Global Chatbots Market, By Component (Solutions and Services), Technology (Machine Learning (ML), Natural Language Processing (NLP) and Automated Speech Recognition (ASR)), Deployment Model (On-Premises and Cloud), Usage (Websites, Contact Centers, Social Media and Mobile Platform), Organization Size (Large Enterprises and Small and Medium-Sized Enterprises (SMEs)), Application (Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Data Privacy and Compliance, Onboarding and Employee Engagement and Others), Vertical (Banking, Financial Services and Insurance (BFSI), Media and Entertainment, Retail and Ecommerce, Travel and Hospitality, Telecom, Healthcare and Life Sciences and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2027
Chatbots market is expected to grow at a CAGR of 27.3% in the forecast period of 2020 to 2027. Data Bridge Market Research report on chatbots market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Chatbot is designed to allow users and companies to communicate via media such as voice, text , video, file sharing, and image. This performs natural language processing for user interaction, and offers improved customer experience in various applications including retail , healthcare, financial and insurance services, e-commerce, and others.
Technological advancement coupled with increasing demand of customers for self-service, customers are assists 24*7 at a low operational costs and rising focus on customer’s engagement through different channels are the factors driving the growth of the chatbots market. Unable to recognize intent of customer and respond effectively are restraining the chatbots market. Low awareness related to the effect of chatbot technology on different applications is the challenges faced by the chatbots market. Various initiatives on developing self-learning chatbots to deliver a conversational experience like humans’ acts as an opportunity.
This chatbots market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Data Bridge Market Research chatbots market contact us for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Chatbots Market Scope and Market Size
- Chatbots market is segmented on the basis of component, technology, deployment model, usage, organization size, application and vertical. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Based on component, chatbots market is segmented into solutions and services. Solutions are sub-segmented into platform and software. Services are sub-segmented into managed and professional services.
- Based on technology, chatbots market is segmented into machine learning (ML), natural language processing (NLP) and automated speech recognition (ASR).
- Based on deployment model, chatbots market is segmented into on-premises and cloud.
- Based on usage, chatbots market is segmented into websites, contact centers, social media and mobile platform.
- Based on organization size, chatbots market is segmented into large enterprises and small and medium-sized enterprises (SMEs).
- Based on application, chatbots market is segmented into customer support, personal assistant, branding and advertisement, customer engagement and retention, data privacy and compliance, onboarding and employee engagement and others.
- Based on vertical, chatbots market is segmented into banking, financial services and insurance (BFSI), media and entertainment, retail and ecommerce, travel and hospitality, telecom, healthcare and life sciences and others.
Chatbots Market Country Level Analysis
Chatbots market is analysed and market size, volume information is provided by country, component, technology, deployment model, usage, organization size, application and vertical as referenced above.
The countries covered in the market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific will dominate the chatbots market because of the various start-ups are investing in chatbot and machine learning technology. Small and medium-sized companies also incorporate the use of chatbots quickly into their customer service process, which provides smooth efficiency, handles many customers and enhances customer interaction techniques.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Chatbots Market Share Analysis
Chatbots market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to chatbots market.
The major players covered in the chatbots market report are IBM Corporation, Nuance Communications, Inc., eGain Corporation., Creative Virtual Ltd., Artificial Solutions, Next IT Corp., 7.ai, Inc., CX Company, Speaktoit, Inc., iDAvatars, Baidu, Inc, Poncho, Kik., WeChat., Varo, Babylon, ReplyYes, SRI International, Inbenta Technologies Inc., Anboto, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available : Global Chatbots Market
Data Bridge Market Research is a leader in consulting and advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customised to include production cost analysis, trade route analysis, price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), import export and grey area results data, literature review, consumer analysis and product base analysis. Market analysis of target competitors can be analysed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.