North America Conversational Computing Platform Market Report and Forecast 2024-2032

North America Conversational Computing Platform Market Outlook

The North America conversational computing platform market size reached approximately USD 5.84 billion in 2023. The market is projected to grow at a CAGR of 30.1% between 2024 and 2032, reaching a value of around USD 64.14 billion by 2032.

Key Trends in the Market

Conversational computing platforms are systems or frameworks that enable machines to engage in human-like conversations. These platforms leverage natural language processing (NLP), machine learning, artificial intelligence (AI), and various other technologies to facilitate communication between computers and humans. These systems are extensively integrated into websites, social media platforms, SMS marketing strategies, and other messaging functionalities for automation.

• The North America conversational computing platform market growth is supported by the continuous advancements in natural language processing (NLP), machine learning, and artificial intelligence (AI). These technologies enable more accurate language understanding, context awareness, and personalised interactions, driving the adoption of conversational platforms across various sectors.

• The increasing number of companies adopting AI-driven systems such as chatbots and messaging apps for customer-centric work approaches is expected to propel the North America conversational computing platform market demand in the coming years. These systems are used to analyse user behaviour, preferences, and historical data to offer tailored recommendations, responses, and services, enhancing user satisfaction and engagement.

• Major technology companies are increasingly investing in the improvement of conversational system’s contextual understanding and memory. Owing to this, conversational platforms are getting better at retaining conversation history, understanding references, and maintaining context across multiple interactions, resulting in more coherent and meaningful conversations.

• One of the most influential and recent developments in the North America conversational computing platform market includes the IBM watsonx, a new AI and data platform developed by IBM.

The watsonX platform was announced in May 2023, at the annual Think conference. It empowers clients to address crucial facets of their organisation across five key business areas: engaging in conversations with customers and employees, streamlining and automating internal workflows, automating IT operations, fortifying defences against threats, and advancing sustainability objectives.

North America Conversational Computing Platform Market Segmentation

Based on type, the market can be segmented into virtual digital assistants and chatbots. The market categorisation, based on deployment type, includes cloud and on-premises. Based on end-use, the market is divided into BFSI, retail and e-commerce, healthcare and life science, travel and hospitality, telecom, and media and entertainment, among others.

The major regional markets for conversational computing platforms are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the North America conversational computing platform market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Amazon Web Services, Inc.

• Alphabet Inc. (Google LLC)

• IBM Corporation

• Microsoft Corporation

• Oracle Corp.

• OpenAI OpCo, LLC

• Cognigy GmbH

• Tagove Limited (Acquire)

• Bitonic Technology Labs Inc.

• Conversica, Inc.

• Others

Market Share by Type

According to the North America conversational computing platform market analysis, virtual digital assistants are expected to expand rapidly owing to technological advancements and changing user expectations. Virtual assistants are expanding beyond text-based interactions to incorporate voice, images, gestures, and even emotions. This multimodal approach allows for richer and more intuitive user experiences, especially with the integration of voice assistants into smart devices.

Moreover, experiments with augmented reality to enable a more immersive experience are expected to further boost the growth of the market.

Market Share by Country

The United States of America is likely to hold the leading position, accounting for a major portion of the North America conversational computing platform market share during the forecast period. The presence of leading technology companies such as IBM Corporation, Google, and Microsoft, boosts the growth of the regional market as the companies heavily invest in the advancement of conversational computing platforms.

One such development includes the launch of Assistant “with Bard”, which combines the capabilities of Google Assistant with the generative AI Bard. This enables users to generate code, draft emails, plan trips, and more, ultimately enhancing productivity and creativity.

Competitive Landscape

IBM Corporation is one of the world’s leading technology companies, engaged in developing innovative solutions for various business challenges. Established in 1911, IBM has a long history of technological advancements and has evolved into a leader in enterprise solutions, cloud computing, artificial intelligence, and cognitive computing.

Microsoft Corporation is among the largest informatics technology companies, operating in a wide variety of fields, including software development, game development, computer hardware, cloud, and AI, among others. Microsoft's product portfolio spans operating systems, productivity software, cloud services (Azure), hardware (Surface devices, Xbox), and enterprise solutions (Microsoft Dynamics) catering to businesses of all sizes.

Oracle Corp. is a multinational technology company specialising in database software and technology, cloud engineering, and enterprise software products. Founded in 1977, Oracle has grown to become a prominent player in database technology and business software solutions. The company offers a comprehensive suite of software and hardware products, including databases, enterprise resource planning (ERP) software, customer relationship management (CRM) software, and cloud infrastructure and services (Oracle Cloud).

Other key players in the North American conversational computing platform market are Amazon Web Services, Inc., Alphabet Inc. (Google LLC), OpenAI OpCo, LLC, Cognigy GmbH, Tagove Limited (Acquire), Bitonic Technology Labs Inc., and Conversica, Inc., among others.

Key Highlights of the Report