The 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 2019 to 2026. 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.
Major Market Drivers are as follows:
- 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
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Key Market Competitors: Chatbots Market
Few of the major competitors are IBM, Nuance Communications, Inc., eGain Corporation., Creative Virtual Ltd., Artificial Solutions, Next IT Corp., 7.ai, Inc., CX Company, Speaktoit, Inc., iDAvatars, Baidu, Inc, Poncho, Kik., WeChat., Varo, Babylon, ReplyYes, SRI International, Inbenta Technologies Inc., Anboto, among others.
This Chatbots Market research report makes available state-of-the-art information about the entire market along with the holistic view of the market. This Chatbots Market research report displays a complete overview of the market, including myriad of aspects such as product definition, segmentation based on various parameters, and the existing vendor landscape. The report describes estimations about key players and brands in the market with respect to their actions such as developments, product launches, acquisitions, merges, joint ventures and competitive research.
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Market Segmentation: 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 and services. Services are further segmented into professional services and managed services.
- On the basis of usage, the global chatbots market is segmented into websites, contact centres, social media, and 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 and others.
- On the basis of deployment type, the global chatbots market is segmented into on-premises and on-cloud.
- On the basis of end user, the global chatbots market is segmented into small and medium enterprises, large enterprises.
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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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