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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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SOURCE Technavio

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Probiotical S.p.A. defines, accelerates, and leverages digital transformation to meet growing demand

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Leading Italian probiotics company boosts time to market, throughput, efficiency, and quality using Rockwell Automation’s domain experience and FactoryTalk InnovationSuite

MILAN, Sept. 30, 2024 /PRNewswire/ — Rockwell Automation, Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and digital transformation, today announced that Probiotical S.p.A., a leading Italian probiotics research and manufacturing company, is using the ThingWorx IIoT solution, part of the FactoryTalk® InnovationSuite, powered by PTC, as the foundation for its digital transformation.

Driven by rising demand for its natural products and the need to increase the production at its plant, the company’s digital transformation journey began in 2022. Rockwell Automation was selected to support due to its industry expertise in food supplements, medical devices and drugs, as well as its software solutions and local system integrator support.

“Probiotical needed to move quickly,” said Eric Chalengeas, regional vice president, south region, Rockwell Automation. “As demand for its products accelerated, it recognized that digital transformation would create a strong foundation to help underpin its rapid expansion, not just for scaling its operations, but also to help ensure that time to market, efficiency, quality, and throughput were all optimized.”

The ThingWorx solution connects multiple pieces of equipment, ranging from the fermenters to the packaging lines. The solution collects production data and contextualizes that with transactional information from the ERP.

Production key performance indicators (KPIs), overall equipment effectiveness (OEE), and real-time and historic trends are analyzed and then used to fine tune and manage all the daily production activities.

“We needed the right solution with the right level of support, and we needed knowledgeable companies to help us,” said Gianmaria Camanna, COO at Probiotical. “We recognized the capabilities and value of the FactoryTalk® InnovationSuite software, as well as the local system integrator support from Syscons Industries.”

Pierpaolo Russo, smart manufacturing lead at Syscons Industries, which delivered the IIoT platform for Probiotical, said partnering was critical to the success of the project.

 “It was fundamental for Probiotical to start managing all its production data properly and in a timely manner,” Russo said. “They needed to have better visibility into each step of their process.”

About Rockwell Automation
Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 29,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.

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Persistent Advances Data Privacy and AI-Driven Business Transformation with the Acquisition of Arrka

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PUNE, India, Sept. 30, 2024 /PRNewswire/ — Persistent Systems (BSE: 533179) (NSE: PERSISTENT), a global pioneer in Digital Engineering and Enterprise Modernization, today announced the intent to acquire Arrka, a Pune-based company renowned for its decade-long data privacy expertise, its pioneering Data Privacy Management platform and growing expertise in AI governance. This strategic acquisition significantly enhances Persistent’s AI-led, platform-driven services and strengthens its ability to provide comprehensive offerings in digital governance, including data privacy, AI governance, and cybersecurity, among others. With Arrka’s expertise, Persistent will help clients accelerate their transformation journeys while ensuring ethical, responsible, and compliant AI.

With the widespread adoption of AI, implementing and managing digital governance in general and data privacy and responsible AI are taking center stage for enterprises across industries. Persistent is addressing the opportunities in AI through strategic investments in innovative platforms like SASVA™, an in-house cutting-edge platform using generative and deterministic AI, as well as through tuck-in acquisitions such as that of Starfish Associates, to strengthen its position in AI-powered Contact Center and Unified Communications. The integration of Arrka is a critical component in scaling Persistent’s AI practice and addressing the rising demand for digital governance. It is a key to the Company’s strategy to deliver responsible, ethical, and comprehensive platform-driven digital solutions.

Arrka’s Data Privacy Management platform enables organizations to manage their data privacy risks and comply with multi-jurisdictional legal and regulatory requirements in an integrated manner. Persistent will integrate and significantly broaden Arrka’s offerings to establish deep capabilities across the digital governance and trust domain, including:

AI Governance and Ethics: Equipping organizations to implement and manage AI risks, ensuring trust and governance across their AI initiatives.Data Privacy: Scaling Arrka’s Data Privacy expertise to help businesses enhance and mature their ability to comply with multiple privacy laws and regulations in a holistic manner.Privacy in AI Product Engineering: Offering privacy-by-design capabilities that help embed ethical and trustworthy practices into AI development, thus ensuring transparent and explainable systems.Consent and Rights Management: Developing tailored solutions for managing user consent, handling data subject rights requests, and ensuring transparency in data processing across multiple platforms and jurisdictions.AI Systems Auditing and Compliance Management: Offering continuous compliance and auditing solutions to ensure comprehensive monitoring of AI systems.

Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent: 

“Arrka’s acquisition perfectly aligns with our vision to deliver AI-driven services that fuel innovation and ensure data privacy, ethics, and compliance at every stage. By integrating Arrka’s expertise with our AI-led, platform-driven services strategy, we are empowering businesses to innovate responsibly while managing risk and compliance more effectively. Their mature frameworks and Data Privacy Management platform provide a scalable foundation to ensure this new capability is platform-driven and embeds governance from the outset, which is now critical for successful AI implementations. We’re delighted to welcome Shivangi and her talented team as we strengthen our digital governance and data privacy offerings and shape the future of responsible AI together.”

