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Global Chatbot Market Size and Share is Expected to Reach USD 112 billion by 2030

Global Chatbot Market to surpass USD 112 billion by 2030 from USD 18 billion in 2020 at a CAGR of 30.58% in the coming years, i.e., 2021-30. The size of the market is forecasted to grow as chatbots continue to minimize the operational cost to businesses. Chatbot marketing, payments, processing, and operation are various segments in which chatbots can function—but services have a largest market share in Chatbots businesses. Improved technology combined with growing consumer demand for self-service facilities and 24*7 customer supports at a reduced cost of operation are the main growth drivers for the sector. In addition, the initiatives aimed at building self-learning chatbots are designed to provide more human conversational experience, increase the use of chatbots between various industries, and increase customer commitment through various channels, thus creating many opportunities for international vendors.

Chatbot is essentially an artificial intelligence program that communicates to a person to solve a problem or answer a certain question. This decreases running time and increases performance, which encourages business growth. It helps the customer through messages, websites, mobile apps, and phones. In addition, chatbots through BFSI are introduced to provide enhanced user experience, to connect with customers instead of consultants, to quickly answer the questions, to relieve workloads, and so on.

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  • Market size & share analysis
  • Top market players with sales, revenue, and business strategies analysis
  • Market growth drivers and restraints
  • Market opportunities & challenges
  • Research methodology

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Global Chatbot Market: Key Players

  • IBM Corporation(US)
  • Google (US)
  • Amazon Web Services(US)
  • Chatfuel (US)
  • Yellow Messenger (India)
  • Contus (India)
  • Inbenta Technologies (US)
  • Nuance Communications (US)
  • Passage AI (US)
  • Conversica
  • SmartBots (US)
  • Botsify (Pakistan)
  • Yekaliva (India)
  • Other Prominent Players

Global Chatbot Market: Segments

Customer Engagement and Retention segment to grow with the highest CAGR during 2020-30

Global Chatbot Market is segmented by application type into Customer Engagement and Retention, Branding and Advertisement, Customer Support, Data Privacy and Compliance, Personal Assistant, Onboarding and Employee Engagement, and others. One of the key focus areas of different vertical products is customer engagement and retention. These verticals have begun using chatbots powered by Artificial Intelligence (AI) to reach their clients and provide them with seamless experiences during their journey. Since they can engage consumers, gather new information, and reduce sales life cycles, chatbots are an efficient way of enabling verticals to capture, retain and engage new customers. The presence and retention of customers is therefore expected to become a critical field for implementing chatbot solutions.

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Global Chatbot Market Dynamics

Drivers

24*7 Support

Chatbots Market are a promising agent which can offer 24×7 while improving profitability overall. AI chatbots also bring incentives, such as automation of routine tasks that boost efficiency levels, support in several languages, and better self customer service. In addition, they can also be used to assist various languages. Due to the opportunity to customize the experience without disturbance, customer support systems are anticipated to fuel growth in the coming years.

Restraint

Rapid response and inability to identify customer’s intent

Primarily software tools, including application program interfaces (APIs) are designed to generically use chatbots without adding any particular functionality which does not fit the quality requirements of the user and fulfills its explicit purpose. Chatbot Markets supplied with unique data will only support consumers if they are asked to answer questions. Therefore, if a customer asks a question for which the chatbot does not have any details, he will not understand the intention of the customer and will not be able to address the question asked.

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Global Chatbot Market report also contains analysis on:

  • By Application Type
    • Customer Engagement and Retention
    • Branding and Advertisement
    • Customer Support
    • Data Privacy and Compliance
    • Personal Assistant
    • Onboarding and Employee Engagement
    • Others
  • By DEPLOYMENT TYPE
    • Cloud-based
    • On-Premises

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