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The Global Chatbot Market Analysis, 2020 research report depicts an exhaustive picture of market statistics of Global Chatbot market highlighting market size, market forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end users, types of chatbots, applications, interface, technology, deployment model, organization size, etc.
According to MarkNtel Advisors’ research report titled “Global Chatbot Market Analysis, 2020”, the market size for chatbots is forecast to grow at a CAGR of around 30% during 2020-25. The increasing need for smart customer interactions, improving artificial intelligence and machine learning technologies such as NLP, API, etc., growing incorporation of mobile and messaging applications with the chatbots, and rise in voice-enabled search smart devices are certain key factors to uplift the Chatbot market growth in the future.
In the introductory phase of the chatbots product life cycle, the rule-based chatbot category dominated the market. However, the enhanced capabilities of the artificial intelligence of intelligent customer handling and self-learning are projected to outpace the market share of the former category by artificial intelligence, exhibiting maximum CAGR during 2020-25.
The increasing need for enhanced customer service, digitalization of the transaction processes, and growing demand for 24*7 self-learning customer query handling at the banking and financial institutions are projected to result in the maximum growth attainment by the BFSI sector during the projected period, as stated in the MarkNtel Advisors’ research report “Global Chatbot Market Analysis, 2020”. The development of artificial intelligence and NLP (natural learning processing) tools facilitate self-learning and complex query resolution by the chatbots in less time framework, which is expected to bring favorable outcomes for the Global Chatbot market in the upcoming years.
During 2015-19, the retail and e-commerce segment held the largest market share, and the segment is anticipated to maintain dominance in the near future, as the majority of the online enterprises are adopting bots as their primary level of customer-company interaction. The ability of the chatbots to gather large amounts of past data and learn from responses is making it a significant point of traction among the end-users.
According to MarkNtel Advisors, some the of key competitors operating in the Global Chatbot market include IBM, Nuance Communications, Google (Dialogflow), AWS, Artificial Solutions, Inbenta Technologies, AIVO, Chatfuel, and others.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Chatbot Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the CAGR of the Global Chatbot Market during 2020 to 2025?
A. The market size of Global Chatbot Market would register a CAGR of 30% during 2020-25.
Q. Which of the regions would be a bright spot for Global Chatbot Market during 2020-2025?
A. North America is considered to be the leading region in the growth of Chatbot followed by Europe.
Q. Who are the key players or major competitors in Global Chatbot Market?
A IBM, Nuance Communications, Google (Dialogflow), AWS, Artificial Solutions, Inbenta Technologies, AIVO, Chatfuel are few of the leading players with majority market share in Global Chatbot Market.
Q. Which deployment mode would emerge as an opportunity area for players in Global Chatbot Market?
A. The rule-based chatbot category dominated the market. The enhanced capabilities of the artificial intelligence of intelligent customer handling and self-learning are projected to outpace the market share of the former category by artificial intelligence, exhibiting maximum CAGR during 2020-25.
Q. By Verticals would emerge as an opportunity area for players in Global Chatbot Market?
A. The retail and e-commerce segment held the largest market share. the segment is anticipated to maintain the dominance in the near future. The ability of the chatbots to gather large amounts of past data and learn from responses is making it a point of traction among the end-users.
Q. Which technology mode would emerge as an opportunity area for players in Global Chatbot Market?
A. The development of artificial intelligence and NLP (natural learning processing) tools facilitate self- learning and complex query resolution by the chatbots in less time framework, which is expected to bring favorable outcomes for the global chatbots market in the upcoming years.
Q. Does the report scope cover application wise market statistics also?
A. Yes, the scope of the report encompasses detailed application wise statistics such as market size, market segmentation based on various subcategories.
