The conversational platform is an advanced technology that enables users and enterprises to develop conversational assistants and bots to interact and converse with applications, devices, and websites in humanlike natural language through voice, text, touch or gesture. The core purpose behind the implementation of conversational platforms is to help the brands and companies in making rapid customer communication using a Chatbot. Moreover, increasing the need to gain more customers and secure them in a rapidly changing competitive market landscape is also driving the demand for conversational platforms among organizations and businesses.
Furthermore, the growing adoption of social media and messaging apps, and an increase in the trend of chatbots and voice assistants are fuelling the demand for conversational platforms. Also, with the growing adoption of smartphones, customers are favoring communications over a chat instead of communicating over calls. Hence, these factors are boosting the demand for the conversational platform market.
Omnichannel deployment and reduced chatbot development cost
Chatbots are personal assistants that can interact with users/clients through texts, gestures, or voice. Once deployed on web platforms chatbots can be available 24/7 and solve customer queries very easily. These chatbots skilfully interact with the users that visit the website and offer solutions to users’ queries, which further converts the leads. The chatbots are a virtual sales agent that has an online existence thus involves no deployment cost. Moreover, the increasing shift of businesses from conventional methods to digital ones is acting as the major driving factor for the market. In addition, to improve the customer experience businesses are offering enhanced customer support and better services. Hence, such factors collective driving the demand for conversational platforms, as it saves costs on physical deployment and delivers efficient customer engagement services.
Growing data privacy concerns
Chatbots are being used across almost every organizational platform for better customer services and solving users/clients queries rapidly. However, with the rising adoption of conversational user interfaces such as virtual assistants and chatbots, the security concerns are also growing. The growing incorporation in chat interfaces like SMS, social media, messaging platforms, and other forms of the chat are paving the way for malicious attacks and personal information breaches. The security and privacy concerns can arise at two ends such as at the time of integrating with data sources and communicating through messaging app. Thus, such factors hampering the growth of the conversational platform market.
The branding and advertisement segment is anticipated to experience the highest demand during the forecast period
The trend of digital marketing has grown significantly for the last few years. In addition, an increase in the need to know customer preferences has boosted the demand for conversational platforms among the various brands and advertisers. Moreover, increasing the acceptance of technologies such as analytics and AI is generating opportunities for the companies functioning in the market. Furthermore, the booming penetration of smartphones and social media applications are further creating the demand for conversational platforms among the brands and advertisers.
Asia-Pacific will lead the growth in this market
North America is anticipated to hold the major market share in the global conversational platform market. However, Asia-Pacific (APAC) is estimated to hold the highest CAGR during the forecast period. The growth of the conversational platform market in Asia-Pacific is predominantly attributed to the increased investments made by public & private sectors to advance their artificial intelligence (AI) and machine learning (ML) technologies.
On the contrary, North America is likely to dominate the global conversational platform market due to, the existence of key market players in this region. Moreover, an increase in investments and government expenditure on developing technologies such as machine learning and artificial intelligence (AI) and associated technologies is also one of the main reasons fuelling the market growth in this region.
Key Market Players
• Google (Alphabet, Inc.)
• IBM Corporation
• Drift.com, Inc.
• Twyla GmbH
• Vergic AB
• Pypestream Inc.
Market Segments: Conversational Platform Market
- By Technology
- Machine Learning
- Automated Speech Recognition
- Natural Language Processing
- By Type
- Intelligent Virtual Assistants (IVA)
- By Applications
- Personal Assistant
- Branding and Advertisement
- Customer Support
- Employee Engagement and On boarding
- Others (Campaign Analysis and Data Aggregation, and Customer Engagement and Retention)
- By Region
- North America
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- South Africa
- Latin America
- Rest of South America
• Industry Associations
• Patent Websites
• Company Annual Reports
• Company Websites
• Key industry leaders
• IEEE journals
• Technology consultants
• System Integrators
• ICT experts
Key Questions Answered
• What are the key growth regions and countries?
• What are the important types and technologies being used?
• What are the market players doing, in terms of research and development?
• Which are the new applications for this market?
• What are the integrations happening?
• What are the recent news, developments, mergers, or large value deals?
• Products & solution providers
• System Integrators
• Regulatory Authorities
• Research and Innovation Organizations
• Suppliers and Distributors
• Other Channel Partners