Chatbot Market Size is expected to reach US$ 9475.1 million by 2027

Posted by Nikhil khadilkar on September 26th, 2022

Chatbot Market to 2027 – Global Analysis and Forecasts by Component (Solution and Services), Deployment (On-premise and Cloud), and Usage (Website, Contact Centers, Social Media, Mobile Platform) End-user (Education, Retail & E-Commerce, BFSI, Healthcare, Travel & Tourism, Others), and Geography

The growing digitization and increasing number of active internet users are creating an increasing demand for advanced chatbot solutions. The companies related to various industries are adopting Chatbots in place of live agents with improving the overall efficiency, reducing the operational cost and providing the enhanced personalized assistance to the customers.

Chatbots are gaining popularity for digital marketing, and digital marketers are focusing on implementing Chatbots to engage customers on social media platforms and gain essential insights rewarding the consumer preferences and behavior. The chatbot has evolved with advancements in technologies and integration of AI, natural language processing and automatic voice recognition. Chatbots are gaining popularity across various sectors and are being used at contact centers, websites, mobile platforms, and Social media websites.

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The global Chatbot market is profoundly captured by several established companies as well as smaller tier2 companies across the globe. These companies are facilitating to meet the continually increasing demand for advanced Chatbot from their respective clients. Some prominent market players operating in the chatbot market include Nuance Communications, Inc., IBM Corporation, Inbenta Technologies Inc., and Creative Virtual Ltd. among others.

The Asia-Pacific market is witnessing continuous developments in technology and infrastructure. The continuous technological advancements are driving the adoption of advanced technologies across the industry verticals. Chatbot Vendors have a huge opportunity in the developing countries of the Asia Pacific such as China and India. The Asia Pacific market is witnessing a rapid development of cloud-based Chatbots. Few of the leading provider of chatbot in the Asia Pacific market is Avaamo, 24/7, Gupshup, and others.

The global chatbot market by geography is segmented into five region including North America, Europe, Asia Pacific, Middle East & Africa and South America. Europe is expected to account for the largest share of the global Chatbot market in 2018, followed by North America. In addition the, China and India are the two key countries in APAC region which are expected to significantly drive the chatbot market and also expected to continue its dominance in terms of CAGR throughout the forecast period from 2019 to 2027.

The players present in chatbot market mainly concentrate towards the partnership, collaborations, agreements, and other activities for the deployment of new technological solutions across the world permit the company to maintain its brand name globally. Most of the market initiative was observed in the Europe region, which has a high potential for chatbot market-related services.

In addition to conversing with the customer through online tools and phone lines, Chatbots utilize additional common channels, such as messaging platforms, i.e. Skype, Facebook Messenger, and others. With the increasing acceptance of virtual assistance and additional messaging channels, the demand for Chatbots are increasing and are expected to drive the market significantly during the forecast period.

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