Press Release Description

Exponential Boost for the Chatbots Market through 2026: Mounting Adoption of AI-Based Chatbots to Promote Growth

The Global Chatbots Market is projected to grow at a CAGR of 24.10% in the forecast period of 2021-26, reveals MarkNtel Advisors in their recent research report. The market growth attributes principally to the burgeoning focus of companies on enhancing customer engagement through communication channels like voice calls, chats, emails, etc., coupled with the rising consumer demand for 24x7 customer support & self-service operations. 

In addition, constant technological advancements in Chatbots like the integration of Artificial Intelligence (AI) & Machine Learning (ML) for better interaction with customers & solving their queries without any human intervention in non-emergency scenarios further drive the market.

Besides, the mounting inclination of companies on reducing operational costs & establishing better customer relationships to leverage long-term revenue streams is further propelling the demand for Chatbots and boosting the overall market, further states the research report, “Global Chatbots Market  Analysis, 2021.”

Healthcare Sector Entirely Utilizing the Capabilities of Chatbots. Contributes Massively to the Market Growth through 2026

Among various End-Users, the Healthcare sector displays significant growth of the Global Chatbots Market. It owes mainly to the engagement of healthcare providers with patients suffering from chronic illnesses like diabetes, cardiovascular diseases, arthritis, etc., through Chatbots. In addition, with instant advice on medication reminders, doctor appointments, wellness, mood tracking, and others, the demand for Chatbots is increasing substantially among patients. 

Besides, due to the benefits of Chatbots like simplicity, quick response, and better productivity & connection between patients & doctors, the market is growing significantly across the healthcare sector. Moreover, with rapid research & development in technology, Chatbots are also gaining traction through numerous mobile applications for facilities like image analysis. 

Chatbots nowadays have Artificial Intelligence (AI) that enables patients to relate symptoms & reach out to a doctor through video chat for health assessment. This aspect is acting as another prominent factor driving the market around the healthcare sector.

Technology-Driven Asia-Pacific to Display Fastest Market Growth through 2026

On the geographical front, among all regions, Asia-Pacific is anticipated to display the fastest growth for the Chatbots Market during the forecast period. Asia-Pacific is driven highly by technology, which demonstrates massive growth opportunities for the leading players in the chatbots market in terms of both funding &revenue generation. 

The most prominent markets across Asia-Pacific include China, Japan, Singapore, and India. Moreover, increasing establishments of new organizations, flexible economic conditions, and numerous government policies for digitalization are other crucial aspects driving the regional market during 2021-26, reveals MarkNtel Advisors in their research report, "Global Chatbots Market Analysis, 2021."

Key Competitors

According to MarkNtel Advisors, the leading players in the Global Chatbots Market are IBM, Nuance Communications, Google (Dialogflow), AWS, Artificial Solutions, Inbenta Technologies, AIVO, Chatfuel, Passage AI, and Amazon Web Services Inc.

Key Questions Answered in the Study

  1. What are the current & future trends in the Global Chatbots Market?
  2. How has the industry been evolving in terms of geography & service adoption?
  3. How has the competition been shaping across the globe, followed by their comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Global Chatbots Market?
  5. What are the customer orientation, purchase behavior, and expectations from the Chatbots providers across the globe?

Market Segmentation:

  1. By Application (Bots for Customer Service, Bots for Social Media, Bots for Marketing, Bots for Payments / Order Processing, Others)
  2. By Interface (Standalone, Web-Based, third party/ Messenger Based)
  3. By Technology (Machine Learning & Deep Learning, Natural Language Processing, Automated Speech Recognition)
  4. By Verticals (BFSI, Retail & Ecommerce, Healthcare, Travel & Hospitality, Media & Entertainment, Telecommunications, Others)
  5. By Type (AI, Rule-Based)
  6. By Deployment Model (On-Premises, Cloud)
  7. By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises)
  8. By Region (North America, South America, Europe, Middle East & Africa, Asia- Pacific)
  9. By Country (The US, Canada, Brazil, The UK, Germany, France, Saudi Arabia, UAE, China, India, Japan, Singapore)
  10. By Company (IBM, Nuance Communications, Google (Dialog Flow), AWS, Artificial Solutions, Inbenta Technologies, AIVO, Chatfuel, and others)