Chatbot Market to Reach USD 19.7 Billion by 2027 | CAGR 29.5% – Forencis Research

Global Chatbot Market: Key Highlights

• According to the new market research report “Chatbot Market by Component (Solution, Services), by Type (Standalone, Web-Based And Messenger-Based/Third Party), By Deployment Mode (On-Premises, Cloud), By Component (Solution And Services), By Technology (Machine Learning And Deep Learning, Natural Language Processing And Automated Speech Recognition), By Usage (Websites, Mobile Platform, Social Media), By Application (Personal Assistant, Branding And Advertisement, Customer Support, Employee Engagement, And Others), By Vertical (Healthcare, Media & Entertainment, Travel & Tourism, Retail, Banking, Financial Services, And Insurance (BFSI), E-Commerce And Others), By Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)”, the global Chatbot Market is estimated to reach USD 19.7 Billion by 2027 at a CAGR of around 29.5% during the review period.
• The Chatbot allow the businesses to connect with customers in a personal way without the expense of human representatives. Also, it is being mostly used to enhance the IT service management experience as well as customer contact centers to manage incoming communications.
• Moreover, this is being majorly used to perform routine customer activities within the banking, retail, and food and beverage sectors. These may lead to boost the demand of the product in the forecast period.

Global Chatbot Market: Key Market Dynamics

• With the growing demand for consumer analytics is witness to boost the growth of the market in the forecast period. Whereas, it provides a latest way for the industries to communicate with the customers through the messaging application, growing technologies as well as the artificial intelligence.
• One of the major key concern of the market is the lack of the awareness which may hamper the market growth.
• Increasing advancement in artificial intelligence (AI) and natural language processing (NLP) and rising technological advancements in chatbots lead to play as key factor for the growth of the market in the projected period.
• High initial installment cost act as major challenging factor for the growth of the market in the forecast period.

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Global Chatbot Market: Regional Overview

• North America:

The North America regional is had projected that the tremendous growth with the rising deployment of chatbots in various business vertical. Whereas, the increasing in the region is majorly driven from countries such as the US and Canada. Also, the region is projected to be the leading region in terms of adopting and developing conversational of artificial intelligence technology. Furthermore, the rising investment in the technologies such as machine learning and artificial intelligence, as well as present of various AI vendors also lead to grow the market in the projected period. 

• Asia-Pacific:

The Asia-Pacific is projected of play a leading role for the growth and developments of the market in the forecast period. Whereas, the Asia-Pacific region, has various startups investing in chatbot and machine learning technology is also a major factor for the market growth. As well as, the large population and increasing adoption of the smartphone demand in the region is creating a major opportunities for the chatbots market.

Hence, the rapid growing information and communications technology platform in the countries such as China and India, lead to fuel the growth of the market in the forecast period.

Global Chatbot Market: Key Players Overview

• IBM Corporation:

International Business Machines (IBM) Corporation is an American multinational technology company, which provides hardware, software, cloud-based services and cognitive computing. In 2019, the company had formed a partnership with the Ingenico Group to create a payment-enabled chatbot with the intent to deliver personalized experiences to its users. As the bot can helps to respond quickly and effectively as per the user requirement in a wide range of different languages.

• Google:

Google, LLC is an American multinational technology company, which is specializes in Internet-related services and products. As it include a search engine, cloud computing, software, online advertising technologies as well as hardware. Whereas, the company offers Contact Center AI for 24/7 self-service support on COVID-19 questions through chatbot or over the phone. Moreover, in 2019 Google formed a partnership with Salesforce to enhance the smart customer experience. With integrating these solutions the companies’ focus on developing a solution, by it is a chatbot or an agent, to boost the customer service experience.

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