Westford, USA, March 27, 2023 (GLOBE NEWSWIRE) -- The chatbot market is witnessing remarkable growth in North America and is expected to continue its dominance in the coming years. The region's leading position can be attributed to the rising demand for messenger applications and the growing adoption of consumer analytics by businesses worldwide. With a surge in demand for uninterrupted customer assistance, more market players are adopting advanced chatbots, increasing their use on e-commerce websites. In addition, as technology advances, there is a growing trend toward developing self-learning chatbots that can deliver more human-like conversational experiences. This development is expected to provide significant growth opportunities to the market as businesses seek to provide personalized customer experiences.
According to a recent study conducted by SkyQuest, the customer communication management market is expected to experience significant growth over the next several years. The market is projected to surpass 3.5 billion by 2028, demonstrating a compound annual growth rate (CAGR) of 11.3%. This positive outlook bodes well for the chatbot market, which is expected to be a key player in the customer communication management space.
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- Pages - 276
- Tables - 90
- Figures - 76
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A chatbot is a popular computer program designed to simulate conversation with human users, typically through text-based interfaces such as messaging apps or websites. Chatbots have become increasingly important in recent years as more and more businesses and organizations seek to improve their customer service and engagement efforts. By using chatbots, companies can provide instant customer support 24/7 without needing human agents always to be available. This can help improve customer satisfaction and retention and reduce costs associated with customer support.
Prominent Players in Chatbot Market
- IBM Corporation
- Google LLC.
- OpenAI
- Facebook, Inc.
- Nuance Communications, Inc.
- Amazon Web Services, Inc.
- Microsoft Corporation
- Zendesk, Inc.
- Oracle Corporation
- Dialogflow
- LivePerson, Inc.
- Baidu, Inc.
- Haptik, Inc.
- SAP SE
- Chatfuel
- Yellow Messenger
- Bold160
- Aspect Software, Inc.
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Customer Service Segment to Drive Swift Growth As Chatbots Considered Cost-Effective and Efficient Solution for Handling Routine Customer Inquiries
The customer service segment was the dominant player in the chatbot market in 2021, and its outlook for the next decade looks positive. This segment growth can be attributed to the increasing demand for efficient and automated customer service solutions, which chatbots are well-equipped to provide. In addition, one of the primary advantages of chatbots in the customer service domain is their ability to simultaneously handle a large volume of customer queries and support requests. This eliminates the requirement for human intervention in routine and repetitive tasks, freeing up valuable resources for more complex and strategic business activities. Given these advantages, it is no surprise that the customer service segment is projected to maintain its dominant position in the chatbot industry from 2022 to 2030.
In 2021, North America did show dominance in the chatbot market, with many businesses implementing chatbot technology to improve customer service and engagement. This regional trend is projected to continue in the coming years, with the North American market projected to remain a major player in the industry. That being said, other regions around the world are also experiencing growth in the market. Europe, for example, has seen a significant increase in the adoption of chatbot technology in recent years, with businesses in the region recognizing the benefits of chatbots in improving customer service and reducing costs.
Cloud-Based Deployment Segment to Exhibit Strong Growth as Cloud-based Chatbots are Hosted on Secure Servers with Advanced Security Measures
In 2021, the cloud-based deployment segment of the chatbot market showed promising growth, and this trend is expected to continue from 2022 to 2030. The popularity of cloud-based deployment can be attributed to its numerous benefits. Firstly, it offers scalability, meaning that chatbot developers can easily increase or decrease the chatbot's capabilities per the client's requirements. Secondly, cloud-based deployment offers high availability and reliability, using multiple servers to ensure the chatbot is always up and running. This also ensures that the chatbot is accessible from anywhere at any time, providing convenience to users.
The chatbot market saw the emergence of the Asia Pacific region as a potential challenger in 2021. With the rise of technological advancements and digital transformation, the demand for chatbots has increased significantly, and Asia Pacific is at the forefront of this trend. The region's large population, growing internet penetration, and increasing adoption of smartphones and other mobile devices have contributed to the market's growth. As the adoption of chatbots continues to rise, the Asia Pacific region is expected to perform well in the market by 2030.
In today's competitive business environment, companies constantly seek ways to gain an edge over their rivals. To achieve this, they often resort to strategic alliances, mergers and acquisitions, joint ventures, and other similar initiatives that can help them increase their market share and consolidate their position in the industry. The chatbot market, in particular, is one such sector where companies are looking to establish their presence and leverage the growing demand for conversational AI solutions. This is where the latest research report from SkyQuest comes in. The report offers invaluable insights to help companies formulate effective strategies, identify potential partners and acquisition targets, and stay ahead of the competition.
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Key Developments in Chatbot Market
- Meta, formerly known as Facebook, has revealed its plans to introduce AI-powered chatbots on two of its most popular platforms, WhatsApp and Instagram. With the integration of advanced AI technologies, chatbots can understand natural language queries and respond appropriately, providing users with a more intuitive experience.
- Snapchat has recently launched a new chatbot feature powered by OpenAI's advanced GPT technology. The launch of this chatbot is a significant development for Snapchat, as it allows the platform to provide a more personalized and engaging experience for its users. Using advanced machine learning algorithms, the chatbot can learn from previous interactions with users and adjust its responses accordingly, making it even more efficient and effective.
- Google recently released a new AI-powered chatbot named Bard as the tech giant enters the competition with ChatGPT. Bard is designed to hold engaging conversations with users, utilizing natural language processing to understand and respond to user queries. As AI technology continues to advance, chatbots have become increasingly popular as a way to interact with users and customers.
Key Questions Answered in Chatbot Market Report
- What are the regulatory and legal factors that affect the market, and how are they likely to change in the future?
- What are the major market opportunities that companies are pursuing, and what are the associated risks?
- What are the key segments within the market, and what steps are required to take a leading position in the particular segment?
- How is technology changing the market, and what innovations are expected to emerge in the coming years?
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