Chatbot Market is expected to reach USD 14.9 Bn by 2027, with a growing CAGR of 24.60% - AllTheResearch

The global chatbot market is forecasted to grow at a high rate owing to the increasing need for 24/7 customer support and assistance, coupled with advancements in technology.

PLEASANTON, CA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- The latest study titled “Global Chatbot Market- by Type; by Platform; by Organization Size; by Application; by End User Industry; and by Region - Global Forecasts 2021 to 2027” published by AllTheResearch, provides you the brief information about market size, share and dynamics covered in 100+ pages and is an illustrative sample demonstrating market trends.

The Global Chatbot Market was valued at USD 3.2 Bn in 2020 and is expected to reach USD 14.9 Bn by 2027, with a growing CAGR of 24.60% during the forecast period.

The global chatbot market is forecasted to grow at a high rate owing to the increasing need for 24/7 customer support and assistance, coupled with advancements in technology. A chatbot is developed to interact with humans through text, voice or using both, thus decreasing the operational cost and pressure from the company. Therefore, chatbots are being used significantly for assisting users in varied sectors. The chatbot is witnessing a significant growth owing to the increasing adoption of customer service activities among enterprises to reduce operating costs. Several end-use industries such as healthcare, BFSI, and retail are integrating chatbots in their daily customer services activities.

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Chatbot Market Report Overview:

The report overview includes studying the market scope, leading players like Microsoft, Aivo, Conversica, Kore.ai, Next IT Corp., Nuance Communications, IBM, Artificial Solutions, etc., market segments and sub-segments, market analysis by type, application, geography. The report covers Leading Countries and analyzes the potential of the global Chatbot industry, providing statistical information about market dynamics, growth factors, major challenges, PEST analysis, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.

Key Findings:

• Based on type, the market is segmented into Text, Voice, and Hybrid. Out of which, the text type is accounted to dominate the chatbot market size.

• Based on the platform, the standalone segment held the largest market share in 2020 for global market

• Based on organization size, large enterprises accounted the largest market share in 2020 followed by medium sized enterprise in the market

• The E-commerce vertical segment is attributed to hold the largest market size in the year 2020 for global chatbot market

• Based on regions, the North America region is anticipated to hold a market share of 43.6% in the year 2027

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The key players operating in the Chatbot market are Microsoft, Google, Oracle, [24]7.ai, Inc, Artificial Solutions, Aivo, Conversica, Kore.ai, Inbenta, Next IT Corp., Nuance Communications, Inc., AWS, Servicow, Acuvat, Personetics, eGain Corporation, IBM Corporation, Gupshup, MindMeld, CogniCor, Contus, Inbenta Technologies Inc., Chatfuel, KeyReply, SmartBots, Yellow Messenger, Kevit, Yekaliva, Pypestream

The Global Chatbot Market Segmentation:

By Type

• Text

• Voice

• Hybrid

• By Platform

• Standalone

• Web-based

• Messenger-based/Third party

By Organization Size

• Small Enterprises

• Medium Enterprises

• Large Enterprises

By Application

• Bots for Service

• Bots for Social Media

• Bots for Payments/ Order processing

• Bots for Marketing

• Others (Churn Analysis, Campaign Management, News Delivery, and Data Aggregation)

By End-User Industry

• BFSI

• Healthcare

• Retail & E-commerce

• Travel & Tourism

• Others (Education, Energy and Utilities, Manufacturing, media and Entertainment)

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Global Chatbot Market by Region Outlook (Revenue, USD Million, 2021-2027):

In terms of geography, the North American market was holding the largest chunk accounted for 40.4% of market share in the year 2020. The dominance is estimated to remain constant throughout the forecast period owing to significantly increased usage on chatbots in large enterprises based in the region. Moreover, as the Asia Pacific is a major hub for the service industry, the chatbot market is estimated to hold the fastest growth rate. Several large enterprises based are increasingly adopting chatbots as a part of their routine customer service activities.

Key Highlights of the Table of Contents:

1. Introduction

2. Technology and Regulatory Landscape for Chatbot

3. Chatbot Market Pricing Analysis

4. Chatbot Market by Type

5. Chatbot Market by Platform

6. Chatbot Market by Organization Size

7. Chatbot Market by Application

8. Chatbot Market by End User Industry

9. Regional Analysis

   1. North America

   2. Europe

   3. Asia Pacific

   4. Middle East and Africa

   5. South America

10. Key Strategic Insights

11. Key Market Trends / Recent Developments

12. Competitive Scenario

    1. Competitive Strategies of Key Players

    2. Strength of product portfolio

    3. Ranking of Key Players

    4. Presence of players by Geographies

13. Key Global Players

Main Source of The Content: https://www.alltheresearch.com/report/288/chatbot-market

Key Coverage and Benefits:

• The report will help in developing business strategies by understanding the trends shaping and driving the global Chatbot market.

• The report provides detailed historical and forecasted data of Chatbot from 2016-2027.

• Organize sales and marketing efforts by identifying the best opportunities for Chatbot in the US, Europe, and Japan.

• To understand the future market competition in the global Chatbot and insightful review of the key market drivers and barriers.

• To understand the regulatory scenario in major markets.

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The report also provides an in-depth analysis of recent news developments and investments

• In February 2021, Kore.ai announced a launch of a virtual assistant platform in the Japanese language, providing Japanese with a personalized experience. Virtual support in the local language accelerated the adoption of chatbot virtual support to meet the needs of Japan's region.

• In February 2021, Nuance Communications, Inc. successfully completed 100% of share acquisition over Saykara, Inc.,

• In December 2020, Artificial Solutions announced several new updates for faster conversational AI-based development times in Teneo Language

• In September 2020, Google is on the verge to perform a sequential beta-testing on its new version of Dialogflow Natural Language Understanding (NLU) platform.

View Recent Published Press-release by AllTheResearch on Chatbot Market at https://www.alltheresearch.com/press-release/global-chatbot-market-is-expected-to-emerge-as-a-trend-for-various-industries-for-the-forecast-period

Frequently Asked Questions:

• What are the key factors driving Chatbot Market expansion?

• What will be the value of Chatbot Market during 2021- 2027?

• Which region will make notable contributions towards global Chatbot Market revenue?

• What are the key players leveraging Chatbot Market growth?

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