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Chatbot Market Exhibits 22.5% CAGR to Reach USD 1953.3 Million

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Pune, India, May 05, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global chatbot market size is projected to cross USD 1953.3 million, exhibiting a CAGR of 22.5%. Increasing adoption of technology such as the artificial intelligence (AI) system by the SMEs and innovative product development is anticipated to be the driving factors for the market growth. The detailed forecast is covered in the latest report.

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Key Industry Developments

Solvvy Inc. launched its Conversational Concierge, a Next-Gen Chatbot Platform. This platform assists large enterprises to effortlessly provide intelligent, customization, and on-brand support and services to their users across channels.

Key Takeaways

  • Chatbot market in North America holds the maximum share
  • Increasing Adoption of Innovative Technologies to Boost Growth
  • Global demand is driven by rising adoption of chatbots across industries such as retail & e-commerce, government, media & entertainment, travel, and transportation
  • The healthcare segment is expected to hold a major market share during the projected period

Discover the Leading Players Featured in the Report:

“Companies leading the global chatbot market are Amazon Web Services Inc., Google LLC, IBM Corporation, Microsoft Corporation, SAP SE, Yellow Messenger, Labiba for Artificial Intelligence LLC, Gupshup, SmartBots, Aivo”

Drivers and Restraints:

Technological Innovations to Augment Growth

The emergence of technology such as artificial intelligence (AI) and machine learning is increasing the demand for advanced chatbots. Additionally, cloud-based chatbots are helping companies to increase maximum customer interaction and overall productivity. Increasing adoption of such advanced software applications by the companies is expected to drive the global chatbot market growth in the forthcoming years. For instance, according to a report by the Oracle Corporation, about 80% of large and SMEs are presently using or planning to adopt advanced .

Companies Lend a Helping Hand amid COVID-19 The COVID-19 pandemic has resulted in a total standstill of several businesses across the globe. The government agencies with the help of companies are striving to get back on track the limping economy by proposing several economic packages. However, the widespread chaos has put a glimmer of hope on the chatbots in the healthcare segment. The COVID-19 pandemic has increased the demand for chatbots as two technology companies, Infermedica and LiveChat Software have come forward to launch this technology that identifies coronavirus symptoms in the patients and further advises the patients to seek medical assistance.

Browse Complete Report Details: https://www.fortunebusinessinsights.com/chatbot-market-104673


Segmentation

By Component

  • Platform/SDK Kit
  • Services

By Deployment

  • On-Premises
  • Cloud

By Application

  • Website
  • Contact Centers
  • Social Media
  • Mobile Application

By Industry

  • Banking, Financial Services and Insurance (BFSI)
  • Retail and ecommerce
  • Information Technology (IT) and Telecom
  • Media and Entertainment
  • Healthcare
  • Others (Government and Education)

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Regional Analysis:

Presence of Major Players in North America to Bolster Growth

Among the regions, the market in North America was worth USD 156.7 million and is expected to generate the highest revenue during the forecast period. This is ascribable to factors such as the presence of large companies such as IBM Corporation, Amazon Web Inc., and Microsoft Corporation, among others. Furthermore, high investments by the companies in developing advanced bots to facilitate their business operation will aid the market growth in the region.

Europe, on the other hand, is likely to witness steady growth for the market in the forthcoming years. This is attributable to factors such as increasing investment by the government and private players to adopt these services to ensure efficient customer engagement activities.

Quick Buy – Chatbot Market Research Report:

https://www.fortunebusinessinsights.com/checkout-page/104673

Competitive Landscape:

Orbita Raises USD 9 Million for its Conversational AI Chatbot Platform Surging Demand

Orbita, a Boston-based healthcare conversational AI-powered chatbot solutions provider, has announced that it has raised over USD 9 million in a Series of funding that was led by the Philips Health Technology Ventures and HealthX Ventures. According to the company, its powerful platform effectively helps the clinical companies to create and manage HIPAA-compliant virtual assistance to the consumers, while increasing engagement and effectively reducing the cost of care. Adoption of strategies such as product expansion offerings, novel product launches, and collaboration by the companies will bode well for the global market during the forecast period.

