A report on Chatbot Market has been appended into the market research report database of Reports and Insights, in recent times, that promises to offer a complete analysis to its readers on the growth forecasts and development prospects of the market, together with the potential business opportunities in the industry. The study, which emphasizes the most recent business dynamics, trends, growth drivers and opportunities that are impacting the market growth, also comprises the market size and the compounded average growth rate (CAGR) for the projected period 2023 and 2031. The report on Chatbot Market also incorporates an in-depth assessment on both the macro- and micro-environmental factors that are likely to impact the market growth over the forecast period. In addition to that, analytical tools such as Porter's five forces analysis and PESTEL analysis are utilized to reckon and gather the factors that are playing the role of the driving force for the growth of the market.
Chatbot Market Overview
The report is titled ‘Chatbot Market: Opportunity Analysis and Future Assessment 2023-2031’. An overview of conceptual frameworks, analytical approaches of the Chatbot market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The Chatbot market is expected to grow at a significant rate in the near future.
The global chatbot market is estimated to reach a value of US$ 625.5 Mn by the end of 2020 and expected to reach a value of US$ 4,235.2 Mn by 2028 with a significant CAGR of 27.0%
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Chatbot Introduction
Artificial Intelligence (AI) progressively harmonizes our day-to-day lives with the establishment and scrutiny of intelligent hardware and software, known as intelligent agents. Intelligent agents have the capability to perform a variety of tasks varying from labor work to complex and advanced operations.
A chatbot is a quintessential illustration of an AI system and one of the most fundamental and comprehensive examples of intelligent Human-Computer Interaction (HCI). A chatbot can be comprehended as a computer program, which has the potential to respond like a smart entity when communed with through voice or text and comprehends at least one or more than one human language via Natural Language Processing (NLP).
As per the terminology, a chatbot can be perceived as “A computer program outlined to resemble or imitate a conversation with human users, exclusively over the Internet”. Chatbots are also commonly known as interactive agents, smart bots, artiï¬cial conversation entities, or digital assistants.
Chatbots can simulate human conversation and accommodate users but they are not designed only for this purpose. Chatbots also serve their utility in applications like information recovery, education, e-commerce, and business.
Chatbots are highly popular in the global markets among various industries as there are numerous benefits of chatbots for developers and users as well. Most of the applications of chatbots are platform-independent and straight away available to users without required installations. Owing to which, the global chatbot market is projected to witness substantial growth in the years to come.
Some of the key questions answered in this report:
Which are the five top players of the Chatbot Market?
How will the Chatbot Market change in the upcoming years?
Which product and application will take a share of the Chatbot Market?
What are the drivers and restraints of the Chatbot Market?
Which regional market will show the highest growth?
What will be the CAGR and size of the Chatbot Market throughout the forecast period?
What is the current market size, what will the market size be in 2030 and what will the growth rate be?
What are the challenges to grow in the market?
What are the market opportunities and challenges faced by the key vendors?
Who are the major competitors and what is their strategy?
What are the barriers to entry for new players in the market?
Chatbot Market Dynamics
The primary factors that are estimated to boost the growth of the global chatbot market in the forthcoming future consist of growing adoption and employment of chatbot among various industries across the world as well as rising customers’ demand for 24*7 support services.
The AI-powered chatbots carry an enormous potential that offers numerous benefits to various users such as automation of monotonous chores resulting in escalated process effectiveness, the delivery of support services in different languages, and enhanced self-service experiences, which positively fuel the growth of the global chatbot market in the near future.
Moreover, the capability of the chatbot service to personalize the interaction with human users and make it a pleasant experience draws the attention of a massive number of industries that are looking for 24*7 customer support systems. Attributable to which, the global market of chatbots is anticipated to witness rapid growth over the forecast period. By the same token, several multinational giants including KLM Dutch Airlines, Starbuck, Bank of America, Spotify, and many more have already employed chatbot to engross customers efficiently while administering smoothly continuous customer experience.
The noteworthy transformation in demand of the companies towards improving client experience via several different platforms is also expected to positively impact the growth of the global chatbot market in the coming years.
In addition to that, the rising application of autonomous learning chatbots for keeping a track of consumer data, collecting feedback, and tracking purchasing patterns is also acting as a stimulating factor for driving the demand for chatbots in the global markets, thereby propelling the growth of the global chatbot market.
Notably, a self-educating chatbot examines data in nominal time, offers precise information to the clients, and educates itself from their errors, which further adds up to its many benefits. However, on the other side of the coin, the restricted employment and usage of chatbots by the small & medium-sized enterprises (SMEs) due to scarcity of skillful and proficient resources and huge maintenance cost is likely to hinder the growth of the global chatbot market in the coming years.
Chatbot Market Segmentation
By Solutions
Software
Platform
By Services
Managed Services
Professional Services
By Technology
Machine Learning (ML)
Natural Language Processing (NLP)
Automated Speech Recognition (ASR)
By Usage
Websites
Contact Centers
Social Media
Mobile Platform
By Deployment Model
Cloud
On-premises
By Organization Size
Large Enterprises
Small and Medium-Sized Enterprises (SMEs)
By Application
Customer Support
Personal Assistant
Branding and Advertisement
Customer Engagement and Retention
Data Privacy and Compliance
Onboarding and Employee Engagement
Others
By Vertical
Banking, Financial Services and Insurance (BFSI)
Media and Entertainment
Retail and E-Commerce
Travel and Hospitality
Telecom
Healthcare and Life Sciences
Others
Key Benefits for Industry Participants & Stakeholders:
Industry drivers, restraints, and opportunities covered in the study
Neutral perspective on the market performance
Recent industry trends and developments
Competitive landscape & strategies of key players
Potential & niche segments and regions exhibiting promising growth covered
Historical, current, and projected market size, in terms of value
In-depth analysis of the Chatbot Market
Report Spotlights
Progressive trends in the Chatbot industry to help players develop effective long-term strategies
Business growth strategies adopted by companies to secure growth in developed and developing markets
Quantitative analysis of the global Chatbot market from 2023 to 2031
Estimation of the demand for Chatbot across various industries
Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the Chatbot industry
Recent developments to understand the competitive market scenario and demand for Chatbot
Market trends and outlook, and factors governing the growth of the Chatbot market
Understanding the strategies that underpin commercial interest with regard to the market growth, aiding in the decision-making process
Chatbot market size at various nodes of market
Detailed overview and segmentation of the market, as well as its industry dynamics
Chatbot market size in various regions with promising growth opportunities
Chatbot Market Key Players
The global chatbot market is dominated by IBM Corporation, Nuance Communications, Google, Amazon Web Services, Artificial Solutions, Inbenta Technologies, [24]7.ai, Chatfuel, AIVO, Botsify.com, Passage AI, Kore.ai, KeyReply, SmartBots, Contus, Yellow Messenger, CogniCor Technologies, Conversica, Gupshup, Kevit, among others.
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