New York, USA, Oct. 14, 2021 (GLOBE NEWSWIRE) — Research Dive states that the global chatbot market is likely to register a revenue of $19,570 million by 2027, at a CAGR of 28.7% during the forecast period from 2020 to 2027. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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As per the analysts of Research Dive, the growing adoption of chatbots by leading companies in various sectors such as healthcare, banking, etc. to handle queries and customer support is the major factors anticipated to accelerate the growth of the global chatbot market over the forecast period. In addition, strategic collaboration, business expansions, and product innovations by tech-giants are other factors expected to drive the market growth by 2027. Moreover, technological advancements in chatbots is likely to generate lucrative growth opportunities for the global industry in the analysis period. However, the lack of awareness and the complex management of chatbots may restrict the market growth in the coming years.
COVID-19 Impact on the Global Chatbot Market
The outbreak of COVID-19 pandemic has had a positive impact on the chatbot market growth. This is mainly due to the deployment of chatbots in various industries, such as banking & insurance, retail, and healthcare for responding to customer’s queries and other tasks. Besides, various organizations adopted remote working facility owing to the lockdown conditions in the majority of countries across the globe. These companies are hugely dependent on chatbots due to less availability of employees. These factors are driving the growth of the chatbot market during the pandemic period.
Check out How COVID-19 impacts the Global Chatbot Market: https://www.researchdive.com/connect-to-analyst/5985
Segments of the Market
The report has divided the market into different segments based on component type, deployment, usage, end user, and region.
Solution Sub-segment to Hold the Largest Market Share
By component type, the solution sub-segment for the chatbot market is projected to generate a revenue of $10,763.8 million by 2027 and account for the majority of market share over the forecast period. This is mainly owing to the technological advancements coupled with growing customer demand for self-services.
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Cloud Sub-segment to be Most Lucrative
By deployment, the cloud sub-segment valued for $1,144.5 million in 2019 and is expected to be most lucrative during the forecast period. This growth is mainly because cloud-based chatbots handle various types of confidential business information, such as client contact details, supply chain management, invoices & accounting, employees’ social security numbers, and other business intelligence.
Social Media Sub-segment to Witness Fastest Growth
By usage, the social media sub-segment is predicted to account for $4,686.4 million by 2027 and witness the fastest growth over the forecast period. The significant growth of the sub-segment is mainly because chatbots help in growing efficiency of work on social media as they generate a more personal engagement with customers. Besides, shortening of sales cycles, discovering customer’s wants, and rapid expansion of sales pipeline are other factors predicted to drive the sub-segment’s growth by 2027.
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Travel & Tourism Sub-segment to Observe Lucrative Growth
By end user, the travel & tourism sub-segment is predicted to account for $2,591.1 million by 2027 and witness lucrative growth during the forecast period. This growth is majorly due to the increasingly growing demand for more meaningful and better travel experiences among the travelers around the globe.
By region, the North America chatbot market accounted for $776.1 million in 2019 and is predicted to witness significant growth during the forecast period. This growth can be attributed to the rapid growth in the deployment of chatbots in several business verticals. Besides, technological innovations such as internet of things (IoT), artificial intelligence, and APIs are evolving at a fast speed. These factors are expected to boost the regional market growth by 2027.
Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global chatbot industry are:
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 implementing several strategies to gain a chief position in the global industry.
For instance, in February 2021, Kore.ai, the leading provider of an end-to-end, comprehensive AI powered ‘no-code’ platform, announced the launch of a Virtual Assistant Platform in Japanese to better serve Japan region’s needs.
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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