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Global conversational computing platform market projected to see a 43% CAGR

The global conversational computing platform market is expected to post a compound annual growth rate (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, adds the research group.

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, Technavio says 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, according to the research group.

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.

Technavio says 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, according to Technavio.

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