Market Highlights
Chatbots are computer programs that use artificial intelligence (AI) to interact with humans through text or voice commands. They are typically used to answer customer questions, provide customer service, or automate certain tasks like booking appointments. Chatbots can be integrated into websites, messaging apps, and even voice assistants like Alexa.
The global chatbots market is mainly driven by artificial intelligence for past years, and presently, one of the foremost driving factors in the market is the increasing use of online messaging. People across the world has been increased with the use of social networking websites as well as significant adoption of cloud-based technologies have also been recorded to have contributed to the market’s growth.
On the flip side, the factor of lack of awareness and expertise could restrain the global chatbots market in the future. The growth is caused due to early adoption of technologies and high deployment costs involved in the chatbots market. Besides, in banking and financial industry, the attempt to mitigate the need for live call centers and slit excess expenses, which are very significantly visible can be achieved with the introduction of the Chabot, which further contributes to the market share substantially.
Chatbots, as an essential character that interacts with humans via communication gateways, has caught widespread attention in recent years. Market Research Future (MRFR) study reveals that the burgeoning information and communication industry, along with increasing technology, is going to play an integral role in the growth of global chatbots market by gaining 23.91% of CAGR during the forecasted period (2020-2030). The market can also earn a valuation of up to USD 24.64 Billion by 2022-2030.
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Regional Outlook
The topographical analysis of chatbots market is being studied for regions such as North America, Europe Asia Pacific, and Rest of the World.
Among these regions, it has been recorded that North America is estimated to account for having the largest share of the market during the growth period. The growth of the market in this region attributes to the technical advancements and increasing use of internet, mobiles, and tablets which is doing immensely outstanding in this region.
Asia-Pacific region is projected to expand at the fastest rate during the forecast period. The major growth in chatbots market in this region mainly attributes to the numerous startups that are investing in Chabot technology and machine learning technology. With this, small and mid-sized enterprises are hurriedly integrating the usage of chatbots in the process of customer service for offering seamless performance, handling a large number of consumers, and augmenting the customer-engagement techniques. Apart from this, the rapidly expanding information and communications technology infrastructure in leading countries such as China and India in this region, the market is expected to grow more during its growth period.
Segmentation:
By the segmentation, the chatbots market has been categorized among types, deployment, industry verticals, and usage.
In terms of usage segmentation: The banking, financial services, and insurance (BFSI) sector are the segments that accounted for the supreme market share that would continue to lead the market during the assessment period.
In terms of deployment: On-cloud deployment type is the segment that holds the significant market share and is anticipated to portray the highest growth rate and highest CAGR during the assessment period.
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Key Players
The protruding players in chatbots market such as CX Company (Netherlands), WeChat (China), Egain Corporation (U.S.), IBM (U.S.), Semantic Machines (U.S.), Facebook, Inc. (U.S.), Creative Virtual Pvt. Ltd. (U.K.), DigitalGenius (U.K.), Naunce Communications Inc. (U.S.), Artificial Solutions (Sweden), Speaktoit Inc. (U.S.), 24/7 Customer Inc. (U.S.), NEXT IT Corp. (U.S.), Inc. (U.S.), Howdy (U.S.), Talla (U.S.), Codebaby (Idavatars), and to name a few are massively investing in the market share during the forecast period.
Industry News
The chatbot industry is rapidly growing, with various new companies and products entering the market. In recent news, Microsoft and Google have both announced their plans to use chatbots in their products, including in the Microsoft Office suite of products and Google's search engine. Additionally, Facebook recently announced its own chatbot platform, which will allow businesses to create their own bots to interact with customers. Other companies such as Amazon, Slack, and IBM are also heavily investing in chatbot technology. As the industry continues to grow, more companies are likely to join in on the trend.
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