Chatbot Market is estimated to be US$ 3965.07 billion by 2030 with a CAGR of 28.17% during the forecast period
The increasing tendency of enterprises towards rising customer skill along with falling operational costs and working effectiveness and growing digital transformation are major factors responsible for driving growth of the Chatbot Market. Advancements in AI, NLP and cloud computing technologies have added tremendous growth to the market. Another factor accelerating market growth is the growing investments in technology to develop new innovative solutions. Furthermore, according to a survey conducted by Facebook in early 2018, about 1.4 billion people used messenger applications, and they are rapidly willing to converse with a chatbot that is expected to have a positive impact on the market growth over the forecast period.
The report "Global ChatBot Market, By Type (Software, Services, Professional Services and Managed Services), By Usage (Websites, Contact Centers, Social Media and Mobile Platform), By Industry Vertical (Financial Services, Healthcare, Communication, Retail, Travel and hospitality, Government and Education, and Utilities), By Deployment Type (On-premises and On-cloud), By End-User (Small and medium enterprises and large enterprises), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”. Global ChatBot is projected to grow from US$ 357.32 million in 2019 to US$ 801.432 million with a CAGR of 28.17%.
Key Highlights:
· In October 2018 - Alphanumeric, Technology services leader Alphanumeric partners with Inbenta to bring AI-powered chatbots and natural language processing to customer support.
· In May 2018: eGain launched Solve, a solution for Amazon Connect (based on Amazon Web Services (AWS) cloud infrastructure), which is expected to enhance the consumer experience and mitigate the latency.
Key Market Insights from the report:
The Chatbot Market is estimated to be US$ 3965.07 billion by 2030 with a CAGR of 28.17% during the forecast period. The market report has been segmented based on service type, and sector.
· Based on type, the chatbot market is segmented into software, services, professional services and managed services.
· Based on usage, mobile platform segment is projected to lead the market.
· Based on industry verticals, the target market is segmented into financial services, healthcare, communication, retail, travel and hospitality, government and education, and utilities
· Based on the deployment type, the target market is segmented into the cloud and on-premises.
· Based on end-user, segments of the global chatbot market divided into Small and medium enterprises, and large enterprises
· By region, North America is the dominant region for the chatbot market over the forecast period. The growth in this region is mainly owing to the increasing deployment of chatbots in various business verticals and technologies such as artificial intelligence, APIs, are evolving at a rapid speed. Chatbots are involved with these technologies to offer enhanced operations, thereby driving market demand.
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