New York, United States, March 13, 2024 (GLOBE NEWSWIRE) -- The Global Chatbot Market Size is to Grow from USD 5.39 Billion in 2023 to USD 42.83 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 23.03% during the projected period.
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The software program can resemble the human conversation through voice or text it is called chatbot. To understand the quarries or questions and commands from individuals AI technology is used. These chatbot can manage the conversations improving customers service efficiency, it will help to cut down times and improve the productivity of work. In that chat development NLP techniques are used so it can be interpreted. In the companies, sales and marketing teams are working under pressure to increase sales and increasing the revenue of the company. So, when the sales person is not available so the chat bot can answer the queries of customers. Thu, nowadays companies are focusing on the effectively customer services and developed experience for customers by providing the right information within a minute. On May 2023, Microsoft introduced Jugalbandi, a new chatbot on WhatsApp designed for Indian farmers and other rural users. The multilingual Jugalbandi AI chatbot uses GPT models via the Azure OpenAI service to make it easier for users to access government schemes. The Jugalbandi bot uses ChatGPT-like generative AI technology to provide users with responses in over 22 officially recognized Indian languages. However, when individuals are asks a quarriers and sometimes chatbot is inattentive. It’s a barrier for the chatbot market expansion.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Chatbot Market Size, Share, and COVID-19 Impact Analysis, By Type (Standalone, Web-Based, Messenger-Based), By Communication (Text, Audio/Video), By Usage (Websites, Social Media, Mobile Platform), By End User (BFSI, Retail, e-commerce, Government, Travel, Hospitality, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The standalone segment dominates the market with the largest revenue share over the projection timeframe.
Based on the type, the global chatbot market is segmented into standalone, web-based, and messenger-based. Among these, the standalone segment is dominating the market with the largest revenue share over the projection timeframe. Standalone means work independently, standalone chatbot adapted to meet particular needs for the organization these was programmed to understand the queries and give the solution.
The audio/video segment is witnessing significant CAGR growth through the projection timeframe
On the basis of communication, the global chatbot market is segmented into a text, and audio/video. Among these, the audio/video segment is witnessing significant CAGR growth over the projection timeframe. The audio/video bots are direct answer the customer inquiries, setting reminders and playing games/ music. These bots are helpful who used technology eyes-free and hands-free companies are increase revenue via audio/video-based bots.
The social media segment is expected to hold the largest share of the global chatbot market during the projection timeframe.
Based on the usage, the global chatbot market is classified into websites, social media, and mobile platform. Among these, the social media segment is expected to hold the largest share of the chatbot market during the projection timeframe. Nowadays the social media is increasing with this customer assistance the with the functionalities such as natural language processing (NLP), ML and deep learning so the companies are improving the social media operations.
The e-commerce segment accounted for the largest revenue share over the projection timeframe.
On the basis of end user, the global chatbot market is segmented into BFSI, retail, e-commerce, government, travel, hospitality, others. Among these, the e-commerce segment dominates the market with the largest revenue share over the projection timeframe. Since in the e-commerce industries are providing the customer support, chatbots and automated sales and chatbots are necessary they changed have customers buy things.
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North America dominates the market with the largest market share over the projection timeframe.
North America dominates the market with the largest market share over the projection timeframe. The adoption of new technologies such as voice recognitions methods and machine learning and AI chatbots. The chatbots are widely used in the in the United States. In March 2023, Instacart, a US-based retailer that provides grocery delivery and pick-up services, has incorporated OpenAI's ChatGPT technology into their grocery delivery app. Instacart is the newest company to use AI language tool for marketing and automated tasks, joining Facebook and Snapchat. Facebook and Snapchat are among the other businesses that have opted to use it.
Asia Pacific is expected to grow the fastest during the projection timeframe. The e-commerce platforms where individuals can buy anything through the online platforms. Also, rising number of cell phone users to search on the internet and communicate with others such factors are boost the market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global chatbot market are OpenAI, Salesforce, ServiceNow, Kore.ai, Inbenta, Creative Virtual, Google, Microsoft, IBM, Haptik, Solvvy, Aivo, Personetics, Freshworks, AWS, Oracle, SAP, Meta, Artificial Solutions, Avaamo, and others.
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Recent Developments
- On February 2024, Ivy.ai and Vert soft announce their partnership, bringing AI-powered chatbot technology to the public sector. By providing consumers with high-quality chatbot technology for customer service, the partnership seeks to lessen hassle. They'll make use of the most recent iterations of official resources.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Chatbot Market based on the below-mentioned segments:
Chatbot Market, Type Analysis
- Standalone
- Web-Based
- Messenger-Based
Chatbot Market, Communication Analysis
- Text
- Audio/Video
Chatbot Market, Usage Analysis
- Websites
- Social Media
- Mobile Platform
Chatbot Market, End User Analysis
- BFSI
- Retail
- e-commerce
- Government
- Travel
- Hospitality
- Others
Chatbot Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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