Connect with us
European Gaming Congress 2024

Artificial Intelligence

Chatbot Market Size to Reach USD 24.80 Billion by 2032, Technology, Deployment, Functions, Benefits, Challenges, Application & Companies – The Brainy Insights

Published

on

Newark, July 19, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the chatbot market will grow to USD 3.60 billion in 2022 and reach USD 24.80 billion by 2032. In just ten years, the growing trend of enterprises towards increasing consumer expertise, decreasing operating costs, and operational efficiency are helping to boost the market growth over the forecast period. Moreover, the rise in penetration of different websites and mobile applications and the surge in demand for automated patient management devices in the healthcare industry are expected to propel market growth over the forecast period.

Download Report Sample (230+ Pages PDF with Insights) at: https://www.thebrainyinsights.com/enquiry/sample-request/13575

Report Attribute Details

Report Attribute Details
Revenue forecast in 2032 USD 24.80 Billion
Market size value in 2022 USD 3.60 Billion
Expected CAGR Growth 21.28% from 2022 – 2030
Base Year 2022
Forecast Year 2023 – 2032
Top Market Players Artificial Solutions, Aivo LLC, Google, Inbenta Holdings Inc, Creative Virtual Ltd, eGain Corporation, IBM, Smartbots, Nuance Communications, Inc, Contus, Conversica, Inc., Amazon Web Services, Inc., Kevit, CogniCor Technologies, Cyfuture India Pvt. Ltd.
Segments Covered Component, Type, Deployment, Application, End User.
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options

Key Insight of the Chatbot Market

North America to account for the largest market size during the forecast period.

Advertisement
Stake.com

North America is expected to have the largest market share in chatbots. Key factors favouring the growth of the chatbot market in North America include the increasing deployment of chatbots in different business verticals and technologies such as APIs, and artificial intelligence, which are evolving rapidly. Also, growing industrialization and a rising need for chatbots are helping boost the region’s market growth.

The solution segment is expected to augment the chatbot market during the forecast period.

The component segment is divided into services and solutions. The solution segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the large-scale adoption of in-house chatbot technologies.

The standalone segment market size was USD 1.05 billion in 2022

The type segment is divided into web-based, standalone, AI-powered, messenger-based, and rule-based. The standalone segment market size was USD 1.05 billion in 2022 due to the increasing technology collaboration and the emergence of advanced storage technologies.

Advertisement
Stake.com

The on-premise segment is anticipated to dominate the market by 62.08% in 2032.

The deployment segment is divided into on-premise and cloud. The on-premise segment is anticipated to dominate the market in the forthcoming years due to the proliferating demand for intelligent customer engagement.

The e-commerce segment market size was USD 0.87 billion in 2022.

The application segment is divided into retail, healthcare, media and entertainment, real estate, education, e-commerce, banking, financial services and insurance (BFSI), and others. The e-commerce segment market size was USD 0.87 billion in 2022 due to the growing adoption of chatbot services by various e-commerce companies.

The small and medium enterprises segment is anticipated to dominate the market by 64.06% in 2032.

Advertisement
Stake.com

The end-user segment is divided into large enterprises and small and medium enterprises. The small and medium enterprises segment is anticipated to dominate the market in the forthcoming years due to the maintenance cost of Chatbot solutions and the insufficient availability of a skilled workforce.

Inquiry Before Buying: https://www.thebrainyinsights.com/enquiry/buying-inquiry/13575

Market Dynamics

Driver: The increasing initiatives in various sectors:

The adoption of chatbots is rapidly growing across various industry verticals like telecommunications, healthcare, and retail banking. This trend is propelling the growth of the chatbot market. Moreover, the surge in demand for automated patient management devices in the healthcare industry drives market growth. Different publishers & brands have also started to deploy bots on messaging & collaboration platforms, including CNN, HP and 1-800 Flowers. These factors are helping to promote the market growth.

Advertisement
Stake.com

Restraint: The concerns about security and privacy:

The chatbots may accumulate personal and sensitive data from users, which raises security & privacy concerns and hampers market growth. Further, the chatbots may struggle to understand & respond to queries in languages & dialects they are not programmed to identify. This could restrict the adoption of chatbots in specific regions and hinder market growth.

Opportunity: The technological advancements in chatbots:

The technological advancements and features in the chatbot software, such as application programming interface (API), natural language processor (NLP), cloud-based deployment, interference engine, and other advancements like multichannel, are anticipated to propel the market growth over the projection period. Moreover, the increasing demand for artificial intelligence and audio speech-based chatbots will drive market growth in the forthcoming year. However, the various innovations in machine learning (ML) and artificial intelligence (AI) technologies are expected to increase the features of chatbots. This is expected to increase the market in the coming years. Furthermore, the technologies such as IoT, artificial intelligence, and APIs are evolving rapidly. Chatbots are incorporated with these technologies to offer enhanced operations, propelling market demand. Artificial intelligence & audio speech-based chatbots will hold the largest market share in the forthcoming year.

