chatbot Market

The global Chabot market accounted to US$ 1072.4 Mn in 2018 and is expected to grow at a CAGR of 27.9% during the forecast period 2019 – 2027, to account to US$ 9475.1 Mn by 2027. Chabot vendors are offering virtual assistance capabilities due to factors such as faster response, reduced manpower, cost-efficient, and others. Most of the smartphone and tablet users are using virtual assistants to make the functionality of devices much easier. The business automation consulting, being a part of consumer service, chatbot vendors are combining various applications into a single task to fuel the growth of the business. Chatbots live on individual websites and functions with the ecosystem of the business that created them.

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.

The market players present in the Chatbot market are mainly focusing on solution enhancements by implementing advanced technologies. By signing a partnership, contracts, joint ventures, funding, and inaugurating new offices across Europe, Asia Pacific, North America, and worldwide permit the company to maintain its brand name globally. Many well-known, as well as third-party service providers, are present in the market to provide various types of customized chatbot solutions to its customers. The larger firms are adopting the strategy of acquiring and collaborating with various companies to enhance its capabilities and expand its footprint in different geographies. This type of strategy allows companies to strengthen its footprint in the market, and also it's the brand name. Some of the key players included in the global Chatbot market are Amazon Web Services, Artificial Solutions, Creative Virtual Pvt. Ltd., CX Company, eGain Corporation, IBM Corporation, Inbenta Technologies Inc., Microsoft, Nuance Communications, Inc., and Verint Systems Inc

The Chatbot market globally has been segmented based on component into solution and service. Based on deployment, the Chatbot market is further segmented into On-premise and cloud. Based on the usage the chatbot market is segmented into websites, contact centers, social media, and mobile platform. Based on end-user, the market is segmented into education, retail & e-commerce, BFSI, healthcare, travel & tourism, others. Geographically the chatbot market is presently dominated by developed regions including, North America. However, the chatbot market is expected to be in favor of APAC.

The overall Chatbot market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the chatbot market. Also, the primary interview was conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Chatbot industry.