Pune, India, July 06, 2021 (GLOBE NEWSWIRE) -- The global chatbot market size is expected to witness astounding growth by exhibiting a CAGR of 22.5% between 2020 and 2027. Additionally, the market was worth USD 396.2 million in 2019 and is projected to reach USD 1,953.3 million by 2027. Fortune Business Insights, publish this information in its latest report, titled “Chatbot Market Size, Share & COVID-19 Impact Analysis, By Component (Platform/Software Development Kit and Services), By Deployment (Cloud and On-premises), By Application (Website, Contact Centers, Social Media and Mobile Application), By Industry (Banking, Financial Services and Insurance (BFSI), Retail and ecommerce, Information Technology (IT) and Telecom, Media and Entertainment, Healthcare and Others and Regional Forecast, 2020-2027.” Increasing adoption of technology such as the artificial intelligence (AI) system by the SMEs and innovative product development is anticipated to be the driving factors for the market growth during the forecast period.
The novel coronavirus, COVID-19, has cast an unprecedented effect on several businesses across industries. While some industries are experiencing significant loss owing to the lockdown announced by the federal governments globally, collective efforts from the government and the industries will ensure that the testing times may soon pass away.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of the coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
Please visit: https://www.fortunebusinessinsights.com/chatbot-market-104673
A chatbot is a type of computer program that is a simulated interpretation of human conversation using voice or text assistance or sometimes both. In addition to this, it involves the adoption of technology such as artificial intelligence (AI) that can be used through several interactive applications. Back in the 1960s, Joseph Weizenbaum, a professor at MIT, developed the world’s first-ever chatbot, Eliza that answered a few basic questions. However, with the evolution of technology, a remarkable development in conversational bots is witnessed today and is highly adopted by large businesses to gain competitive edge and maintain efficient customer interaction.
What does the Report Include?
The market report includes detailed quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. Furthermore, it includes the competitive landscape that involves leading companies and adoption of strategies by them to innovate novel products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Request a Sample Copy of Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/chatbot-market-104673
Drivers and Restraints:
Technological Innovation to Augur Growth
Emergence of technology such as artificial intelligence (AI) and machine learning is increasing the demand for advanced chatbots. Additionally, cloud-based chatbots are helping the companies to increase maximum customer interaction and overall productivity. Increasing adoption of such advanced software applications by the companies is expected to drive the global chatbot market growth in the forthcoming years. For instance, according to a report by the Oracle Corporation, about 80% of large and SMEs are presently using or planning to adopt advanced services by the end of 2020.
Companies Lend a Helping Hand amid COVID-19
The COVID-19 pandemic has resulted in total standstill of several businesses across the globe. The government agencies with the help of companies are striving to get back on track the limping economy by proposing several economic packages. However, the widespread chaos has put a glimmer of hope on the chatbots in the healthcare segment. The COVID-19 pandemic has increased the demand for chatbots as two technology companies, Infermedica and LiveChat Software have come forward to launch this technology that identifies coronavirus symptoms in the patients and further advises the patients to seek medical assistance.
Ask for Customization: https://www.fortunebusinessinsights.com/enquiry/customization/chatbot-market-104673
Regional Analysis:
Presence of Major Players in North America to Bolster Growth
Among the regions, the market in North America was worth USD 156.7 million in 2019 and is expected to hold the highest global chatbot market revenue during the forecast period. This is ascribable to factors such as the presence of large companies such as IBM Corporation, Amazon Web Inc., and Microsoft Corporation, among others. Furthermore, high investments by the companies in developing advanced bots to facilitate their business operation will aid the market growth in the region. Europe, on the other hand, is likely to witness steady growth for the market in the forthcoming years. This is attributable to factors such as increasing investment by the government and private players to adopt this services to ensure efficient customer engagement activities between 2020 and 2027.
Competitive Landscape:
Orbita Raises USD 9 Million for its Conversational AI Chatbot Platform Surging Demand
In May 2020, Orbita, a Boston-based healthcare conversational AI-powered chatbot solutions provider, announced that it has raised over USD 9 million in a Series a funding that was led by the Philips Health Technology Ventures and HealthX Ventures. According to the company, its powerful platform effectively helps the clinical companies to create and manage HIPAA-compliant virtual assistance to the consumers, while increasing engagement and effectively reducing the cost of care. Adoption of strategies such as product expansion offerings, novel product launches, and collaboration by the companies will bode well for the global market during the forecast period.
List of the Companies Operating in the Market:
- Amazon Web Services, Inc. (US)
- Google LLC (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- SAP SE (Germany)
- Yellow Messenger (India)
- Labiba for Artificial Intelligence LLC (Dubai)
- Gupshup (US)
- SmartBots (US)
- Aivo (Argentina)
Quick Buy- Chatbot Market: https://www.fortunebusinessinsights.com/checkout-page/104673
Major Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Primary Interview Responses
Speak To Our Analyst- https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/chatbot-market-104673
Have a Look at Related Research Insights:
Video Conferencing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Conference Type (Telepresence System, Integrated System, Desktop System, and Service-based System), By Deployment (Cloud, On-premises), By Enterprises Size (Small and Medium Enterprises (SMEs), Large Enterprises), By Application (Small Rooms, Huddle Rooms, Middle Rooms, and Large Rooms), and Regional Forecast, 2021-2028
Human Resource (HR) Technology Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Deployment (Cloud and On-premise), By Industry (BFSI, IT and Telecom, Government, Manufacturing, Retail, Healthcare, and Others), and Regional Forecast, 2021-2028
Enterprise Governance, Risk, and Compliance (eGRC) Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Deployment Model (Cloud-based, On-premise), By Organization Size (Large Enterprises, and Small and Medium Enterprises (SMEs)), By Vertical (BFSI, Healthcare, Government, Energy & Utilities, Manufacturing, Retail & Consumer Goods, Telecom & IT, and Others), and Regional Forecast, 2021-2028
EdTech and Smart Classroom Market Size, Share & COVID-19 Impact Analysis, By Instructional Aids (Smart Classroom, and Mobile Learning), By Smart Classroom Hardware (Interactive Projectors, Interactive whiteboards) By Educational Tools (Admission Automation Tools, Administration Tools, Learning Management Tools), By Technology (Gamification, Analytics, Enterprise Resource Planning (ERP)), By End-User, and Regional Forecast, 2021-2028
Machine Learning (ML) Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Deployment (Cloud and On-premise), By Industry (Healthcare, Retail, IT and Telecommunication, BFSI, Automotive and Transportation, Advertising and Media, Manufacturing, and Others), and Regional Forecast, 2021-2028
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1-424-253-0390
UK: +44-2071-939123
APAC: +91-744-740-1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs
Read Press Release https://www.fortunebusinessinsights.com/press-release/global-chatbot-market-10467