The report titled “Chatbot Market: Opportunity Analysis and Future Assessment 2022-2030” freshly published by Reports & Insights has the primary objective to offer its clients outright in-depth and meticulous information about the respective market along with the thorough knowledge of the statistics oriented in the direction of development of the respective market. For a clearer picture of the readers, the report also offers comprehensive know-how of the market, conceptual structure, and prevailing trends of the market together with the detailed textual and graphical representation. In addition, the report also cites comprehensively about the key players competing in the market for the unfluctuating intrigue of its readers.
The global chatbot market is estimated to reach a value of US$ 625.5 Mn by the end of 2022 and expected to reach a value of US$ 4,235.2 Mn by 2030 with a significant CAGR of 27.0%.
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Artiï¬cial Intelligence (AI) progressively harmonizes our day-to-day lives with the establishment and scrutiny of intelligent hardware and software, known as intelligent agents. Intelligent agents have the capability to perform a variety of tasks varying from labor work to complex and advanced operations.
A chatbot is a quintessential illustration of an AI system and one of the most fundamental and comprehensive examples of intelligent Human-Computer Interaction (HCI). A chatbot can be comprehended as a computer program, which has the potential to respond like a smart entity when communed with through voice or text and comprehends at least one or more than one human language via Natural Language Processing (NLP).
As per the terminology, a chatbot can be perceived as “A computer program outlined to resemble or imitate a conversation with human users, exclusively over the Internet”. Chatbots are also commonly known as interactive agents, smart bots, artiï¬cial conversation entities, or digital assistants.
Chatbots can simulate human conversation and accommodate users but they are not designed only for this purpose. Chatbots also serve their utility in applications like information recovery, education, e-commerce, and business.
Chatbots are highly popular in the global markets among various industries as there are numerous benefits of chatbots for developers and users as well. Most of the applications of chatbots are platform-independent and straight away available to users without required installations. Owing to which, the global chatbot market is projected to witness substantial growth in the years to come.
Chatbot Market Dynamics
The primary factors that are estimated to boost the growth of the global chatbot market in the forthcoming future consist of growing adoption and employment of chatbot among various industries across the world as well as rising customers’ demand for 24*7 support services.
The AI-powered chatbots carry an enormous potential that offers numerous benefits to various users such as automation of monotonous chores resulting in escalated process effectiveness, the delivery of support services in different languages, and enhanced self-service experiences, which positively fuel the growth of the global chatbot market in the near future.
Moreover, the capability of the chatbot service to personalize the interaction with human users and make it a pleasant experience draws the attention of a massive number of industries that are looking for 24*7 customer support systems. Attributable to which, the global market of chatbots is anticipated to witness rapid growth over the forecast period. By the same token, several multinational giants including KLM Dutch Airlines, Starbuck, Bank of America, Spotify, and many more have already employed chatbot to engross customers efficiently while administering smoothly continuous customer experience.
The noteworthy transformation in demand of the companies towards improving client experience via several different platforms is also expected to positively impact the growth of the global chatbot market in the coming years.
In addition to that, the rising application of autonomous learning chatbots for keeping a track of consumer data, collecting feedback, and tracking purchasing patterns is also acting as a stimulating factor for driving the demand for chatbots in the global markets, thereby propelling the growth of the global chatbot market.
Notably, a self-educating chatbot examines data in nominal time, offers precise information to the clients, and educates itself from their errors, which further adds up to its many benefits. However, on the other side of the coin, the restricted employment and usage of chatbots by the small & medium-sized enterprises (SMEs) due to scarcity of skillful and proficient resources and huge maintenance cost is likely to hinder the growth of the global chatbot market in the coming years.
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Chatbot Market Segmentation
- Managed Services
- Professional Services
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Automated Speech Recognition (ASR)
- Contact Centers
- Social Media
- Mobile Platform
By Deployment Model
By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
- Customer Support
- Personal Assistant
- Branding and Advertisement
- Customer Engagement and Retention
- Data Privacy and Compliance
- Onboarding and Employee Engagement
- Banking, Financial Services and Insurance (BFSI)
- Media and Entertainment
- Retail and E-Commerce
- Travel and Hospitality
- Healthcare and Life Sciences
Chatbot Market Key Players
The global chatbot market is dominated by IBM Corporation, Nuance Communications, Google, Amazon Web Services, Artificial Solutions, Inbenta Technologies, 7.ai, Chatfuel, AIVO, Botsify.com, Passage AI, Kore.ai, KeyReply, SmartBots, Contus, Yellow Messenger, CogniCor Technologies, Conversica, Gupshup, Kevit, among others.
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