New York, US, May 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Chatbots Market Information by Type, Deployment, Usage, Vertical, and Region - Forecast till 2030”, Chatbots Market could thrive at a rate of 23.91% between 2022 and 2030. The market size will be reaching around USD 24.64 Billion by the end of the year 2030.
Market Synopsis
The chatbot market refers to the industry involved in the development, deployment, and maintenance of chatbot software and related services. Chatbots are artificial intelligence (AI) programs that can simulate conversations with human users via text or voice. They are increasingly used by businesses to provide customer service, automate routine tasks, and improve engagement with customers.
One major driver of the chatbot market is the growing demand for 24/7 customer support services. As consumers increasingly expect immediate assistance and personalized experiences, chatbots provide a scalable and cost-effective solution for businesses to provide around-the-clock support. Additionally, advancements in natural language processing (NLP) and machine learning technologies have led to the development of more sophisticated chatbots that can understand and respond to complex queries, further driving their adoption in various industries.
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Market Competitive Landscape:
The affluent companies in the Chatbots industry include
- Acuvate
- Aivo
- Artificial Solutions
- Creative Virtual Ltd
- eGain Corporation
- IBM Corporation
- Inbenta Technologies Inc
- Next IT Corp
- Nuance Communications Inc
Industry Update in February 2022:
Humana and IBM Watson Health announced a collaboration to provide access to an AI chatbot. The chatbot is designed to provide information on member benefits, claims, referrals, and cost estimates for medical care. This partnership aims to enhance the customer experience by providing a more efficient and personalized way of accessing information.
Chatbots Market Report Scope:
| Report Metrics | Details |
| Chatbots Market Size by 2030 | USD 24.64 billion |
| Chatbots Market CAGR during 2022-2030 | 23.91% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Key Market Dynamics | Increase the growth rate of the Chatbots Market Extreme use of online communication raising the growth of the market |
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Market USP Covered:
Market Drivers:
One major driver of the chatbot market is the increasing demand for personalized customer experience and the need to improve customer engagement. Chatbots provide businesses with an effective way to interact with customers and provide them with quick and relevant responses to their queries. They can be programmed to handle multiple customer interactions at once, reducing the need for human intervention and allowing businesses to save time and resources. Additionally, chatbots can collect data on customer preferences and behavior, which can be used to personalize the customer experience and improve customer satisfaction.
Market Restraints:
A major restraint of the chatbot market is the lack of advanced natural language processing (NLP) capabilities. While chatbots are becoming increasingly sophisticated and capable of understanding more complex queries, they still struggle with understanding human language nuances, idioms, and context. This can lead to frustrating interactions for customers and can limit the effectiveness of chatbots in certain industries, such as healthcare or legal services, where accurate language processing is critical. Additionally, there is a risk of chatbots making errors or providing incorrect information, which can damage customer trust and brand reputation.
COVID 19 Analysis
The pandemic has created an opportunity for chatbots as the demand for remote customer service and support has increased due to social distancing measures and lockdowns. Many companies have turned to chatbots to provide customer service and support to their customers as physical interactions became difficult. Chatbots have been used to answer common customer queries, provide 24/7 support, and even process transactions.
On the other hand, the pandemic has also hurt the chatbot market. Many companies, especially small and medium-sized businesses, have had to cut back on their spending on technology due to financial constraints caused by the pandemic. As a result, the adoption of chatbots has slowed down in some sectors. Additionally, the pandemic has disrupted the supply chain, leading to delays in the delivery of chatbot software and hardware components.
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Market Segmentation
- By Type - The types in the market include Software, Services.
- By Deployment - By deployment, the segment includes Cloud, On-Premise
- By Usage - By usage, the segment includes Websites, Social Media, Mobile Platform
- By Vertical - By vertical, the segment includes BFSI, Retail, e-commerce, Government, Travel, Hospitality, and Others
Regional Insights
North America is expected to hold a prominent share of the market due to the presence of several key players and the early adoption of chatbot technology across various industries. The rise in demand for chatbots in the region is also driven by the increasing number of smartphone users and the growing need for instant customer service. Further, in Europe, the market growth is driven by the increasing adoption of chatbots in the e-commerce and retail sectors. The use of chatbots in these sectors has helped companies to provide better customer service, reduce response time, and enhance customer engagement.
Additionally, the Asia Pacific region is expected to witness the highest growth rate due to growing e-commerce sector in the region is also expected to drive the demand for chatbots as companies look to improve their customer service and engagement.
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