Browse the full report with Table of Contents and List of Figures: Chatbot Market Latest Trend, Opportunities & Forecast 2023

Advertisement
Stake.com

Some of the major players operating in the Chatbot market are:

• Artificial Solutions
• Aivo LLC
• Google
• Inbenta Holdings Inc
• Creative Virtual Ltd
• eGain Corporation
• IBM
• Smartbots
• Nuance Communications, Inc
• Contus
• Conversica, Inc.
• Amazon Web Services, Inc.
• Kevit
• CogniCor Technologies
• Cyfuture India Pvt. Ltd.

Key Segments cover in the market:

By Component:

• Services
• Solution

Advertisement
Stake.com

By Type:

• Web-Based
• Standalone
• AI-Powered
• Messenger-Based
• Rule-Based

By Deployment:

• On-premise
• Cloud

By Application:

Advertisement
Stake.com

• Retail
• Healthcare
• Media and Entertainment
• Real Estate
• Education
• E-commerce
• Banking Financial Services and Insurance (BFSI)
• Others

By End User:

• Large Enterprises
• Small and Medium Enterprises

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Advertisement
Stake.com

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

Contact Us

Advertisement
Stake.com

Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: [email protected] 
Web: www.thebrainyinsights.com 

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

Securden Recognized as a Market Leader in GigaOm Radar Report for Enterprise Password Management

Published

on

securden-recognized-as-a-market-leader-in-gigaom-radar-report-for-enterprise-password-management

Securden has become a leader and an outperformer with cutting-edge features, rapid market advancements, and consistent customer value.
WILMINGTON, Del., July 4, 2024 /PRNewswire/ — Securden, Inc., a leading provider of privileged access and identity security solutions, today announced that it has been recognized as a leader and outperformer in GigaOm Radar Report for Enterprise Password Management.

GigaOm rigorously evaluates vendors in various solution segments and produces Radar reports with valuable insights to assist enterprise decision-makers in evaluating and investing in solutions.
The GigaOm Radar 2024 on Enterprise Password Management examined 13 enterprise password management solutions. “Securden is positioned in the innovation quadrant. It offers a strong solution, and its approach is to take its customers on a journey to broader PAM, with password management simply one focus area. It scored well across all of the decision criteria we evaluated, placing it as a leader, and its execution of the emerging features and rate of progress in the market classify it as an Outperformer,” states the report.
Securden has earned top ratings in key evaluation criteria, including platform security, security auditing, PAM capabilities, ease of management, ease of use, and scalability.
“We are proud to be recognized as a market leader in Enterprise Password Management by GigaOm Radar,” said Bala Venkatramani, CEO of Securden, Inc. “Protecting various identities used by humans and machines is a top priority for IT teams. Our platform offers a comprehensive privileged identity security solution, witnessing rapid adoption by SMBs and Enterprises globally. With innovation at the core, we are committed to offering simplicity and affordability in cybersecurity. This recognition affirms our strong market presence and our focus on providing powerful capabilities to strengthen our customers’ security posture.”
Securden offers robust protection for the vault with controls like access hardening, resilient deployment, and strong data protection approaches. It offers insights into password usage, identifies poor practices, flags failure to follow password standards, issues breach warnings identifying compromised passwords, and more. These measures significantly help reduce password-related risks.
Streak of Recognition
EMA Research, a top industry analyst firm, recently published an impact brief recognizing the Securden Unified PAM MSP platform as a groundbreaking development in privileged access management for MSPs. “By eliminating the need for disparate PAM solutions and providing comprehensive functionality within a single package, Securden empowers MSPs to deliver robust, scalable, and secure PAM services to their clients with unparalleled efficiency and confidence,” states the impact brief.
About Securden
Securden provides leading privileged access governance and identity security solutions that uniquely combine critical security principles to prevent cyberattacks, malware propagation and insider exploitation. With products designed for security and scalability (Password Vault for Enterprises, Unified PAM, Endpoint Privilege Manager, and Unified PAM MSP), Securden is trusted by organizations worldwide, including large financial institutions, government agencies, healthcare organizations, educational institutions, IT service providers, MSPs, and manufacturing companies. For more information, visit https://www.securden.com.
Media ContactJames [email protected]
Logo – https://mma.prnewswire.com/media/2362812/securden_logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/securden-recognized-as-a-market-leader-in-gigaom-radar-report-for-enterprise-password-management-302189680.html

Continue Reading

Artificial Intelligence

Managed Security Services Market Forecast to Exceed USD 101.86 Billion by 2031 Due to Escalating Security Concerns | SkyQuest Technology

Published

on

managed-security-services-market-forecast-to-exceed-usd-101.86-billion-by-2031-due-to-escalating-security-concerns-|-skyquest-technology

WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Managed Security Services Market size was valued at USD 26.89 billion in 2022 and is poised to grow from USD 31.18 billion in 2023 to USD 101.86 billion by 2031, growing at a CAGR of 15.95% during the forecast period (2024-2031).

