Global Chatbots Market 2020 Trends, Challenges and Standardization, Research, Key Players and Forecast to 2023 | COVID-19 Impact

Market Highlights

Chatbots are personal digital assistants programmed to provide exceptional customer service. Through the use of predetermined set of questions, it can resolve queries and boost site rankings. Benefits of these bots coupled with their incorporation by enterprises can bode well for business. Scripted, customer service, voice-enabled, and AI bots are various types of chatbots. The global chatbots market report by Market Research Future (MRFR) states drivers, opportunities, threats, and weakness in the market in a step-by-step manner.

The need for digitization is on an all-time high across the globe. Attributing to this, it can be concluded that the global chatbots market is likely to develop with leaps & bounds. Over the forecast period of 2018-2022, the chatbots market is estimated to generate a revenue of above USD 5.4 million. Besides, the market is estimated to expand at an impressive CAGR of 36.6%. The market growth is owing to several factors. The primary factor is the progress of the artificial intelligence industry. The chatbots popularity can be substantially contributed to the recognition of artificial intelligence. Throughout the time of their inception, chatbots have been widely accepted by people and businesses. As a result, the worldwide chatbot market has attained notable prosperity.

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The global chatbots market is segmented into five segments. They encompass, industry verticals, usage, deployment, regions, and types. Based on deployment, the market is segmented into on premise & on cloud. Out of the two, on-cloud represents the larger share in the market. Based on industry verticals, the market is segmented into government, retail, e-commerce, BSFI, and travel & hospitality. BSFI stands for banking, financial services & insurance. The BSFI segment represents the largest market share & will dominate the industry in future as well. The usage segment is sub segmented into websites, mobile platform, and social media. The types segment is sub segmented into software & services. Based on geography, the market is segmented into Asia Pacific, Europe, North America, & Rest of the World.

Regional Analysis

Geographically, the global chatbots market is segmented into Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).

The APAC region can exhibit the highest growth rate for the chatbots market thanks to rapid investments in machine learning and artificial intelligence. Seamless performance of these bots combined with their capacity a large volume of customers can fuel regional market growth. Automation in the healthcare sector which is made possible with bots can augur favorably for the chatbots market in the region. Higher comprehension of patient information, recommendations of medicines, scheduling doctor appointments, and provision of health information to patients are benefits of bots.

North America can account for a respectable market share till 2023 due to technological breakthroughs and adoption of tablets, smartphones, and computers. Customer-centric approaches of organizations, provision of 24/7 services, and operational efficiency and superior performance amid changing market conditions are likely to boost regional market growth.

Key Players

The global chatbots market is dominated by key players such as WeChat (China), Facebook, Inc. (U.S.), IBM (U.S.), Egain Corporation (U.S.), Naunce Communications Inc. (U.S.), NEXT IT Corp. (U.S.), Creative Virtual Pvt. Ltd. (U.K.), Speaktoit Inc. (U.S.), CX Company (Netherlands), Codebaby (Idavatars), Inc. (U.S.), 24/7 Customer Inc. (U.S.), Howdy (U.S.), DigitalGenius (U.K.), Semantic Machines (U.S.), and Talla (U.S.), among others.

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Market Research Future (MRFR) is a reliable firm that undertakes an extensive analysis of markets in various domains. Our teams of research analysts gather relevant data through painstaking primary and secondary research that aims to give clients a complete outlook on markets of their interest. The data is compared against third-party agencies and reputed organizations for estimating valuations and revenue projections.

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