Chatbots Market to Receive Overwhelming Hike of USD 4125.3 Million by 2025
This market report defines the market trends and forecast the upcoming opportunities and threats of the chatbots market in the next 8 years. Chatbots is a computer program designed to simulate chat with human users, over the Internet. It conducts conversation via auditing and textual messages. These are the computer programs that imitate conversation with people using artificial intelligence. The chatbot ecosystem includes several cross-linking features that enable enhanced performance of chatbots in various applications. Many companies prefer in-built chatbots on their websites as they facilitate companies in providing immediate customer interaction. Mostly slack and twitter messaging platforms are preferred by businesses. Chatbots allows companies to engross in continuous communication with their customers. Chatbots installed by the companies offer information related to product and brand, which helps the company to increase brand awareness, and inspire customers to sign up for the company’s account. There is a huge growth for chatbots because large enterprises widely employ chatbot for digital marketing applications and for easy communication. The Kik Bot Store is going to launch chatbot with 16 bots, which will include the Weather Channel, H&M, Vine and Funny or Die.
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Global Analysis of Chatbots Market:
Global Chatbots Market is expected to reach USD 4125.3 Million by 2025, from USD 750.3 Million in 2017 growing at a CAGR of 36.5% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2014 & 2015, the base year of calculation is 2016 and the forecast period is 2018 to 2025.
The Global Chatbots Market report consists of below pages:
- No of pages: 350
- No of Figures: 60
- No of Tables: 220
Competitive Analysis:
The global chatbots market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of chatbots market for global, Europe, North America, Asia pacific and South America.
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Major Market Competitors/Players:
- IBM
- Nuance Communications, Inc.
- eGain Corporation.
- Creative Virtual Ltd.
- Artificial Solutions
- Next IT Corp.
- [24]7.ai, Inc.
- CX Company
- Speaktoit, Inc.
- iDAvatars, Baidu, Inc
- Poncho, Kik.
- WeChat.
- Varo
- Babylon
- ReplyYes
- SRI International
- Inbenta Technologies Inc.
- Anboto, among others.
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Major Market Drivers and Restraints:
- Acceptance of cloud-based technology
- Increasing demand for automated patient management tools in the healthcare industry
- Penetration of websites and mobile applications are increased.
- Lack of awareness due to early presence in tech-adoption life cycle
- High deployment cost and system integration complexities
Global Segmentation of Chatbots Market:
The global chatbots market is segmented into type, industry vertical, usage, deployment type, end user and by geography.
Based on type, the global chatbots market is segmented into:
- Software
- Services
Services are further segmented into:
- Professional Services
- Managed Services.
On the basis of usage, the global chatbots market is segmented into:
- Websites
- Contact Centres
- Social Media
- Mobile Platform
On the basis of industry vertical, the global chatbots market is segmented into:
- Financial Services
- Healthcare
- Communication
- Retail
- Travel and Hospitality
- Government
- Education
- Utilities
- Others
On the basis of deployment type, the global chatbots market is segmented into:
- On-Premises
- On-Cloud
On the basis of end user, the global chatbots market is segmented into:
- Small and Medium Enterprises
- Large Enterprises
Based on geography, the global chatbots market report covers data points for 28 countries across multiple geographies namely:
- North America
- South America
- Europe
- Asia-Pacific
- Middle East & Africa
Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.
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