The global managed security services market has been growing rapidly, over the last couple of years, due to the increasing security threats or risks and increasing challenges in managing security over IT networks. It’s impossible to ignore the fact that small businesses face relentless cyberattacks, including malware, ransomware, advanced threats, advanced persistent threats, and data breaches, leading to remote and hybrid operations systems.
Download a detailed overview:
https://www.skyquestt.com/sample-request/managed-security-services-market
Managed Security Services Market Overview:
Report Coverage
Details
Market Revenue in 2023
USD 31.18 billion
Estimated Value by 2031
USD 101.86 billion
Growth Rate
Poised to grow at a CAGR of 15.95%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Service Type, Type, Organization Size, Security, Type and Industry Vertical
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Surge in Demand for Managed Detection and Response (MDR) Service
Key Market Drivers
Cyber Threats are Growing Complex 
Segments covered in Managed Security Services Market are as follows:
Service TypeManaged IAM, managed vulnerability management, managed risk and compliance, managed detection and response, managed firewall, and managed SIEM and log management, othersTypeFully managed, co-managedOrganization SizeSmall and medium-sized enterprises, Large enterprisesSecurity TypeNetwork security, cloud security, endpoint security, application security, othersIndustry VerticalBFSI, government, healthcare & life sciences, telecommunications, IT and ITeS, Retail and eCommerce, energy and utilities, manufacturing, and other verticalsRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/managed-security-services-market
Rapid Responders: Incident Response Services
Managed detection and response are the large segment in the managed security services market. Managed detection-response services provide continuous improvement, threat detection, and response capabilities critical to today’s enterprises facing sophisticated cyber threats. This segment is characterized by the increasing prevalence and importance of cyberattacks advanced threat detection and response strategies beyond traditional security measures. The ability of the MDR service to provide comprehensive analysis of security incidents and take corrective action quickly is essential to minimize potential damage and ensure business continuity.
Managed identity and access management is the fastest growing segment in the market. The rising growth in this sector is driven by the need for robust stakeholder solutions in an era of digital transformation and remote collaboration. The rise of cyber threats and increasing regulatory requirements for data security and privacy and the main drivers of this segment.
Data Guardians: Data Protection Services
The global market recognizes the dominant position of the entire service management segment. This dominance is largely due to the scope of this role, in which companies assume full responsibility for an organization’s security programs from security providers, especially those without in-house security expertise or resources. These roles cover a wide range of security measures, including threat identification, incident response, compliance management and continuous monitoring. Adoption rates are also driven by the increasing complexity of cyber threats, which require a strong, 24/7 monitored security measure that only specialized providers can provide further strengthening its position as the largest market share.
In addition to the dominance of fully managed services, the advanced management segment is growing the fastest in the global market. This increase is driven by hybrid security models that offer a collaborative approach between internal IT teams and external security providers.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/managed-security-services-market
Safeguarding Tomorrow’s Digital Frontiers
As businesses and organizations take on the cyber panorama in terms of severe, MSS vendors remain vigilant guards, the use of advanced era and professional insights. Managed Security Services (MSS) have emerged as the cornerstone of present-day cybersecurity strategies, presenting strong protection in opposition to threats in a more and more digital international.
Related Report:
Cyber Security Market
Network Security Market
Endpoint Security Market
Cloud Security Market
Application Security Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
Logo: https://mma.prnewswire.com/media/2446095/SkyQuest_Logo.jpg
 

View original content:https://www.prnewswire.co.uk/news-releases/managed-security-services-market-forecast-to-exceed-usd-101-86-billion-by-2031-due-to-escalating-security-concerns–skyquest-technology-302189493.html

Continue Reading

Artificial Intelligence

Industrial Internet of Things (IIoT) Market is Expected to Surpass USD 191.6 Billion Valuation by 2031, Rise of Automation in Manufacturing to Boost Expansion| SkyQuest Technology

Published

on

industrial-internet-of-things-(iiot)-market-is-expected-to-surpass-usd-191.6-billion-valuation-by-2031,-rise-of-automation-in-manufacturing-to-boost-expansion|-skyquest-technology

WESTFORD, Mass., July 4, 2024 /PRNewswire/ — According to SkyQuest, the global Industrial Internet of Things (IIoT) Market was valued at USD 102.48 Billion in 2022 and is expected to rise from USD 109.86 Billion in 2023 to reach a value of USD 191.6 Billion by 2031, at a CAGR of 7.2% during the forecast period (2024-2031).

