The Chatbot Market is expected to grow at a CAGR of around 23% during the forecast period (2021-2027). A comprehensive overview of the Chatbot Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Chatbot Market. The report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Chatbot Market at the regional levels.
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Market Overview
The global chatbot market is expected to witness robust growth mainly due to the increasing internet penetration rate, the need for round-the-clock service for assistance, and the convenience and speed of on-site live chat to help customers. The ability of the chatbots to provide 24*7 customer support and cost-efficiency are major game-changer for the chatbot market.
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Chatbot Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By deployment, the market is primarily bifurcated into:
· On-premises
· Cloud
On-premises chatbots segment held a prominent share of the revenue in the chatbot market in 2020 due to the data control, customizability, and cost-saving features provided by the on-premises segment. Furthermore, the direct cost is more with an on-premises chatbot but the whole cost of ownership may be lesser, which means after removing the direct costs, the only ongoing costs are energy and maintenance.
By application, the market is primarily studied into:
· Customer Service
· Mobile Applications
· Social Media
· Payments/Order Processing
· Marketing
· Others
The customer service segment possessed a significant share of the revenue in the market in 2020 and is anticipated to grow at a prominent growth rate during the forecast period due to the increasing interest of companies in chatbots to solve customer queries quickly and accurately which leads to a great customer experience. Since more companies are looking for cost-effective, smart, and automated solutions for customer services, the growth of this segment is further going to increase.
By Organization size, the market is primarily studied into:
· Large Enterprises
· SMEs
The large enterprises held a prominent share of the revenue in the chatbot market in 2020 due to the availability of resources to develop chatbots. Large enterprises use chatbots to enable sales and automate customer support and marketing. Moreover, chatbots can help enterprises in cost-saving, increasing sales, increasing customer interaction, reaching new customers, and gaining a deeper understanding of customers.
Chatbot Market Region Segmentation Includes:
· North America (United States, Canada, Rest of North America)
· Europe (Germany, UK, France, Italy, Spain, Rest of Europe)
· Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
· Rest of the World
North America accounted for the prominent market share in 2020 and will continue to hold a prominent share in the chatbot market owing to the trend of being an early adopter of the latest technologies and the rising mobile penetration rate. North America holds an extensive market share owing to the presence of key market players and the growing e-commerce industry, which have fueled its demand. Furthermore, a significant rise in messaging services, and development in natural language processing (NLP) and AI technologies are also expected to play an important role in the growth of the chatbot industry. Further on, highly conversational chatbot apps allow businesses to create a smooth journey for their customers on the platform, as they interact over a wide variety of digital channels and devices.
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The major players targeting the market includes:
· Amazon.com Inc.
· [24]7.ai
· Google LLC
· International Business Machines Corporation
· Yellow Messenger
· Gupshup
· Aivo
· Conversica Inc.
· Nuance Communications Inc.
· Kevit.io
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the chatbot market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and advancements in the chatbot market?
· Which factors are influencing the chatbot market over the forecast period?
· What are the challenges, threats, and risks in the chatbot market?
· Which factors are propelling and restraining the chatbot market?
· What are the demanding regions of the chatbot globally?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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