A recent report published by Infinium Global Research on
chatbots market provides an 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 the 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.