Global Conversational Marketing & Sales Platform Market Overview
The key driver impacting the conversational marketing & sales platform market is the various applications such as revenue generation, customer management, and order management of the conversational marketing & sales platform across several end-user industries. The growing digitization in various end-user sectors such as automotive, chemical, healthcare, IT, telecommunication, etc., is expected to create more demand for conversational marketing and sales software’ during the forecast period. For instance, According to the World Economic Forum, the telecommunications sector's digitalization is estimated to have a $2 trillion value in the coming decade.
Moreover, the advancements in technology and interactive engagement of customers with the operator increase productivity and enable the operator’s business growth, thus estimated to be key determinants that add growth to the market.
According to Value Market Research, the global Conversational Marketing & Sales Platform market was valued at around USD 415 million in 2019 and is estimated to grow at a CAGR of about 55% during the forecast period of 2020-2026.
In addition to this, the introduction of conversational marketing and sales platforms in the automotive, retail sector, and other industries allows brands to communicate with hundreds or thousands of leads at any one time is anticipated to increase the conversational marketing & sales platform market demand under the forecast period. For instance, According to the International Organization of Motor vehicle manufacturers (OICA), in 2019, passenger car sales was increased by 5% and reached 69.5 million units. The commercial vehicles segment also showed a steady rise as the sales touched 24 million units in 2019. The ever-expanding automotive sector is expected to create massive demand for conversational marketing software in the forecast period.
However, the lack of awareness of conversational marketing software may hamper the global conversational marketing & sales platform industry in the long run. The current industry trend, such as the rising adoption of IoT and cloud adoption across various industries with the emergence of online portals providing conversational marketing & sales platforms, is anticipated to create lucrative market opportunities for the key players in the coming years.
The conversational marketing & sales platform market is vast, with many local and global players. The key leaders follow several strategies to improve their market position, such as expansions, acquisitions, mergers, and product innovations to boost their market share across the world. The dominating key players included in the report are Drift, Snaps, Verloop, iAdvize, LiveWorld, Automat, Intercom, HubSpot, Conversica, Saleswhale, Exceed.ai, Whisbi, and WhatsHelp have always been the initial targets of Conversational Marketing & Sales Platform companies globally.
In this market research report, the market is segmented by component, application, end-user, enterprise size, and region.
Analysis by Component:
By component type, the report is categorized into software, hardware, and services. The software segment is further classified into (cloud (private cloud, public cloud, and hybrid)and on-premise. The hardware segment is also categorized into virtual, managed, and on-premise. The services segment is further divided into professional services and managed services. Cloud-based software dominates the type segment in 2019, with over 55% market share. It is due to the growing adoption of cloud technology across small and large enterprises that are driving the component segment of the conversational marketing & sales platform market in the forecast period.
Analysis by Application:
By applications, the report is categorized into management, monitoring, test, and communication.
Analysis by End-User:
By end-user, the report is categorized into aviation, healthcare, transportation, oil & gas, power & utilities, automotive, government, telecom & IT, chemical, and others.
Analysis by Enterprize Size:
By enterprise size, the report is categorized into small & medium enterprises (SMEs) and large enterprises. The SMEs are expected to show considerable growth in the forecast period due to the rising adoption of conversational marketing & sales software in enterprises.
Analysis by Region:
In the regional outlook of the global conversational marketing & sales platform market, the North America region dominates with a maximum market share of 30% in 2019. It dominates in the forecast period due to the adoption of innovative technologies such as analytics, automation, and virtualization technologies in the region. Moreover, a rise in the number of enterprises and the presence of many vendors providing conversational marketing & sales platform contributes to the growth of the Conversational Marketing & Sales Platform market in Europe.
Market Segmentation covered in the Report:
- Software (on-premise and cloud (public cloud and private cloud; and hybrid)
- Hardware (virtual, on-premise, and managed)
- Services (professional services (maintenance, integration, and installation) and managed services.
By Enterprise Size
- Oil & Gas
- Power & Utilities
- Telecom & IT
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.