- The global chatbot market is predicted to grow during the forecast period due to business expansions.
- The Covid-19 pandemic is likely to leave a positive impact on the market. The market in the North American region is expected to enhance in the forecast period.
NEW YORK, Feb. 23, 2021 /PRNewswire/ -- According to a report published by Research Dive, the Global Chatbot Market is anticipated to generate revenue of $19,570 million, from notable market size of $2,568.3 million in 2019, with CAGR of 28.7% during the forecast period.
The report touches upon the current situation and the upcoming growth of the market. The report is formulated by research experts after examining all the noteworthy aspects that are affecting the growth of the market. The report comprises the following:
- Basic features of the market along with its advantages, definition, and application
- Comprehensive understandings of the market conditions, growth rate, statistics, dynamics, market shares, revenues, and future estimates
- Crucial market segments, hindrances, drivers, and plausible investment opportunities
- Present state of the global and regional market from the perspective of businesses, industries, and countries
- Insights on SWOT analysis, leading market players, Porter Five Forces Analysis, current market trends and advances, and verified business plans
Request to Download Report at https://www.researchdive.com/download-sample/5985
Covid-19 Impact on Chatbot Market
The global chatbot market experienced growth during the Covid-19 outbreak as several industries deployed the services of chatbot for answering customer queries. Industries such as healthcare, banking & finance, and retail are utilizing chatbots for providing the required information to the customers. The reduced company staff has resulted in an increase in the usage of chatbots for managing workload as lockdown has resulted in numerous job losses. Apart from this, due to the need to curb the infection rate of the Covid-19 disease, several organizations have opted to work remotely. All these factors are mainly responsible for the market growth in the pandemic phase.
Factors Affecting the Chatbot Market Growth
The global chatbot market is expected to enhance during the estimated period due to business expansions of notable tech-giants. Also, utilization of chatbots by various organizations for responding to the queries of the customers is also predicted to augment the market. Moreover, product innovation, strategic collaborations, and major developments are likely to bolster the market growth.
Awareness gap and challenges in managing chatbots is estimated to hinder the market growth in the forecast period. Apart from this, exponential endorsement of self-learning chatbots for providing humanlike conversational exposure is anticipated to create opportunities for the global market.
The report divides the market into segments based on component type, deployment, usage, end-user, and regional analysis.
Based on component type, the market is classified into
From the above, the service sub-segment is expected to surpass $8,825.8 million by 2027, increasing from $843.6 million in the year 2019. The growth of this sub-segment for the global chatbot market is due to certain features like having powerful NLP, ability of real-time analysis, advanced multilingual capabilities, and being cost-effective.
Based on deployment, the market is bifurcated into
The cloud sub-segment is estimated to cross the $11,298.0 million mark by 2027, from a noteworthy market size of $1,144.5 million in the year 2019. The growth of the market is due to increasing demand for cloud-based natural language intelligent bots such as Alexa, Siri, and Google assistant. Moreover, cloud-based chatbots are able to manage private business information such as client contact details, supply chain management, invoice, employees' social security numbers, and other business intelligence. All these features are predicted to propel the market growth in the forecast period.
Based on usage, the market is categorized into
- Social media
- Contact centers
- Mobile platforms
From the above, the social media sub-segment is likely to experience maximum growth and is predicted to exceed $4,686.4 million by 2027 in the forecast timeframe. Facets such as identifying customer needs, reducing sales cycle, and creating human buying experience is expected to fuel the market growth in the forecast period.
Based on end-user, the market is classified into:
- Retail and e-commerce
- Travel and tourism
From the above, the travel & tourism end-user is projected to garner a revenue of $2,591.1 million by 2027 and witness huge growth in the forecast period. Benefits of chatbots such as ease of access, providing valuable information to the customers, rise in engagement rate, and informing about destination & events to the clients are predicted to increase the market growth.
The market covers all the major geographical divisions of the world and they are as follows:
- North America
From the above, the North American chatbot market is expected to generate a revenue of $5,581.4 million by 2027, from the market size of $776.1 million in 2019. The market growth will be due to utilization of chatbots in several businesses verticals and integration of chatbots with advanced technology like artificial intelligence, IoT, and APIs. All these factors are anticipated to promote the market growth during the forecast period.
Major Market Players and Developments
Some of the leading players of the chatbot market are
- Conversica, Inc
- Yellow Messenger
- 7. Ai
- Amazon Web Services, Inc
- International Business Machine Corporation
- Google Inc.
Chatbot market players are focusing on novel product development, business expansion, and merger & acquisition. These are the effective strategies followed by startup as well as established organizations. For example, in April 2020, WHO launched Facebook Messenger version of its health alert platform. This product will provide all the information on Covid-19 disease to the people.
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