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Conversational Computing Platform Market size is set to grow by USD 35.64 billion from 2024-2028, Reduction in time and cost required to develop conversational computing platforms to boost the market growth, Technavio

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NEW YORK, July 29, 2024 /PRNewswire/ — The global conversational computing platform market size is estimated to grow by USD 35.64 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 55.15% during the forecast period. Reduction in time and cost required to develop conversational computing platforms is driving market growth, with a trend towards use of ai in conversational computing platforms. However, issues associated with data privacy poses a challenge. Key market players include Alphabet Inc., Amazon.com Inc., Amelia US LLC, Artificial Solutions International AB, Creative Virtual Ltd., Eudata, Inbenta Holdings Inc., International Business Machines Corp., Jio Haptik Technologies Ltd., Kore.ai Inc., Liveperson Inc., Meta Platforms Inc., Microsoft Corp., onereach.ai, Oracle Corp., Pypestream Inc., Rasa Technologies Inc., Rulai, Salesforce Inc., and SmarTek21 LLC.

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (Virtual digital assistants and Chatbots) and Geography (North America, APAC, Europe, South America, and Middle East and Africa)

Region Covered

North America, APAC, Europe, South America, and Middle East and Africa

Key companies profiled

Alphabet Inc., Amazon.com Inc., Amelia US LLC, Artificial Solutions International AB, Creative Virtual Ltd., Eudata, Inbenta Holdings Inc., International Business Machines Corp., Jio Haptik Technologies Ltd., Kore.ai Inc., Liveperson Inc., Meta Platforms Inc., Microsoft Corp., onereach.ai, Oracle Corp., Pypestream Inc., Rasa Technologies Inc., Rulai, Salesforce Inc., and SmarTek21 LLC

Key Market Trends Fueling Growth

Conversational computing platforms have evolved from handling basic customer queries to executing complex tasks, thanks to advancements in AI and machine learning. AI algorithms analyze customer conversations to determine their needs and take appropriate actions. Sentiment analysis helps understand customer moods, while real-time analytics enables quick human intervention when necessary. Chatbots use natural language processing (NLP) to summarize key information, assisting with product queries and technical support. An example is Woebot, a chatbot using AI technologies for mental health support, implementing cognitive behavioral therapy and dialectical behavior therapy techniques. Woebot, created by Stanford University experts, sends over a million messages weekly to help users cope with depression, anxiety, or loneliness. 

The Conversational Computing Platform market is experiencing significant growth as businesses adopt chatbots, text assistants, and voice assistants for advertising, customer service, and internal enterprise systems. Natural language processing (NLP), machine learning (ML), and deep learning are key technologies driving this trend. Cloud-based solutions are popular due to their flexibility and scalability. Telecom, entertainment and media, travel and hospitality, IT and telecom, and startups are major industries investing in conversational AI and generative AI. NLP and ML enable voice recognition technologies for AI chatbots on messaging services and platforms. Customer bases are expanding as these technologies improve digital transformation, remote work, and IT department efficiency. Big Data, IoTs, Blockchain, and bi data analytics are also integrating with conversational computing platforms for enhanced capabilities. 

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Market Challenges

Conversational computing platforms, which include chatbots and virtual digital assistants, offer valuable insights for businesses by identifying search and buying patterns, consumer behavior, and more. However, data privacy is a significant concern for users. These platforms learn and improve through feedback and behavioral data, but the collection and use of personal information raises privacy and security concerns. Regulations like the GDPR limit data collection and usage, and some conversational computing platforms provide data ownership to customers. However, not all vendors offer this flexibility, and users may not fully understand the data being shared and third-party policies. Compliance with regulations, such as GDPR, is crucial, but some platforms offer workarounds to generate insights while adhering to regulations. Overall, addressing privacy concerns is essential for the growth of the conversational computing market.The Conversational Computing Platform market is witnessing significant growth due to the increasing demand for AI-driven solutions that enhance customer engagement and automate business processes. IT and telecom industries are leading the way, integrating Conversational AI, Generative AI, Computer vision, and Voice recognition technology into their offerings. Messaging services and platforms are also adopting conversational computing solutions to provide more personalized customer service. However, challenges persist. Integrating conversational computing with internal enterprise systems and remote work environments requires IT departments to adapt. Natural Language Interfaces, NLP, ML, and Voice recognition technologies pose challenges in understanding complex queries and providing accurate responses. Big Data, IoTs, Blockchain, Bi data analytics, and AI-based technology require robust conversational techniques for effective information dissemination. Digital Marketing managers seek AI-driven conversational techniques for automated customer queries, insurance quotes, and claims inquiries. Healthcare and other industries also benefit from conversational computing, improving customer satisfaction and streamlining business processes.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This conversational computing platform market report extensively covers market segmentation by

