The global demand for Chatbot Market is presumed to reach the market size of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period 2022 - 2028.
Chatbot is a computer application powered by artificial intelligence, and it chats virtually with humans to solve queries or related problems in multiple languages. Chatbot is programmed to allow users and businesses to interact through a medium such as text, video, file sharing, and image, thereby assisting users in various sectors. Chatbots are accessible through different platforms such as web-based, mobile and standalone. Chatbots help in reducing operational expenses and increase overall efficiency. There are two types of Chatbots. One is based on a set of rules, while the other is based on artificial intelligence and machine learning algorithms. Some chatbots also include voice recognition to provide an enhanced customer service experience.
Market Dynamics
The chatbot industry is witnessing massive growth mainly because of the increase in the adoption of chatbots to handle queries and support customers. Moreover, chatbots are gaining popularity as businesses automate their sales and customer services. The chatbots enable organizations to deliver timely services at reduced costs. Furthermore, tech titans, strategic collaboration, product innovation, and business expansions are expected to boost the global chatbot market. However, lack of awareness and other challenges such as complex management of chatbots may obstruct the market growth and hamper the chatbot market.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of chatbot. The growth and trends of chatbot industry provide a holistic approach to this study.
Market Segmentation
This section of the chatbot market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By End-User
- Small Enterprises
- Medium Enterprises
- Large Enterprises
By Application
- Bots For Service
- Bots For Social Media
- Bots For Payments/ Order Processing
- Bots For Marketing
- Others
By Type
- Standalone
- Web-Based
- Messenger-Based/Third Party
By Product
- Artificial Intelligence
- Marketing
- Human Intelligence
By Vertical
- Healthcare
- Retail
- Banking, Financial Services, And Insurance (BFSI)
- Media And Entertainment
- Travel & Tourism
- E-Commerce
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Chatbot market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Chatbot Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the chatbot market include [24]7.ai, Inc., Acuvate, Aivo, Artificial Solutions, Botsify Inc., Creative Virtual Ltd., eGain Corporation, IBM Corporation, Inbenta Technologies Inc., Next IT Corp., Nuance Communications, Inc. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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