Retailers and e-Commerce businesses are accelerating the procurement of chatbot solutions and services to bridge the gap of customization faced by customers while shopping online. Integration of chatbots to cater to customer needs dramatically advances customer experience and enables sellers to gain detailed insights into the personalization requirements of their customers. Chatbots also acknowledge customer intent, while facilitating the provision of relevant product recommendations. Apart from such web-based chatbots, high demand for contact center chatbots is being observed in the retail and e-Commerce arena.
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The global chatbots market was valued at US$ 650 Mn in 2019, and is estimated to progress at a CAGR of approximately 20% during the forecast period of 2020 to 2030. This strong growth rate can be attributed to the high adoption of chatbots for marketing, sales, customer support, digital onboarding, and personal assistance. However, further advancements in natural language processing (NLP) and advanced cognitive conversational skills are required to ensure the high reliability of chatbots.
Key Takeaways from Chatbots Market Study
- High demand originating from banking, financial services and insurance (BFSI) and retail and e-Commerce industries is the primary factor contributing to the growth of the chatbots market on a global level.
- Marketing- and sales-related applications of chatbots are projected to offer the most attractive opportunity for revenue generation during the forecast period.
- Start-ups offering chatbot solutions and services are targeting small- and medium-sized enterprises to ensure consistent sales.
- Dialog management skills, humanization, process automation abilities, interaction channels, and compliance and security regulations are the key aspects considered by prospects while procuring conversational platforms.
- With the COVID-19 pandemic resulting in lockdowns and social distancing norms, the demand for chatbots that are efficient and come with self-service features is surging.
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Focus of Key Chatbots Market Players on Technological Innovation
Some of the key players operating in the global chatbots market are Nuance Communications, Google, Apple, Inc., Amazon Web Services, Inc., Artificial Solutions, IBM, SnatchBot, Acquire.io, Chatfuel, Floatbot, Botsify, ChatterOn, Smartloop, Pandorabots, Flow XO, and Boost.ai. These market participants captured approximately 70% of the global chatbots market share in 2019. Other promising players in the global chatbots market include Wade & Wendy, Pypestream, Automat.ai, and Kasisto, among others.
- Promising players in the global chatbots market are targeting shared service providers to generate new revenue streams.
- e-Commerce giants such as Amazon, Inc. are developing and marketing their own conversational platforms – Alexa.
- Start-ups such as Pypestream are offering conversational user interface-based smart bot systems with omni-channel messaging features.
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