Type 1.1 Virtual digital assistants1.2 ChatbotsGeography 2.1 North America2.2 APAC2.3 Europe2.4 South America2.5 Middle East and Africa

1.1 Virtual digital assistants-  The Conversational Computing Platform market is experiencing significant growth as businesses seek to enhance customer engagement and streamline operations. These platforms enable natural language processing, allowing for human-like interactions between users and machines. Companies can build chatbots and voice assistants to handle customer queries, automate workflows, and gather valuable data. This technology is transforming industries, from retail and finance to healthcare and education. By integrating conversational computing into their strategies, businesses can improve customer satisfaction, reduce response times, and gain a competitive edge.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global Cloud AI market is projected to reach $122 billion by 2028, driven by increasing adoption of AI-powered services across industries. Cloud AI solutions offer scalable, cost-effective data processing and advanced analytics. Meanwhile, the Edge Computing market is expected to hit $80 billion by 2027, fueled by the demand for real-time data processing and reduced latency. Edge computing complements Cloud AI by enabling faster decision-making at the data source, enhancing overall system efficiency and performance. Both markets are experiencing rapid growth due to technological advancements and rising enterprise needs.

Research Analysis

Conversational computing solutions have revolutionized the way businesses interact with their customers and automate business processes. These technologies, which include speech synthesis and recognition, natural language understanding, and neural networks, enable AI-based systems to understand and respond to customer queries, provide insurance quotes and claims inquiries, and even offer healthcare consultations. Automated conversational techniques, such as chatbots and conversational AI, have become essential tools for digital marketing managers to enhance customer satisfaction and engagement. Generative AI and computer vision are also being integrated into conversational computing platforms to provide more personalized and visual experiences. Voice recognition technology and AI chatbots are transforming messaging services and platforms, making customer service more efficient and effective. Overall, conversational computing is a rapidly growing market that offers significant benefits for businesses and consumers alike.

Market Research Overview

Conversational computing solutions are revolutionizing the way businesses interact with their customers and internal systems. Speech synthesis and speech recognition, powered by neural networks and natural language understanding, enable automated conversational techniques for handling customer queries, providing insurance quotes, and managing claims inquiries. These technologies are not limited to customer service but also extend to healthcare, digital marketing, advertising, and more. AI-based technology, including natural language processing, machine learning, and deep learning, plays a crucial role in understanding and responding to customer needs. Conversational AI, generative AI, computer vision, and voice recognition technologies are transforming industries such as telecom, entertainment and media, travel and hospitality, and startups. Consulting and training, support and maintenance, cloud services, and IT departments are essential for implementing and optimizing conversational computing solutions. Remote work and internal enterprise systems are also benefiting from these advanced technologies. Big Data, IoTs, Blockchain, and Bi data analytics are integral to enhancing the capabilities of conversational computing platforms.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeVirtual Digital AssistantsChatbotsGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Momentus Technologies Appointed to Drive Innovation in Venue and Event Management Operations at Dubai World Trade Centre

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ST. LOUIS, Sept. 30, 2024 /PRNewswire/ — Dubai World Trade Centre (DWTC), a global leader in the events and exhibitions industry has appointed Momentus Technologies as its partner to elevate its venue and event management operations. The strategic partnership follows a remarkable milestone in 2023, where DWTC welcomed 2.47 million visitors, solidifying its status as an international powerhouse. By integrating Momentus Technologies’ state-of-the-art solutions, DWTC aims to transform its operations, setting new standards of efficiency and innovation across its diverse portfolio of high-profile, international exhibitions, and world-class conferences.

Mahir Julfar, Executive Vice President, Dubai World Trade Centre said: “At DWTC, we have built a reputation for maintaining exceptional standards in event and venue management, consistently meeting the evolving demands of the industry. Our partnership with Momentus Technologies is the next step in our journey to enhancing operational excellence. By integrating Momentus’ cutting-edge platform, we are not just boosting efficiency, but also setting new industry benchmarks. This collaboration enables us to continue delivering outstanding experiences for our global stakeholders, reinforcing DWTC’s leadership in international exhibitions and events.”

Momentus Technologies, renowned for delivering innovative venue and event management solutions, will provide a bespoke integrated platform to manage DWTC’s extensive event bookings, event and venue operations, and real-time data analysis. Momentus will leverage its expertise in handling complex logistics through innovative technology and work hand in hand with DWTC to continue to enhance efficiencies and deliver exceptional service quality across DWTC’s wide range of events.

 “This partnership marks a significant milestone for Momentus as we expand our footprint in the Middle East,” stated Alex Alexandrov, CEO of Momentus Technologies. “We are honored to be chosen by the largest exhibition venue in the UAE and contribute to their mission of setting new benchmarks in the industry. Our platform’s advanced capabilities will support DWTC in achieving its strategic goals and enhancing its operational agility not only for today but well into the future.”

