New York, USA, July 20, 2021 (GLOBE NEWSWIRE) — According a report published by Research Dive, the global chatbot market is estimated to generate a revenue of $19,570.0 million by 2027, increasing from $2,568.3 million back in 2019, growing at a CAGR of 28.7% during the forecast period (2020-2027). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Increasing number of consumers is driving the adoption of chatbot among various companies in order to handle queries and customer support services. This factor is expected to surge the growth of the global chatbot market.
Restraints: Inadequate apprehensions about the perks of using artificial intelligence (AI) and other such technological advancements is expected to curb the growth of the global chatbot market.
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Opportunities: Companies are continuously working on technological advancements of self-learning chatbots. This type of chatbots are capable of adapting themselves to the altering environment, and thus learn from previous conversations and offer a more human-like interaction with the clients. This factor is expected to drive the growth of the market.
Segments of the Market
The report is divided into different segments of the market based on component, deployment, usage end-user, and regional outlook.
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Component: Solution Sub-Segment to be Most Profitable
The solution sub-segment is expected to generate a revenue of $10,763.8 million by 2027, growing at a remarkable rate during the forecast period. Continuous technological advancements and the rising demand for personalized services among customers are predicted to surge the growth of the sub-segment.
Deployment: Cloud Sub-segment to be Most Beneficial
The cloud sub-segment is predicted to generate a revenue of $11,298.0 million by 2027, increasing from $1,144.5 million back in 2019. The increasing significance of natural-language intelligent bots like Alexa and Siri among consumers these days is expected to bolster the growth of the sub-segment.
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Usage: Website Sub-Segment to be most Lucrative
The website sub-segment is anticipated to generate a revenue of $5,848.8 million during the forecast period. Incorporation of chatbots in websites will favor the conveniency of the customer. This factor is expected to boost the growth of the sub-segment.
End-User: Travel & Tourism Sub-Segment to have Massive Growth
The travel & tourism sub-segment is expected to generate a revenue of $2,591.1 million during the forecast period. Increasing demand for an enhanced travel experience among travelers around the world is expected to drive the growth of the market.
Regional Outlook: North America to Dominate the Market
Continuous technological advancements in IOT (internet of things), artificial intelligence (AI), and so on in this region accelerates the growth of the market.
COVID-19 Impact on the Market
The outbreak of COVID-19 has significantly impacted the global chatbot market in positive way, owing to its increasing application in innumerable industries like healthcare, retail and banking to name a few. The lockdown situation in various countries made it vital for companies to adopt chatbots in order to deal with a massive number of queries of the customers. Thus, the chatbot market is expected to grow exponentially in the coming years.
Key Players of the Market
2. Conversica, Inc
3. Yellow Messenger
7. 7. Ai
8. International Business Machine Corporation
9. Amazon Web Services, Inc
10. Google Inc.
These players are working on developing strategies such as product development, merger and acquisition, and partnerships and collaborations to sustain the market growth.
For instance, in November 2020, Microsoft, an American multinational technology company which produces computer software, consumer electronics, personal computers, and related services, collaborated with Nova Nordisk, a leading global healthcare company, to develop an AI-powered Chinese chatbot service to deal with diabetic patients.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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