Related Reports:

Artificial Intelligence Market Size, Share, Revenue Forecast and Opportunities

Internet of Things Market Overview, Industry Share and Forecast

Big Data Technology Market Size, Share, Opportunities & Analysis

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: [email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

A Fond Farewell: Memories to Treasure from MWC 2024

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HONG KONG, March 4, 2024 /PRNewswire/ — As IPLOOK reflects on its successful participation in MWC 2024, the company is left with countless memories, insights and opportunities that will continue to inspire its team long after the event has ended.

IPLOOK’s Impressive Showing 
IPLOOK’s booth was a hub of activity throughout the 4-day event, drawing in crowds of attendees eager to learn more about IPLOOK’s innovative core network solutions. Some of the key achievements and gains for IPLOOK at MWC 2024 included:
Strong partnerships forged: IPLOOK nailed several new partnerships with leading telecom companies, expanding its reach and impact in the industry.Positive industry coverage: IPLOOK’s presence at MWC 24 attracted the attention of industry research outlets, resulting in conversations highlighting IPLOOK’s leading position in core network market, ability of innovation and integration capability of space, air and ground communications.Brand awareness increased: The event provided an excellent opportunity for IPLOOK to raise its profile and establish itself as a leader in the core network market. Its booth attracted a number of visitors who were already aware of its role as a core network expert, eager to explore the advancements presented by IPLOOK.Valuable feedback received: IPLOOK took the opportunity to gather feedback from attendees on its products and services, which will be invaluable in driving IPLOOK’s future product development and improvements.Innovations that Stole the Show
This year’s MWC, as per its theme “Future First”, was a testament to the power of technology to transform our future life. Attendees were treated to demonstrations of the latest innovation in AIGC, AI-RAN, Open Gateway, and 6G, showcasing how these technologies can revolutionize industries and improve people’s lives.
What’s Next for IPLOOK?
As IPLOOK sets its sights on the horizon, the company is energized by the prospect of deepening connections within the telecom ecosystem and discovering the groundbreaking advancements that lie ahead at MWC’s next chapter. With a steadfast dedication to product innovation, IPLOOK will also journey to key industry events like MVNOs World Congress and AfricaCom, forging new paths into uncharted markets and showcasing its unwavering commitment to the evolution of the telecom landscape.
Contact: [email protected] IPLOOK on LinkedIn @IPLOOK Networks
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Mobica Appoints Gary Butters as CEO, Building on Success and Fuelling Continued Growth

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LONDON, March 4, 2024 /PRNewswire/ — Mobica, the global software and engineering provider, has announced Gary Butters as their Chief Executive Officer (CEO).

 
Gary joined Mobica as Chief Revenue Officer (CRO) in November 2020 and as part of outgoing CEO Sam Kingston’s leadership team, delivered significant success, leading to Mobica’s acquisition by Cognizant in March 2023. 
This acquisition will significantly expand Cognizant’s IoT embedded software engineering capabilities as part of their overall strategy to help companies modernise technology, reimagine processes and transform experiences so they stay ahead in a fast-changing world.
 