About Dubai World Trade Centre (DWTC):

A global business facilitator since 1979, Dubai World Trade Centre (DWTC) is home to the region’s leading purpose-built convention and exhibition centre. DWTC provides a platform for connecting people, products, innovation and ideas from around the world through a dynamic calendar of international trade exhibitions and its own roster of sector leading mega events. As a designated free zone, complemented by award-winning commercial real estate, DWTC plays an integral role in Dubai and the region’s growth story. Since its inauguration, DWTC has hosted over 6,000 events, with an estimated economic output of AED 248 billion, attracting over 38 million business visitors to Dubai.
www.dwtc.com 

About Momentus Technologies

Momentus Technologies is a global provider of industry-leading venue and event management solutions that empower organizations to create extraordinary moments. With over 60,000 users in more than 50 countries, Momentus serves the needs of convention and exhibition centers, higher education, corporate, stadiums and arenas, and arts and culture centers. Its powerful intuitive platform alongside intelligent data-driven solutions and unparalleled expertise provides customers a view of past, present and future event operations to increase end-to-end visibility, optimize efficiency and achieve business goals. Founded in 1985, Momentus is headquartered in the United States. The company’s employees work across the globe in Momentus offices and remotely.
https://gomomentus.com/ 

Contact
North America Public Relations: Rebecca Meckstroth rebecca.meckstroth@gomomentus.com
EMEA and APAC Public Relations: Miriam Hageboeck miriam.hageboeck@gomomentus.com 

 

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Chubb’s Digital Payments and Cyber Scams Survey Finds Growing Impact of Fraud on Consumers; Harms Trust in Payment Methods

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Across the globe, 61% have changed their behavior or reduced use of digital payment platforms due to cyber scam concerns. 75% say transaction insurance would boost their trust, increasing adoption.

NEW YORK, Sept. 30, 2024 /PRNewswire/ — Chubb, a world leader in insurance, today released the results of its new global survey, “The Impact of Cyber Scams on Trust in Digital Payments,” revealing the growing impact of cyber fraud on consumers, the misconceptions regarding cyber protections, and the significant changes in consumer purchasing behavior driven by escalating worries over cyber breaches.

Digital payments have become part of our daily lives and are increasingly crucial to fostering financially inclusive economies. Chubb’s survey findings define the pivotal role insurance plays in building trust and helping to enable the growth of the digital payments ecosystem.

According to the survey conducted in the U.S., Mexico, Brazil, Indonesia, Singapore, the Philippines, Thailand, and Vietnam – nearly half (46%) of respondents mistakenly believe their payments are protected. This false sense of security is compounded by the fact that 61% of participants have changed their behavior or reduced their use of payment platforms due to fears about cyber scams.

Waning trust threatens exponential growth

All survey respondents have made a digital payment in the last year, and 63% have been a cyber scam victim or know someone who has been. The impact of this fraud extends beyond financial losses, eroding trust in payment platforms, hindering adoption.

“The future of digital payments is bright, and insurance will help play a crucial role in shaping its trajectory,” said Sean Ringsted, Chubb’s Chief Digital Business Officer. “At Chubb, we are committed to developing innovative insurance solutions that address the changing risks faced by individuals and businesses in the digital era. By fostering a mindset focused on awareness, vigilance and protection, we can ensure that the benefits of digital payments are accessible to all while mitigating the associated risks.”

Respondents were asked about nine different types of scams. They are most troubled by phishing/vishing and impersonation scams, as well as fake product or service purchases. Some 61% of respondents have changed their behavior or reduced use of certain digital payment platforms over concerns.

Key findings from Chubb’s Global Payments and Cyber Scams survey include:

Certain demographic and geographic survey audience segments report higher rates of being a victim of cyber scams

Women in Asia (33%).Younger people in the US (33%) and Asia (34%).At the market level, women in Thailand (39%), Philippines (38%), Indonesia (36%), and Brazil (32%).

Threats of being hacked looms large

53% voiced worry about their account being hacked.48% were troubled about a potential data breach.46% cited the possibility of being scammed as a barrier to trust.37% indicated unease at their ability to recover their money, if scammed.

Trust levels vary amongst the respondent audience

69% of women (vs. 65% of total respondents) completely trust digital payment technologies.68% of younger users (18-34 years old) do not completely trust these technologies.96% of those who make international transfers and 94% who make transfers weekly either somewhat, or completely trust digital technologies (vs. 91% globally) even though they are more susceptible to cyber scams.

Payment providers have an opportunity to close a trust gap

32% of respondents don’t trust the security of digital payment technologies.36% don’t trust their customer support.29% don’t trust platforms to protect their confidentiality.

Insurance could promote greater trust and adoption of digital payments

75% of respondents say transaction insurance would boost their trust.Impact of insurance is highest among consumers in Latin America – 84% would fully trust or trust payment technology much more if they had personal cyber-scam insurance, and 82% for payment protection insurance.Many respondents also see AI as a way to enhance security.

