Press Release Description

Global Chatbots Market is likely to grow at a CAGR of 24.1% in the forecast period of 2021-26

According to MarkNtel Advisors' research report, "Global Chatbots Market Analysis, 2021," the market is likely to grow at a CAGR of 24.1% in the forecast period of 2021-26. It owes to some prominent factors like the massive growth in customer services required 24/7 at a lower operational cost and the rising focus on customer engagement through multiple connecting channels. Furthermore, the rapid advancements in technology and the increasing customer demand for self-service operations are other critical aspects driving the Global Chatbots Market toward robust growth. It also offers a competitive advantage to the overall Chatbot business.

Key Questions Answered in the Study

  1. What are the current and future trends in the Global Chatbots Market?
  2. How has the industry been evolving in terms of geography and services adoption?
  3. How has the competition been shaping across the countries, 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 Global Chatbots Market service providers across various regions?

Standalone to Witness Fastest Growth

Amongst the Interface, the Global Chatbots Market segments into Standalone, Web-Based, and Third Party/ Messenger Based. Here, the Standalone segment dominated the market in the previous years with a revenue share of 56.9% and is likely to continue its dominance in the forecast period, too. It owes to factors like the increasing number of consumers using visual assistant applications like Google Assistant, Amazon’s Alexa, and Apple’s Siri. All such devices are used prominently on standalone messaging platforms. Hence, with the growing adoption and trend, the Standalone segment is very likely to witness an upsurge in demand and witness the fastest growth in the forecast period.

"Global Chatbots Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Chatbot providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.

Asia-Pacific Exhibits Fastest Growth

The Global Chatbots Market is expanding throughout the world, where the Asia-Pacific region is likely to attain the fastest market growth in the forecast period of 2021-26. It owes prominently to the countries like China, Japan, Singapore, and India that are technology-driven and present lucrative opportunities in terms of investments & revenue. Moreover, flexible economic conditions and industrialization, and favorable government policies are other crucial factors fueling the market growth in the region. Therefore, Asia-Pacific is very likely to contribute to the overall market growth in the forecast period, reveals MarkNtel Advisors in their research report, "Global Chatbots Market Analysis, 2021."

According to MarkNtel Advisors, the leading players in the Global Chatbots Market are IBM, Nuance Communications, Google (Dialog Flow), AWS, Artificial Solutions, Inbenta Technologies, AIVO, Chatfuel, etc.

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)