Chatbot market accounted to US$ 1072.4 Mn in 2018 and is expected to grow at a CAGR of 27.9% during the forecast period 2019 – 2027, to account to US$ 9475.1 Mn by 2027
Global Chatbot market is majorly driven by increasing adoption of cloud technology across the industries and the increasing acceptance of virtual assistance, evolving consumer technology, speech-enabled Chatbots and others. However, the rapidly changing nature of businesses requires consistent changes in technology and services. Also, the integration of advanced technologies such as artificial intelligence and natural language processing are expected to provide substantial growth opportunity to the key players in this market
The sales of Chatbot are largely influenced by numerous economic and non-economic factors. The e-commerce, BFSI, and healthcare sectors are expected to have a large impact on the growth of the Chatbot market. Also for the retail & e-commerce industry, increasing adoption of smart technologies are enabling a high degree of services to its customers. Potentially, the retail & e-commerce sector present a larger market share as compared to other sectors during the forecast period.
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Some Of The Leading Market Players:
1. Slack Technologies, Inc.2. Message.io, Inc.3. Facebook, Inc.4. SMART CAPSA, S.R.O.5. Helpshift6. Imperson Ltd.7. Kasisto Inc.8. Microsoft Corporation9. Pandorabots, Inc.10. Astute Solutions
The introduction of NLO and NLP technologies in chatbot solution is a boon for contact centers. Call centers leveraging Chatbots can serve a large number of customers through the day without any issues. They provide 24/7 assistance and boost the overall productivity of the business. Various trends witnessed in chatbot market are communication transforming via chatbot, integrating CRM, natural language programming, Chatbot app development with Quick Problem-Solving Abilities, consumer analytics and insights, NLO technology for automated calling, and others.
Artificial intelligence allows businesses to prioritize and automate decision making, analyze big complex structured and unstructured data to provide deeper insights and improve efficiency by accurate planning. With all these applications, artificial intelligence enables businesses to improve operational efficiency, lower operating costs, enhance service quality and customer experience. With the increasing business complexities and high adoption of artificial intelligence across the industries, the market for Chatbots is expected to surge during the forecast period.
The emergence of advanced-driver-assistance systems like adaptive braking, self-parking, backup cameras, and automatic cruise control that further increase the passenger safety in the vehicles. Shared mobility services is another trend buzzing in the automobile ecosystem. A strong internet infrastructure coupled with cars that would be able to communicate with the rider and amongst each other regarding their availabilities and route mapping would form a trend in the upcoming few years. Highly advanced sensors are anticipated to be integrated into these vehicles for efficient communications to happen and therefore, these automotive electronic trends are anticipated to present good opportunities for the chatbot market players to cache in.
The cloud-based deployment is different from on-premise deployment software in one critical way. The company hosts the entire process and management of software within the enterprise in an on-premise environment, whereas, in the cloud, a third-party provider arrange and manage entire activities for the enterprise. The benefit of third-party providers permit the companies to pay on the basis of requirement and effectively scale up or down subject to the requirement of the user, overall usage, and growth of the company. The cloud-based uses exploit virtual technology in order to host the applications of enterprises offsite. Therefore, it is largely adopted by small and medium enterprises. Deployment of cloud eliminates capital related overheads, the feature of data back up on a regular basis is available, and also the companies are entitled to pay only for the resources they utilize. It is feasible for the enterprises which plan an expeditious expansion at a global scale, as the cloud has greater appeal to connect with more partners, clients, customers, and other businesses across the locations with minimum effort.
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