Gary takes over the role with the remit to complete the integration of Mobica into Cognizant while continuing to deliver double-digit growth.
Mobica, which is headquartered in Manchester UK, with operations in Europe and the US, provides world-class software engineering and development expertise to many of the most recognised global brands. Founded in 2004, it serves a number of sectors, with particular expertise in the automotive, manufacturing, industrial and semiconductor industries.
In his role as CEO, Gary will continue Mobica’s vision of delivering exceptional value and innovation to it’s clients and customers, while spearheading its growth plan as demand for engineering and software expertise continues to rise.
Commenting on his appointment, Gary says:”Over the past few years, Mobica has seen demand for our world-class engineering increase significantly, particularly with the acceleration in AI and machine learning. This has seen some of the once ‘traditional’ industries such as automotive and manufacturing undergo a radical transformation. 
“As a result, companies are increasingly seeking skilled professionals – particularly in areas such as software development, AI, IoT, and data analytics – in order to stay competitive and meet evolving customer expectations. However, they are vying for a limited pool of technology talent, so access to Mobica engineering services has been vital to enable our customers to remain agile in a rapidly evolving landscape.
“Our ongoing growth is a testament to our team of dedicated ‘Mobicans’ and our unwavering dedication to delivering cutting-edge software engineering solutions. We have consistently provided clients with access to top-tier engineering talent, enabling them to drive digital transformation and achieve their business objectives. I am looking forward to working with our talented team as we continue our ambitious growth plans.”
www.mobica.com 
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Core to Cloud Partners with Cybersecurity Innovator SenseOn to Enable Comprehensive NDR and SIEM Security

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New strategic arrangement allows organisations to monitor identity, endpoint, network and cloud-based activity to stop threats immediately.
CIRENCESTER, England, March 1, 2024 /PRNewswire/ — Core to Cloud, a leading provider of cybersecurity services and solutions, is excited to announce a strategic alliance with SenseOn, a renowned threat detection management platform. This collaboration will empower businesses to bolster their advanced NDR and SEIM operations and secure end-to-end platforms.

In today’s integrated digital landscape, businesses rely on various systems and third-party suppliers. The launch of SenseOn’s platform marks a significant leap forward in proactive threat detection and response, offering a comprehensive solution to combat sophisticated cyber threats. Organisations can identify, detect and respond to vulnerabilities in traditional blind spots. Core to Cloud’s partnership with SenseOn aims to address these challenges by offering a comprehensive and efficient solution for managing threat detection and response.
James Cunningham, CEO and co-founder of Core to Cloud, said: “We are excited to announce our partnership with SenseOn, allowing Core to Cloud to bring our clients a more robust and complete threat detection and management solution. With an ever-changing digital landscape, our clients must be able to detect and respond to any threats within their cyber estate. This partnership offers an all-encompassing approach to managing these risks.” 
One of the critical features of this partnership is that the platform is built upon a foundation of Artificial Intelligence (AI) and Machine Learning (ML) technologies, meticulously designed to evolve alongside cyber threats. Leveraging its unique Deep Learning, SenseOn’s platform analyses vast and complex datasets, providing real-time threat detection, investigation, and autonomous response capabilities. This innovative approach and Core to Cloud’s cybersecurity expertise enables organisations to proactively address potential threats before they escalate, ensuring robust protection against evolving cyber-attacks.
SenseOn’s platform and Core to Cloud’s know-how empower security teams to navigate the complicated threat landscape efficiently. Intelligent automation streamlines incident response, allowing cybersecurity professionals to focus on strategic initiatives rather than routine tasks.
David Atkinson, CEO and Founder of SenseOn, added: “We are excited to announce a pivotal moment in SenseOn’s journey with establishing a strategic channel partnership with Core to Cloud. This collaboration is more than a partnership; it’s an alliance that leverages the strengths of both companies to propel us towards growth. By combining SenseOn’s consolidated threat detection platform with Core to Cloud’s technical and service expertise, we are poised to deliver a new standard in cybersecurity solutions.”
Moreover, Core to Cloud and SenseOn are committed to ongoing collaboration and continuous improvement. As cybersecurity threats evolve, so do the strategies and tools to counter them. This collaboration is not just a one-time solution; it represents an ongoing commitment to enhancing the cybersecurity landscape for businesses of all sizes. Core to Cloud and SenseOn will continue to work together to develop new features, refine existing tools, and provide unparalleled support to our clients.
Core to Cloud’s partnership with SenseOn signifies a major step forward in cybersecurity. By combining expertise, technology, and a shared commitment to excellence, the two companies are paving the way for businesses to navigate the complex digital landscape confidently. Together, they empower businesses to protect their NDR, SEIM and end-to-end platforms.
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