According to a new market research report published by Global Chatbot Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
A chatbot is a computer program that can simulate a conversation with a human user. Chatbots are often used to help users find information or perform tasks. For example, a chatbot might help a user schedule a meeting by asking questions about the meeting’s purpose, date, and time. A chatbot might also help a user purchase a product by asking questions about the product, such as its price, color, and size.
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Key Players
- Creative Virtual
- Artificial Solutions
- Kore.ai
- Inbenta
- [24]7.AI
Key Trends
The key trends in chatbot technology are:
- Increased accuracy: Chatbots are becoming more accurate as they are powered by artificial intelligence (AI) and natural language processing (NLP) technologies.
- Increased personalization: Chatbots are able to personalize their responses to users based on data collected about the user.
- Increased functionality: Chatbots are becoming more functional as they are able to perform more tasks such as booking appointments and ordering products.
- Increased adoption: Chatbots are being adopted by more businesses as they offer a cost-effective and efficient way to interact with customers.
Key Drivers
There are a few key drivers of Chatbot market. First, the advancement of artificial intelligence (AI) and natural language processing (NLP) technologies have made it possible for Chatbots to understand human conversation. This has made Chatbots more effective in providing customer service and support. Second, the increasing popularity of messaging platforms such as Facebook Messenger, WhatsApp, and WeChat has made Chatbots more accessible to users. Third, the rising demand for personalization and customization in customer service has made Chatbots more attractive to businesses. Finally, the increasing trend of mobile commerce and the need for instant customer support on mobile devices has made Chatbots more relevant to businesses.
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Market Segments
By Component
- Solutions
- Services
By Type
- Rule Based
- AI Based
By Deployment Mode
- On-Premises
- Cloud
By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Business Function
- Information Technology Service Management
- Human Resources
- Sales and Marketing
- Finance
By Application
- Customer Service
- Personal Assistant
- Branding and Advertisement
- Customer Engagement and Retention
- Others
By Vertical
- BFSI
- IT and Telecom
- Retail and Ecommerce
- Media and Entertainment
- Others
Reasons to buy Chatbot Market:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Key Questions answered in the report:
- How is the market structured and what the key drivers and trends of this industry?
- How is the market segmented and what is the size of each segment?
- Which segments and geographies provide best growth opportunities?
- What’s the competitive landscape and positioning of players in this market?
- What is the impact of latest events such as Covid-19 and Russia-Ukraine conflict on the market?
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