Information and Communication Technology CHATBOT MARKET IS PROJECTED TO GROW UP TO 29.8% CAGR DURING THE FORECASTING PERIOD 2021-20...


CHATBOT MARKET IS PROJECTED TO GROW UP TO 29.8% CAGR DURING THE FORECASTING PERIOD 2021-2027.

Chatbots are computer programmes that enable people to communicate with software using a variety of input methods such as speech, text, gestures, and touch. For several years, chatbots were mainly used for customer service management; however, today's chatbots have become smarter, more social, and simpler to use, and more upgrades are anticipated in the near future. In the form of AI bots, AI assistants, Intelligent virtual assistance, virtual customer assistants, conversional agents, and more, they serve as conversional agents that function in accordance with human interactions. Chatbot solutions are becoming increasingly common, and this trend is expected to continue in the coming years.

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Key Driving Factors: Technology advancements, combined with increasing consumer demand for self-service operations.

The way companies operate and engage with their customers has changed as a result of technological advances and digital transformation. The growth of the internet, as well as the widespread use of smartphones to conduct tasks such as banking and shopping via mobile and web-based applications and social media channels, has created a need to provide consumers with a personalised experience. Various industries can streamline their business processes thanks to technical advances and the adoption of innovations such as analytics, AI, and cloud. Organizations mainly concentrate on delivering an improved experience to achieve a competitive edge in the industry. AI technologies play a critical role in assisting industries in providing self-service to their customers through AI-powered chatbots. Self-services, such as chatbots, are a simple way to assist consumers in efficiently solving their problems.

This report offers the major market player’s profiles, such as Yellow Messenger, Passage AI, Cognicor, Conversica, Kevit, SmartBots.ai, Kore.ai, Yekaliva, Gupshup, Contus, and Google.

Opportunities: Increased demand for AI-based chatbots to provide better customer support is an opportunity.

Across industries, chatbots are becoming a vital tool for delivering enhanced services. The fashion, law, and airline industries have all recognised the value of AI technology in recent years and have begun working on integrating chatbots into their current operations. For example, one of the fashion houses, Louis Vuitton, launched an AI-powered chatbot on Facebook to provide customers with better conversational experiences. Customers will be directed by the chatbot on Facebook Messenger about the brand's product line. Chatbots can help streamline processes in the legal industry, such as knowledge access and control, and employee management. A chatbot named IVA has been introduced by EXEO, a Montreal-based law firm, to help people ease the immigration process. Another industry where the chatbot approach is gaining momentum is the airline industry. For services such as travel planning and booking, as well as customer support, travellers are increasingly turning to chatbots. British Airways and Singapore Airlines are two airline industry behemoths that are experimenting with AI-powered chatbots to raise sales and profit margins.

By Verticals:

BFSI, IT and telecom, retail and email marketing, healthcare and life sciences, transportation and logistics, government, travel and hospitality, media and entertainment, and others are among the verticals in which chatbots are used (education, energy and utilities, and manufacturing). Increasing technical advances and the rising availability of industry-specific chatbots are key factors favouring the growth of chatbots across these verticals. During the forecast era, the healthcare and life sciences vertical is projected to expand at the fastest pace. Chatbots have the ability to transform the healthcare industry. They will increase the quality and accuracy of symptom collection and diagnosis, preventive treatment, post-recovery care, and feedback procedures significantly.

The Chatbot market report has been categorized as below

By Deployment

  • On-premise
  • Cloud

By Application

  • Customer Engagement
  • Customer Support
  • Employee Engagement
  • Data Privacy and Compliance
  • Branding and Advertisement
  • Personal Assistant

By Verticals

  • Healthcare
  • Telecom
  • BFSI
  • Development Sector
  • Travel & Tourism
  • Media & Entertainment

By Organization Size

  • Small and Medium-sized Enterprises
  • Large Enterprise

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World

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Published Date : April-2021