The rapid adoption of smart manufacturing practices in multiple industries and growing demand for automation have set the tone for industrial internet of things (IIoT) market growth. IIoT devices and solutions are specifically designed to enhance industrial operations and promote operational efficiency and productivity as well. Advancements in IoT and IoT connectivity technologies are also slated to create new business scope for industrial internet of things (IIoT) companies in the future.  The global industrial internet of things (IIoT) market is segmented into component, technology, connectivity technology, software, vertical, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/industrial-internet-of-things-iiot-market
Industrial Internet of Things (IIoT) Market Overview: 
Report Coverage
Details
Market Revenue in 2023
$ 109.86 billion
Estimated Value by 2031
$ 191.6 billion
Growth Rate
Poised to grow at a CAGR of 7.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component, Technology, Connectivity Technology, Software and Vertical
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Development of novel blockchain AI solutions that give benefits of both technologies involved
Key Market Opportunities
Adoption of Smart Initiatives
Key Market Drivers
Implementation of IPV6
Segments covered in Industrial Internet of Things (IIoT) Market are as follows:
ComponentHardware, Platform, Solution, and ServicesTechnologySensor, Radio Frequency Identification (RFID), Industrial Robotics, Distributed Control System and OtherConnectivity TechnologyWired Technology and Wireless TechnologySoftwareVisualization Software, SCADA, Distribution Management System, Farm Management Systems and OtherVerticalManufacturing, Energy, Oil & Gas, HealthCare, Retail, Transportation, Metal & Mining, AgricultureRequest Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/industrial-internet-of-things-iiot-market
Hardware Components Slated to Bring in Most Revenue Owing to Development of IIoT Infrastructure
Industrial internet of things (IIoT) requires specialized connected devices made from dedicated sensors and controllers. Growing investments in the development of new IIoT infrastructure are projected to bolster the demand for hardware components and allow this segment to lead the market in terms of revenue generation. Advancements in connectivity technologies are also predicted to bolster the demand for novel IIoT hardware components across the forecast period and beyond.
Meanwhile, industrial internet of things (IIoT) companies can also invest in the development of novel platforms and services to strengthen their business potential. The need for IIoT platforms and services will only get stronger by the day as the adoption of IoT technology in industrial settings increases.
Manufacturing to Take the Crown for Industrial Internet of Things (IIoT) Sales Owing to the Rise of Smart Factories
The manufacturing industry vertical is estimated to take center stage when it comes to industrial internet of things (IIoT) adoption. High demand for better productivity and operational efficiency in manufacturing facilities is estimated to make this segment a highly lucrative one. From remote monitoring to predictive maintenance, all of these features can only be added to a manufacturing facility through the use of industrial internet of things (IIoT). Energy and oil & gas industry verticals are also forecasted to provide moneymaking opportunities for industrial internet of things (IIoT) companies in the future as digitization increases in them. Apart from these industry verticals, industrial internet of things (IIoT) providers can also explore retail, healthcare, agriculture, and transportation industry verticals to maximize their business scope and boost revenue generation going forward.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/industrial-internet-of-things-iiot-market
Wireless Connectivity to Gain Prominence with the Advent of 5G Technology
Advancements in technology have created novel wireless technologies used for connected devices. The need for the elimination of wires is projected to drive the demand for wireless connectivity in industrial internet of things (IIoT) devices. 5G is the key wireless connectivity technology that is projected to help the wireless segment become the most rewarding for market players over the coming years.
Industrial internet of things providers will need to choose their strategies carefully if they want to succeed in this business. Industrial internet of things (IIoT) companies can get good returns on their investments if they target the manufacturing industry as the trend of automation catches up. Developing new IIoT hardware devices and components will also help industrial internet of things (IIoT) companies expand their business potential on a global level. 
Related Reports:
Internet Of Things (IoT) Market
IoT Security Market 
Narrowband-IoT (NB-IoT) Market
Consumer IoT Market
Internet of Things (IoT) in Smart Cities Market 
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. 
Contact:Mr. Jagraj SinghSkyQuest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
Logo: https://mma.prnewswire.com/media/2446095/SkyQuest_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/industrial-internet-of-things-iiot-market-is-expected-to-surpass-usd-191-6-billion-valuation-by-2031–rise-of-automation-in-manufacturing-to-boost-expansion-skyquest-technology-302189485.html

Continue Reading
Advertisement
Stake.com
Advertisement

Latest News

Trending