Shivangi Nadkarni, Co-Founder, Arrka: 

“The acquisition by Persistent catapults Arrka onto the global stage. With the strength and resources of Persistent, we now have the opportunity to go from what has been a specialist, boutique business working with select long-term clients in India, to expanding our footprint into global markets and deepening our expertise rapidly in multiple areas of digital governance. Moreover, this has come at an opportune time, just when this domain is experiencing significant growth globally with the rise of AI. The Arrka team is excited by the opportunities ahead.”

Chirag Mehta, Vice President and Principal Analyst, Constellation Research: 

“As customers accelerate their adoption of AI, the urgency to address data privacy and compliance challenges has never been greater. Persistent’s acquisition of Arrka strengthens its AI-led, platform-first approach, empowering customers to confidently pursue their business goals while tackling these critical security concerns head-on.”

About Persistent

Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization to businesses across industries. With over 23,500 employees located in 19 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including AI-enabled software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company has been recognized as the “Most Promising Company” of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. As a participant of the United Nations Global Compact, Persistent is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals.

www.persistent.com

Forward-looking and Cautionary Statements

For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs

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CPC Corporation, Taiwan’s Lee Shun-Chin Receives Master Entrepreneur Honor at the Asia Pacific Enterprise Awards 2024

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SINGAPORE, Sept. 30, 2024 /PRNewswire/ — The Esteemed Chairman and Standing Director of CPC Corporation, Taiwan, Lee Shun-Chin, has been recognized as a Master Entrepreneur at the Asia Pacific Enterprise Awards (APEA) 2024. The awards ceremony took place at the Grand Hyatt Taipei on 13 September.  

The renowned Asia Pacific Enterprise Awards (APEA) honors exceptional entrepreneurs for their leadership while shining light on enterprises demonstrating corporate excellence. This year, in addition to honoring its chairman, the APEA also recognized CPC Corporation, Taiwan under the Inspirational Brand category for its outstanding achievements and ESG-centric approach.

CPC Corporation, Taiwan has established a strong presence throughout Taiwan and is involved in everything from importing petrochemical materials to supplying finished consumer goods. As it caters to various oil products, the company has implemented a few production and sales models as well as established many offices for effective oversight and governance.

CPC is shifting its focus from traditional energy to sustainable energy. The company aims to produce valuable fuel materials, reduce carbon emissions and fight climate change by introducing strategies that aim to produce valuable petrochemicals, reduce carbon emissions, and use renewable energy. Strategies implemented include improving its refining processes, adding value to chemicals, and carbon capture and reuse. The company also uses its expertise in carbon fiber composite materials to design special space-grade composite.

CPC aims to provide the people of Taiwan with a green, safe, and healthy social environment. It believes that sustainable growth needs balance in the economy, society, and environment. Hence, the company plans to focus on national development, improving its business practices, and promoting green energy to achieve low-carbon development. It aligns with ESG principles to promote “High-value Petrochemical, Low Carbon Emission, Lean-Renewable Energy” in order to realize sustainable development.

The company is dedicated to improving energy efficiency and promoting renewable energy to achieve net zero carbon emissions. With the goal of reducing carbon emissions by 40.6% and 49.5% by 2025 and 2030, 62 measures will be implemented to reduce carbon emissions by 262,000 metric tons, saving 74,000 metric tons of oil equivalent. CPC will also develop geothermal and hydrogen energy and build hydrogen refueling demonstration stations and hydrogen energy transmission and storage facilities to promote clean energy.

Through his “High-value Petrochemical, Low Carbon Emission, Lean-Renewable Energy” transformation strategies, Chairman Lee Shun-Chin’s transformation strategies for CPC Corporation, Taiwan has enabled the organization to build resilience in areas of governance excellence, environmental friendliness, and social prosperity. His admiral leadership skills and vision for the company make him truly deserving of the APEA’s Master Entrepreneur recognition.

PR Newswire is the Official News Release Distribution Partner of Asia Pacific Enterprise Awards 2024.

About Enterprise Asia

Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine towards sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are an investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs, and other organizations to promote competitiveness and entrepreneurial development, uplift the economic status of people across Asia, and ensure a legacy of hope, innovation, and courage for future generations. Please visit www.enterpriseasia.org for more information.

About Asia Pacific Enterprise Awards

Launched in 2007, the Asia Pacific Enterprise Awards is the region’s most prestigious award for outstanding entrepreneurship, continuous innovation, and sustainable leadership. The Award provides a platform for companies and governments to recognize entrepreneurial excellence, hence spurring greater innovation, fair business practices, and growth in entrepreneurship. As a regional award, it groups together leading entrepreneurs as a powerful voice for entrepreneurship and serves as a by-invitation-only networking powerhouse. The program has grown to encompass 16 countries/ regions and markets all over Asia. For further information, please visit www.apea.asia.

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SOURCE Enterprise Asia

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