Chatbots Market 2022
This published report for Chatbots Market analyzes and forecasts the marketing statistics of the product/service market on a global as well as the regional level. This detailed study Chatbots Market also offers the previous historical data along with the forecast from 2022 to 2030. The assessment of Chatbots Market factors gives a brief overview of the impact on the demand over the forecast period. In addition to this, the report also studies the opportunities that are available in the report at the global level. An executive summary is also provided based on the industry snapshot for the period from 2022-2030.
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 2022 to 2030.
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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.
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 Players:
The report has profiled some of the important players prevalent in the global like – Nuance Communications, Google, AWS, Artificial Solutions, IBM Corporation, SnatchBot, Acquire.io, Chatfuel, Floatbot, Botsify, ChatterOn, Smartloop, Pandorabots, Flow XO, Boost.ai and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Chatbots.
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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.
“Intelligent conversational platforms are finding new applications in the shared services arena. Vendors should focus on developing and deploying AI-integrated chatbots for enterprise shared services such as marketing, sales, and HR recruitment,” says a PMR analyst.
Key Stakeholders
Chatbots Market Manufacturers
Chatbots Market Distributors/Traders/Wholesalers
Chatbots Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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