (Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare and Life Sciences, Telecom, Media and Entertainment, Travel and Hospitality, Others), Country (China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia Pacific), Market Trends and Forecast to 2027.
Market Analysis and Insights: Asia-Pacific Conversational Computing Platform Market
Conversational computing platform market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 34.6% in the forecast period of 2020 to 2027 and expected to reach USD 11,051.60 million by 2027. People are rapidly shifting towards conversation based machines; this is expected to be the driving factor for this market.
Chatbots are user interface of conversational platforms and its related assistants, where conversational platforms enable chatbots to operate and decode the natural language. SMS, social media and other interactive platforms are integrated in these conversational platforms. APIs (application programming interfaces) are provided by conversational platform so as to integrate other interactive platforms.
Rising use of customer service support by many companies on their mobile application or website is expected to drive the market growth for this market. For instance, according to Oracle out of every 10 business entities almost 8 have implemented or planning to implement AI enabled customer service support by 2020. Advancements in artificial intelligence and machine learning are enhancing the growth rate for this market. For instance, according to Accenture by 2035 advancements in AI will lead to 40% increase in productivity through it.
This conversational computing platform market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Asia-Pacific Conversational Computing Platform Market Scope and Market Size
Asia-Pacific conversational computing platform market is segmented on the basis of type, technology, deployment type, application, and vertical. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, conversational computing platform market is segmented into solution and services. Rising demand and adaptability for chatbots to communicate with digital technologies by speaking natural languages or local languages and get the work done through artificial intelligence. Chatbots have increased work efficiency of industrial operations as well as day to day personal activities. Chatbots are accurate, precise and have helped in reducing operational time. This factor allows market to grow with highest CAGR in the forecasted period of 2027
- On the basis of technology, conversational computing platform market is segmented into natural language processing, natural language understanding, machine learning and deep learning, automated speech recognition. Natural language processing segment is dominating the market while machine learning and deep learning are expected to grow with highest CAGR for forecasted of 2027. The factor attribute growth of the market is that growing adoption of artificial intelligence in the retail sector. For instance, it has witness that about 80percent of china retailer utilize the AI tools. Thus the adoption of AI in retail has increase demand of machine learning technology.
- On the basis of deployment type, conversational computing platform market is segmented into cloud and on-premise. Cloud is dominating the market, there is limitless storage capacity and no need of physical storage device for storing the recorded data. Based on previous records, on massive cloud storage capacity chatbots can detect pattern of decision making of a person. Cloud is dominating the segment and leading companies are focussing on cloud based conversational computing platforms. For instance, IBM Watson Assistant is awarded leader in cloud based conversational computing platforms.
- On the basis of application, conversational computing platform market is segmented into personal assistance, branding and advertisement, data privacy and compliance, customer engagement and retention, customer support, onboarding and employee engagement, booking travel arrangements, others). Personal assistance is dominating the market while branding and advertisement is expected to grow at a highest CAGR for forecasted period. Increasing digital marketing trend is co-relating with the application of conversational computing platforms. Digital marketers would prefer digitally managed solutions for their campaigns rather than hand managed campaigns in order to save time and cost as well as getting more accurate campaigns. Asia-Pacific being the highest growing region for conversational computing platforms, companies are focusing on providing are focussing on providing solutions according to regional languages.
- On the basis of vertical, conversational computing platform market is segmented into banking, financial services, and insurance, retail and ecommerce, healthcare and life sciences, telecom, media and entertainment, travel and hospitality, others. Retail & Ecommerce segment is dominating the market while banking, financial services, and insurance is expected to grow at highest CAGR as smartphone industry and chatbots have enabled people to use banking applications and operations seamlessly in quick span of time. In addition, chatbots for banking services have helped people save time and efforts for carrying out small scale day to day financial activities.
Conversational Computing Platform Market Country Level Analysis
The conversational computing platform market is analysed and market size information is provided by country by type, technology, deployment type, application, and vertical as referenced above.
The countries covered in Asia-Pacific conversational computing platform market report are Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific.
Asia-Pacific dominates the conversational computing platform market as due to the high labour cost of China has increase the adoption of automation tool in the business. As the automation tool allow the business to improve their customer experience, time saving and many more. For instance it has been witness that in China the per labour cost in 2017 was 5.51 USD which has raise to 5.78 USD in 2018.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Asia-pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Growing Familiarity and Dependence of People on Conversational Computing Platform Can Enhance Research and Development
Conversational computing platform market also provides you with detailed market analysis for every country growth in cloud based industry with conversational computing platform sales, services, impact of technological development in software and changes in regulatory scenarios with their support for the conversational computing platform market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Conversational computing platform Market Share Analysis
Conversational computing platform market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to Asia-Pacific conversational computing platform market.
The major players covered in the report are Alphabet Inc., IBM Corporation, Microsoft, Nuance Communications, Inc., Tresm Labs, Apexchat, Artificial Solutions, Conversica, Inc., Haptik, Inc., Rulai, Cognizant, PolyAI Ltd., Avaamo, SAP SE, Cognigy GmbH, Botpress, Inc., 42Chat, Accenture, Amazon.com, Inc., Oracle, Omilia Natural Language Solutions Ltd, among other players domestic and Asia-Pacific Conversational computing platform market share data is available for China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia Pacific separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many joint ventures and developments are also initiated by the companies worldwide which are also accelerating the Asia-Pacific conversational computing platform market.
- In October 2019, Artificial Solutions has signed a partnership agreement with Mobinology, which is a leading service provider of AI in Macau and Hong Kong region. Through this partnership, Mobinology will get high level of expertise in development and deployment of conversational AI applications. This will help the company to establish its presence in China’s special administrative regions (SAR).
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for conversational computing platforms through expanded model range.
Customization Available : Asia-Pacific Conversational Computing Platform Market
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