Chatbots Market 2019 —
A chatbot is an artificial intelligence backed application which converses with a human being to solve any problem or some query as well. Chatbot helps in reducing the operational time along with enhancing efficiency as well.
Presently, the companies are improving their customer service by using major messaging applications, such as WhatsApp and Facebook Messenger which in turn use chatbot thus providing enhanced services to the customers. Presently, more number of customers are using messenger applications and are willing to converse with a chatbot, which is expected to fuel the market growth during the forecast period.
A new report added to the online inventory of Wise Guys Reports (WGR) discloses that the global chatbots market is set to expand at a compound annual growth rate (CAGR) of 34.64% between 2017 and 2023. In 2017, the market was worth USD 946.55 million and it is expected to reach USD 5,638.64 million.
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The cost benefits offered by chatbots are also viewed as a prominent market driver. This application is used in solving complex problems and queries. Also, most of the smartphone and tablet users use virtual assistants in order to make functionality of devices easier. However, some of the challenges faced by the companies is also viewed in the report.
Global Chatbots Market: Segmental Analysis
The segmental analysis of the market has been conducted based on type, application and region. Some of the key players covered in the report include Artificial Solutions, IBM Watson, Naunce Communications, eGain Coporation, Creative Virtual etc.
By type, the market has been divided into software and services.
Based on application, the market has been segmented into websites, contact centers, social media, mobile platform and others.
Global Chatbots Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Rest of the World (RoW). In North America, countries including US and Canada are covered while in Europe, countries such as the UK and Germany are covered. In APAC, countries such as Japan, China and India are covered. In Latin America, countries such as Brazil and Mexico are covered. North America holds a significant largest share of the global chatbots market. Faster adoption of the advanced technologies and urge to provide better customers’ services inspire companies to use chatbots thus increasing the global chatbots market. APAC region also emerges as an attractive market for global chatbots market. People use mobile and website applications for daily needs which is set to make a significant contribution to the global chatbots market in terms of revenue. Even, lots of companies in the region are investing in the chatbots and machine learning technology. Also, in order to handle large number of consumers and enhancing the customer-engagement techniques, countries such as Japan, China and South Korea are also using chatbots thus driving the market growth in the region. The European market is also set to be a leading player in Global chatbots market.
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