The global Chatbot Market is projected to grow from USD 525.4 Mn in 2021 to 3858.5 Mn by 2030, at a CAGR of 24.8% in forecast period, 2022-2030.
The increased adoption of Chatbot in the Communication Services industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Chatbot also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Chatbot in many sectors also boosts the market growth during the forecast period.
Chatbots are software programmes that employ artificial intelligence and natural language processing to comprehend human requirements and direct them to the intended goal with as little labour as possible from the end user. They serve as virtual assistants for consumer touchpoints. Bots not only comprehend user intent, but also process requests and provide timely relevant responses.
Chatbot Market Research Report” was just released by Market Research Community. It is divided into several categories, including type (Standalone, Web-based, Messenger-based/Third party), application (Bots for Service, Bots for Social Media, Bots for Payments/ Order processing, Bots for Marketing, Others), Enterprise Size (Small Enterprises, Medium Enterprises, Large Enterprises), Product (Artificial intelligence, Marketing, Human intelligence), Vertical (Healthcare, Retail, Banking, Financial Services, and Insurance (BFSI), Media and entertainment, Travel & Tourism, E-commerce, Others), and companies (7.ai, Inc.; Acuvate; Aivo; Artificial Solutions; Botsify Inc.; Creative Virtual Ltd.; eGain Corporation; IBM Corporation; Inbenta Technologies Inc.; Next IT Corp.; Nuance Communications, Inc), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 24.8%, over the forecast period of 2022–2030
|Report Attributes||Report Details|
|Market Size in 2030 (USD Million)||3858.5 Million|
|By Type||Standalone, Web-based, Messenger-based/Third party|
|By Application||Bots for Service, Bots for Social Media, Bots for Payments/ Order processing, Bots for Marketing, Others|
|By Enterprise Size||Small Enterprises, Medium Enterprises, Large Enterprises|
|By Product||Artificial intelligence, Marketing, Human intelligence|
|By Vertical||Healthcare, Retail, Banking, Financial Services, and Insurance (BFSI), Media and entertainment, Travel & Tourism, E-commerce, Others|
|By Geography||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Key Players||7.ai, Inc.; Acuvate; Aivo; Artificial Solutions; Botsify Inc.; Creative Virtual Ltd.; eGain Corporation; IBM Corporation; Inbenta Technologies Inc.; Next IT Corp.; Nuance Communications, Inc.|
The COVID-19 pandemic has had a substantial negative influence on the Chatbot market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-7.ai, Inc.; Acuvate; Aivo; Artificial Solutions; Botsify Inc.; Creative Virtual Ltd.; eGain Corporation; IBM Corporation; Inbenta Technologies Inc.; Next IT Corp.; Nuance Communications, Inc.
Market Segment Analysis:
By Enterprise Size
- Small Enterprises
- Medium Enterprises
- Large Enterprises
- Bots for Service
- Bots for Social Media
- Bots for Payments/ Order processing
- Bots for Marketing
- Messenger-based/Third party
- Artificial intelligence
- Human intelligence
- Banking, Financial Services, and Insurance (BFSI)
- Media and entertainment
- Travel & Tourism
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Chatbot industries in the region.
Key Chatbot Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Chatbot Market segments.
– Largest Market Share Held by Industry to Industry for Chatbot
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Chatbot Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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