Global Chatbot market is valued approximately USD 2.01 billion in 2018 and is anticipated to grow with a growth rate of more than 29.5% over the forecast period 2019-2026. The Chatbots is a computer program that replicate human conversation through voice commands or text chats or both. It is an artificial intelligence feature that can be ingrained and are used through any major messaging application. Advancement in technology along with growth in customer demand for self-service and 24*7 customer assistance at a lower operational cost are the factors driving the growth of market over the forecast years.
Whereas, incompetence to recognize customer intent and respond effectively are the factors hampering the growth of market over the forecast years. However, rise in use of Chatbots among major industries and increasing focus on customer engagement through various channels is a lucrative opportunity for the growth of market over the forecast year.
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The regional analysis of global Chatbot market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America accounts for the largest share in the global chatbot market due to the immense adoption of chatbot in the region. Whereas, Asia pacific is the fastest growing region in the global chatbot market due to the various investment by startups in the chatbots & machine learning and rapid expanding information and communications technology infrastructure in the leading economies such as India and China.
Market player included in this report are:
IBM
Nuance Communications
Google
AWS
Artificial solutions
Chatfuel
Botsify
Yellow Messenger
Conversica
Kevit
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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By Component:
Solutions
Services
By Technology:
Machine Learning and Deep Learning
Natural Language Processing
Automated Speech Recognition
By Deployment Type:
On- premises
Cloud
By usage:
Websites
Contact centers
Others
By Organization Size:
Large Enterprise
Small and Medium-sized Enterprise
By Application:
Customer support
Personal assistant
Others
By Vertical:
Banking, Financial and Insurance
Retail and Ecommerce
Healthcare
Others
By Regions:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
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