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), Type (Rule Based, AI Based), Channel Integration (Websites, Contact Centers, Social Media, Mobile Applications), Business Function (Information Technology Service Management, Human Resources, Sales and Marketing, Finance), Application (Customer Service, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Data Privacy and Compliance, Employee Engagement and On Boarding, Payment Processing, Others), Vertical (BFSI, IT and Telecom, Retail and Ecommerce, Healthcare and Life Sciences, Transportation and Logistics, Government, Travel and Hospitality, Media and Entertainment, 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 2029.
The chatbots market is expected to witness market growth at a rate of 27.8% in the forecast period of 2022 to 2029. Data Bridge Market Research report on chatbots market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increase in demand for the product for various industrial applications globally is escalating the growth of chatbots market.
A chatbot is defined as an interactive application that is generally developed using either a set of rules or artificial intelligence technology. Chatbot refers to a machine learning tool that enables users and companies to communicate via media such as text, file sharing, image and voice, among others. The technology performs natural language processing for user interaction, and it also provides improved customer experience in various applications including healthcare, e-commerce, retail and financial and insurance services.
The increase in focus on customer engagement through various channels across the globe acts as one of the major factors driving the growth of chatbots market. The rise in the adoption of customer service activities among enterprises to reduce operating costs and increase in the customer demand for self-service operations accelerate the market growth. The growth in need for 24×7 customer support at a lower operational cost and initiatives toward the development of self-learning chatbots to deliver a more human-like conversational experience further influence the market. Additionally, presence of stringent passenger safety regulations, rapid technological advancements, rapid urbanization and growing preference of individuals toward messaging applications over social networking sites positively affect the chatbots market. Furthermore, rise in demand for AI-based chatbots to deliver enhanced customer experience extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
On the other hand, inability to recognize customer intent and respond effectively and dearth of accuracy in user’s voice authentication are expected to obstruct the market growth. Lack of awareness about the effect of chatbot technology on various applications is projected to challenge the chatbots market in the forecast period of 2022-2029.
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 localized 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 chatbots market contact Data Bridge Market Research 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
The chatbots market is segmented on the basis of component, technology, deployment model, type, channel integration, business function, 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.
- On the basis of component, the chatbots market is segmented into solutions and services.
- On the basis of technology, the chatbots market is segmented into machine learning (ML), natural language processing (NLP) and automated speech recognition (ASR).
- On the basis of deployment model, the chatbots market is segmented into on-premises and cloud.
- On the basis of type, the chatbots market is segmented into rule based and AI based.
- On the basis of channel integration, the chatbots market is segmented into websites, contact centers, social media and mobile applications.
- On the basis of business function, the chatbots market is segmented into information technology service management, human resources, sales and marketing and finance.
- On the basis of application, the chatbots market is segmented into customer service, personal assistant, branding and advertisement, customer engagement and retention, data privacy and compliance, employee engagement and on boarding, payment processing and others.
- On the basis of vertical, the chatbots market is segmented into BFSI, IT and telecom, retail and ecommerce, healthcare and life sciences, transportation and logistics, government, travel and hospitality, media and entertainment and others.
Chatbots Market Country Level Analysis
The chatbots market is segmented on the basis of component, technology, deployment model, type, channel integration, business function, application and vertical.
The countries covered in the global chatbots 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).
North America dominates the chatbots market due to the large presence of start-ups in the chatbox sector within the region. Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of the rise in adoption of chatbot in the routine customer service activities.
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
The 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.
Some of the major players operating 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., and Anboto, among others.
Customization Available : Global Chatbots Market
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