Technology

Chatbots Market is Anticipated to Growing at a CAGR of 24.1% by 2023

Chatbots Market

“Global Chatbots Market 2018-2023” The scope of the report is limited to type including solution and service, deployment including on-premise and cloud, and end-user verticals such as BFSI, healthcare, IT and telecommunication, retail, utilities, government, and others. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The study also emphasizes the benefits of chatbots in accordance with diverse application and future prospect of the same.

Chatbots Market was worth USD 864.9 million in 2017 and is projected to reach USD 3146.4 million by 2023 growing at a CAGR of 24.1% over the period 2018 – 2023.

The evolution and utilization of artificial intelligence applications are skyrocketing owing to its numerous benefits offered and rising consumer base. The top messaging applications by users are WhatsApp, Facebook Messenger, Skype, and Slack. The rising number of messengers across the globe, the demand for chatbots which is capable of imitating human conversation and solving various tasks are on the rise. Numerous companies and startups are investing in the technology to ease their businesses and tackle customers queries.

Companies Include are:  Ibm Corporation, Egain Corporation, Nuance Communications, Creative Virtual Ltd., Artificial Solutions, Next It Corp, Chattypeople Chatbot, Smooch Technologies Inc., Meokay, Botsify, Chatfuel, Pullstring Inc., Bold360, Dialogflow, Amazon Web Services, Inc. (Amazon Lex), Livechat, Inc., And Liveperson, Inc., Amongst Others.

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Key Developments in the Market

  • 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. 

This independent 111 pages report guarantees you will remain better informed than your competition. With over 200 tables and figures examining the Chatbots market, the report gives you a visual, one-stop breakdown of the leading products, submarkets and market leader’s market revenue forecasts as well as analysis to 2023.

Rising Utilization of Mobile and Website Applications

In todays era, users are more relied on mobile and website application from booking an appointment to procuring information. Companies are betting on chatbots to enhance the consumer interface and experience by integrating with Facebook Messenger or WhatsApp. For instance, Goibibo, an India based travel company seamlessly integrated chatbots to WhatsApp messaging application wherein if a person books a flight through the company, user receives an automated WhatsApp message to confirm the seat allocation and meals preference further. Once the user selects the option, the preferred option(s) are registered in the system without logging into the application.

Cloud to be the Fastest Growing

The chatbots service based on the cloud offers high flexibility and scalability to the operations. Furthermore, the deployment on the cloud provides data access and instant analytics that can be used to take the crucial business decision(s). Currently, cloud services are preferred over on-premise hosting owing to reduced cost as some companies offer pay as you go service wherein the integrator pays only for their fair usage which is expected to propel the market growth over the next six years.

Asia Pacific to Witness the Highest Growth

In Asia Pacific region, there are numerous startups investing in the chatbots and machine learning technology. Additionally, small and mid-sized enterprises are rapidly integrating the usage of chatbots offering seamless performance, handling a large number of consumers, and enhancing the customer engagement techniques. The number of companies in the region adopting chatbots is increasing owing to rising demand for artificial intelligence thereby fuelling the market growth.

Browse Full Report at:

https://www.marketinsightsreports.com/reports/01241063587/global-chatbots-market-growth-trend-and-forecasts-2018-2023?source=elegantdaily&Mode=31

Essential points covered in Global Chatbots Market 2018 Research are:-

  • What will the market size and the growth rate be in 2023?
  • What are the key factors driving the Global Chatbots market?
  • What are the key market trends impacting the growth of the Global Chatbots market?
  • What are the challenges to market growth?
  • Who are the key vendors in the Global Chatbots market?
  • What are the market opportunities and threats faced by the vendors in the Global Chatbots market?
  • What are the key outcomes of the five forces analysis of the Global Chatbots market?             

The research includes historic data from 2012 to 2016 and forecasts until 2023 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs. The report will make detailed analysis mainly on above questions and in-depth research on the development environment, market size, development trend, operation situation and future development trend of Chatbots on the basis of stating current situation of the industry in 2017 so as to make comprehensive organization and judgment on the competition situation and development trend of Chatbots Market and assist manufacturers and investment organization to better grasp the development course of Chatbots Market.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Reasons to Buy

  • Current and future Chatbots market outlook in the developed and emerging markets.
  • Analyzing various perspectives of the market with the help of Porters five forces analysis.
  • The segment that is expected to dominate the market.
  • Regions that are expected to witness fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players.
  • 3 months analyst support, along with the Market Estimate sheet (in excel)

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About the author

Cherry Lo

Cherry Lo

Cherry Lo is a general assignment reporter and columnist for The Elegantdaily. Cherry cover health topics, with a special focus on public health.Cherry joined the elegantdaily in June 2018 as an intern after graduating from the University of Maryland at College Park. Cherry can reached at Cherry@elegantdaily.com

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