A recent report published by Infinium Global Research on chatbots market provides in-depth analysis of segments and sub-segments in the global as well as regional chatbots market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional chatbots market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global chatbots market. According to the report, the global chatbots market is projected to grow at a CAGR of 30.2% over the forecast period of 2019-2025.
Today’s world has almost completely gone corporate in which consumers are raising inclination towards the use of chatbots. The chatbots have gained an edge over conventional services in terms of intelligence due to the significant advancement in machine learning and artificial intelligence (AI). The implementation of AI chatbots will witness an increment in most consumer-based services. The developmental trends of 2019 suggest that the chatbots will be prepared to match human behavior and offer similar services. Customer services in a majority of firms and industries are supposed to be carried out by chatbots in a more efficient manner.
The huge developments in the field of artificial intelligence in the past few years is the major driving factor of the chatbots market. Furthermore, factors such as advances in artificial intelligence (AI), increasing demand for intelligent customer engagement, and increase in penetration of websites and mobile applications are other driving factors of the market. The cloud-based chatbots service offers high flexibility and scalability to the operations. In addition to the deployment on the cloud provides data access and instant analytics that can be used to take the crucial business decision(s). The rising need to improve customer relationship management (CRM) in the BFSI sector is boosting the market growth. However, the high cost of installation is restraining the growth of the market. Moreover, continuous technological advancements in chatbots are expected to provide growth opportunities to the market players.
Geographically, North America dominates the global chatbots market owing to the increasing deployment of chatbots in various business verticals. The rapidly increasing artificial intelligence (AI), IoT, and APIs are driving market growth in the North America region. Asia-Pacific is the second-largest market for chatbots due to increasing investment in chatbot technology and machine learning technology. Asia-Pacific is expected to grow with the highest CAGR in the forecasted period.
The report on global chatbots market covers segments such as type, deployment, and end users. On the basis of type, the sub-markets include software, and service. On the basis of deployment, the sub-markets include cloud, and on-premise. On the basis of end users, the sub-markets include retail, BFSI, hospitality and travel, government, and other end-users.
The report provides profiles of the companies in the market such as Imperson Ltd., Astute Solutions, Helpshift, Facebook, Inc., Kiwi, Inc., Haptik, Inc., Pandorabots, Inc., Google, Inc., Microsoft Corporation, Kasisto Inc., and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of chatbots market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.