Methodology

Findings are based on a survey of 2,600 individuals in the U.S., Mexico, Brazil, Thailand, Singapore, Vietnam, Indonesia and the Philippines that explored the impact of cyberscams on levels of trust in digital payment technology. The survey was conducted by Opinium on behalf of Chubb in June 2024. The respondents were adults who had made digital money transfers through traditional banking apps / Fin Techs / Neo banks, or digital wire transfers in the last 12 months. The margin of error for the survey was +/- 2%.

About Chubb

Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume, and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris, and other locations, and employs approximately 40,000 people worldwide. Additional information can be found at: www.chubb.com.

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SOURCE Chubb

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NIMO to Host the Debut NIMO WAVE LIVE SHOW at Thailand Game Show 2024

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BANGKOK, Sept. 30, 2024 /PRNewswire/ — As the global digital entertainment industry continues to flourish in 2024, the Thailand Game Show, Southeast Asia’s largest gaming event, remains a focal point for gaming enthusiasts. Since its inception in 2006, this annual event has successfully run for 17 years, drawing in over 200,000 attendees and featuring more than 100 exhibitors from the anime, gaming, and other sectors, which has become a marquee event in the Thai gaming calendar. This year, the Thailand Game Show will take place from October 18 to 20, 2024, at the Exhibition Halls 3-4, Queen Sirikit National Convention Center, in Bangkok.

As a global leader in pan-entertainment and e-sports live streaming, NIMO is invited as an official strategic partner for the 2024 Thailand Game Show. NIMO, in collaboration with the event organizers, is set to deliver an unforgettable experience—NIMO WAVE LIVE SHOW, a large-scale music festival that will mark the platform’s first foray into a live entertainment event of this magnitude, with an audience of over 1,000. This move will further strengthen NIMO’s capacity to explore the commercialization of pan-entertainment content.

NIMO Deepening Ties with Thailand Game Show and Showcasing a Multi-Layered Commercial Landscape

At this year’s event, NIMO will create a unique and interactive experience at Booth S4, dubbed the “NIMO GAME SOLUTION SPACE.” This space will feature a variety of themed areas, including the “NIMO STORE” stocked with trendy merchandise, interactive challenge zones, and social media check-in area. By completing fun challenges, fans will have the chance to win exciting prizes, such as NIMO squishy toys, emoji stickers, woven bags, and exclusive NIMO WAVE LIVE SHOW merchandise.

Earlier this year in April, NIMO hosted the GLOBAL GALA in Thailand, followed by high-profile appearances at ChinaJoy in China and Gamescom in Germany. Through a refreshed brand slogan, expanded trendy branding elements, and strengthened partnerships with game titles to seek more opportunities for cooperation, NIMO has demonstrated its commitment to continuously enhancing brand influence on a global scale. Returning to Thailand as a strategic partner of the Thailand Game Show, NIMO will work closely with the organizers to co-host its first-ever large-scale live music festival, fully showcasing its “gaming + music” marketing capabilities and bringing game brands and the entertainment-savvy youth audience together.

NIMO Expanding into Global Music to Increasingly Enrich Pan-entertainment Ecosystem

Beyond the three-day exhibition, NIMO will host the NIMO WAVE LIVE SHOW on October 19, 2024, at 8:30 PM, on the main stage of Exhibition Halls 3-4. The event will feature a stellar lineup of top Thai artists, including MILLI, IRONBOY, and the popular band PAPER PLANES, as well as Sisweet; in addition, Vietnam’s OEG Talent House will bring top artists, band lead vocalist Phạm Anh Khoa, guitarist Dzung, music producer and famous DJ Teddy Doox and DJ Brian to perform iconic gaming soundtracks, setting the stage alight and igniting the passion of gaming fans.

During the event, NIMO will also introduce its Musician Commercialization Support Project, aimed at providing global musicians with relevant resources to thrive in content creation, copyright management, brand collaboration, and monetization. The NIMO WAVE music category will serve as a key pillar in NIMO’s pan-entertainment ecosystem, and as the platform actively explores cross-industry collaborations and expands partnerships with global entertainment companies, tech platforms and cultural events, this will further cement NIMO’s presence in the global music industry.

This year’s Thailand Game Show is once again expected to draw massive attention from gaming enthusiasts, and NIMO’s strong presence will surely spark further excitement for the event. Tickets for both the Thailand Game Show and the NIMO WAVE LIVE SHOW on October 19 are available now. Fans can purchase tickets via the Zipevent platform. Looking forward to the surprises and joy that NIMO and the Thailand Game Show will bring to gamers this year!

Click here to purchase tickets for the 2024 NIMO WAVE LIVE SHOW:

https://www.zipeventapp.com/e/TGS2024

 

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