Europe Conversational Computing Platform Market: Opportunity Analysis and Industry Forecast Up To 2027
Europe 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 (Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe), Market Trends and Forecast to 2027.
Market Analysis and Insights: Europe 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 31.7% in the forecast period of 2020 to 2027. Growing expansion of application base of AI solution in the various vertical is expected to drive growth of the market
Conversational computing platform can be defines as platform where computer interact with human either with text or voice. The platform use artificial intelligence tool for processing language. For instance Chabot is conversational computing platform that widely used in all the sector for helping customer.
Chabot’s 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.
The growing utilization of Chabot in the E-commerce sector is prominent factor drive the growth of the market. For instance the Germany based healthy food supermarket chain had introduced a chat bot that utilize for finding super market easy. Thus the utilization of Chabot will contribute in improving customer services. This factor will in turn increase the customer base for the company.
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.
Europe Conversational Computing Platform Market Scope and Market Size
Europe 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, the market is segmented into solution and services. The solution segment accounted largest market share is due to growing concern of business towards improving customer experience has increase the adoption of various solution in the business such as virtual assistant, Chabot and many more.
- On the basis of technology, the 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 growing utilization of artificial intelligence in the finance sector for solving complex problem. For instance Ayasdi had created the cloud-based and on- premise machine intelligence solutions for business to solve the complex problem. The deployment of this solution allows the finance sector to control all the fraud case associated with money.
- On the basis of deployment type, the market is segmented into cloud and on-premise. Cloud accounted largest market share as it cost effective compare to the On-premise. The major benefit of using cloud is that it is saves company administrative cost. For instance it has witness that by 45% of the enterprise will prefer to store data in cloud
- On the basis of application, the 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 accounted largest market share growing utilization of personal assistant software in the finance sector allows the finance sector to enhance their customer services.
- On the basis of vertical, the 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 account largest market share due to growing adoption of AI tools in the retail sector allow the sector to improve their customer services. This factor will in turn increase customer base for the company.
Conversational Computing Platform Market Country Level Analysis
Europe 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 Europe conversational computing platform market report are Germany, France, U.K., Italy, Spain, Poland, Ireland, Denmark, Austria, Sweden, Finland, rest of Europe
Growing Concern of Business towards Minimizing Operational Cost of the Business
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.
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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, Europe 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 Europe conversational computing platform market.
The major players covered in the report are Alphabet Inc. (Google), 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 Europe. Conversational computing platform market share data is available for Europe, North America, Europe, Asia-Pacific, Middle East and Africa and South America 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 global conversational computing platform market.
For instance,
- In March 2019, PolyAI Ltd. had raised USD 12 million funding for series A. This investment will help the company to develop more sophisticated AI technology for its customers which in turn enhance the product portfolio for the company.
The company market share with increased coverage and presence. It also provides the benefit for organization to improve their offering for conversational computing platforms through expanded model range.
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