The Global Chatbot Marketis projected to reach a value of over USD 19.7 billion by 2027 at a CAGR of around 29.5%.
Chatbots is refers to a computer program which simulates human conversation with the help of voice commands or text chats. Moreover, it is an artificial intelligence software that can simulates a chat with the user in the natural language with the messaging applications, mobile application and websites. Moreover, it allow the businesses to connect with customers in a personal way without the expense of human representatives. Also, it is being used to enhance the IT service management experience as well as customer contact centers to manage incoming communications.
Hence, this is being majorly used to perform routine customer activities within the banking, retail, and food and beverage sectors. These may lead to boost the demand of the product in the forecast period.
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Chatbot Market: Drivers & Restraints
- Growing Demand for Consumer Analytics
With the growing demand for consumer analytics is witness to boost the growth of the market in the forecast period. Whereas, it provides a latest way for the industries to communicate with the customers through the messaging application, growing technologies as well as the artificial intelligence. Moreover, the AI-powered chatbots offers several advantages such as delivery of support in multiple languages, as well as provision of better self-service experiences.
Furthermore, the brands such as Starbucks, KLM Dutch Airlines, Spotify, as well as the Bank of America which has been deployed chatbots with the intent to deliver seamless customer experiences. Also, the Chatbots functions engaging customers 24×7 with instant response for the common problems. These will lead to fuel the growth of the market in the projected period.
- Lack of Awareness
One of the major key concern of the market is the lack of the awareness which may hamper the market growth. Whereas, the large enterprise are the major play of adopting the chatbot solutions, moreover the Small and Medium-sized Enterprises (SMEs) has been limited the adoption with the cost associated as well as the shortage of skilled resources. Also, the Chatbots require ongoing review, maintenance, as well as the optimization in terms of their knowledge and the way they are supposed to communicate with customers. Hence, these may lead to create a challenging factor for the growth of the market in the forecast period.
Chatbot Market: Key Segments
- Segmentation based on Component: Standalone, Web-based and Messenger-based/Third Party.
- Segmentation based on Deployment Mode: On-Premises and Cloud.
- Segmentation based on Component: Solution and Services.
- Segmentation based on Technology: Machine Learning and Deep Learning, Natural Language Processing and Automated Speech Recognition.
- Segmentation based on Usage: Websites, Mobile Platform and Social Media.
- Segmentation based on Application: Personal Assistant, Branding and Advertisement, Customer Support, Employee Engagement, and Others.
- Segmentation based on Vertical: Healthcare, Media & Entertainment, Travel & Tourism, Retail, Banking, Financial Services, and Insurance (BFSI), E-commerce and others.
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
Chatbot Market: Report Scope
The report on the chatbot market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered
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List of the leading companies operating in the Chatbot Market include:
- IBM Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Nuance Communications, Inc.
- Amazon Web Services, Inc.
- Inbenta Technologies Inc.
- 7.ai, Inc
- Other Key Companies
- CogniCor Technologies.
- Conversica, Inc.
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Chatbot Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Chatbot Market, by Type
- Messenger-based/Third Party
Chatbot Market, by Deployment Mode
Chatbot Market, by Component
Chatbot Market, by Technology
- Machine Learning and Deep Learning
- Natural Language Processing
- Automated Speech Recognition
Chatbot Market, by Usage
- Mobile Platform
- Social Media
Chatbot Market, by Application
- Personal Assistant
- Branding and Advertisement
- Customer Support
- Employee Engagement
Chatbot Market, by Vertical
- Media & Entertainment
- Travel & Tourism
- Banking, Financial Services, and Insurance (BFSI)
Chatbot Market by Region
· Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
· North America (US, Canada, Mexico)
· Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
· Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
· South America (Brazil, Argentina, Rest of South America)
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