Chatbots Market Research Report by Forecast 2023 | MRFR
Posted: Oct 20, 2018
Chatbots are conversational characters that interact with humans via communication gateways. They are accessed through internet and rely on artificial intelligence to complete any task provided. The global chatbots market is driven by artificial intelligence since past decade. One of the major driving factor in the global chatbots market is the increasing use of online messaging.
Chatbots market is estimated to exhibit a high growth during the forecast period owing to increasing use of social networking websites and major adoption of cloud - based technologies.
chatbots market is segmented on the basis of type, deployment, industry verticals and usage. By usage segmentation, the banking, financial services, and insurance (BFSI) sector accounted for the maximum market share and will continue to dominate the market during the forecast period.
However, lack of awareness and lack of expertise are two factors to restrain the global chatbots market in future. This is caused due to early adoption of technologies and high deployment costs involved in the chatbots market.
By segmentation based on deployment, on-cloud deployment type holds the largest chatbots market share and is expected to project highest growth rate and highest CAGR during the forecast period.
The global Chatbots Market is expected to grow at approx. USD 6 Billion by 2023, at 37% of CAGR between 2017 and 2023.
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The prominent players in chatbots market are – Facebook, Inc. (U.S.), WeChat (China), Artificial Solutions (Sweden), IBM (U.S.), Naunce Communications Inc. (U.S.), Egain Corporation (U.S.), Creative Virtual Pvt. Ltd. (U.K.), NEXT IT Corp. (U.S.), CX Company (Netherlands), Speaktoit Inc. (U.S.), 24/7 Customer Inc. (U.S.), Codebaby (Idavatars), Inc. (U.S.), DigitalGenius (U.K.), Howdy (U.S.), Talla (U.S.), Semantic Machines (U.S.), among others.
Chatbots market can be segmented on the basis of following:
- On premise
- Mobile platform
- Social media
By Industry verticals:
- Retail and e-commerce
- Travel and Hospitality
The regional analysis of chatbots market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in chatbots market in North America attributes to the technical advancements and increasing use of internet, mobiles and tablets in that region.
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- Technology investors
- Healthcare-related product manufacturers
- Integrated device manufacturers (IDMs)
- Original Manufacturers (OEMs)
- Smart grid integrators
- Surface mount component device distributors and providers
- Research/Consultancy firms
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