WILMINGTON, DE / ACCESSWIRE / October 28, 2022 / United States Transparency Market Research Inc. - The global chatbot market is expected to reach US$ 26.74 Bn by the end of 2031. Many recent developments in the chatbot point toward rising trend of automated customer engagement through chatbots, which is a pivotal factor in generating revenues. The study found North America to be fastest growing market for chatbot.

The future market demand for chatbot will hinge on advancements made in machine learning technologies and their growing use cases in customer relationship management (CRM). The study on the chatbot market cloud-based technologies will play a crucial role in expanding the horizon for lucrative avenues. Furthermore, the flexibility of chatbots to be integrated with range of customer engagement systems and platforms opens up a value-grab opportunity for businesses in healthcare industry.

Stridently, emphasis on contactless customer service in the industry and round-the-clock services by e-commerce companies are underpinning enormous growth opportunities for market players. Thus, strides made in the e-commerce sector will pave the way to tremendous demand potential in the chatbot market, as sales forecast for chatbot reveal.

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Key Findings of Chatbot Market Study

• Focus on Automated Customer Engagement Spurring Adoption: Automation in customer services in the retail and e-commerce industries has spurred the demand for chatbots. This has enabled considerable investments in sales and lead generation processes, eventually leading to reduced customer churn. The benefits in CRM have attracted widespread demand in the services sector, as recent developments in the chatbot underscored. The in-depth study by TMR found that the demand for chatbots is likely to grow in wide spectrum of industries including healthcare, the BFSI, education, and travel.

• Rising Applications of Chatbots in E-commerce Sector Propelling Revenue Streams: Demand for chatbots has thrived in the e-commerce sector. E-commerce companies are geared toward using chatbots and other automated customer engagement applications to inform and persuade customers. Furthermore, chatbots are likely to aid e-commerce businesses in offering personalized shopping experiences and unlock value propositions for

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Chatbot Market: Key Drivers

• Emphasis of businesses across industries on offering 24 by 7 uninterrupted customer service is a key driver of the demand for chatbots in customer service management.

• Increasing trend of automation of customer engagement through the use of software integrated with various artificial intelligence technologies is steering the market prospects of chatbots.

• Adoption of social media chatbots in marketing strategies generates an impetus to the commercialization prospects of the chatbot market. The trend is gathering momentum from burgeoning use of social media sites for online shopping.

Chatbot Market: Regional Dynamics

• The TMR study found North America to be leading market in 2021, and projected the region to retain its global dominance until the end of the forecast period of 2022 - 2031. Rise in adoption of chatbots in multiple industries in a bid to transform customer engagement has been propelling revenue generation for players in the North America chatbot market.

• Asia Pacific and Europe are lucrative regions in the global chatbot market. Of note, the authors observed that massive use of smartphones by customers to engage with the brand across various industries and growing trend of harnessing technologies for automating CRM have created vast profitable avenues. Market players are targeting SMEs more vigorously than large enterprises to capture revenues.

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Chatbot Market: Competition Landscape

The chatbot market is characterized by high degree of consolidation, attributed mainly to sizable stakes in the hands of few large vendors.

Some of the key market players are Inbenta, LiveChat, Inc., Kore.ai, Microsoft Corporation, Google LLC, IBM Corporation, eGain Corporation, Creative Virtual Ltd., Artificial Solutions, and Amazon Web Services, Inc.

Chatbot Market Segmentation

• Component

  • Solution

    • Web-based

    • Mobile

  • Services

• Deployment

  • On-premise

  • Cloud

• Enterprise Size

  • Small & Medium Enterprises

  • Large Enterprises

• Industry

  • BFSI

  • Retail & E-commerce

  • IT & Telecom

  • Healthcare

  • Government

  • Travel & Hospitality

  • Others

Regions Covered

• North America

• Europe

• Asia Pacific

• Middle East & Africa

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