Characteristics like customer engagement ability, easy user interface, usage of familiar platforms like Facebook chat for customer engagement, excellent human speed of handling customer queries, easy to build are key factors contributing to elevation in the CAGR of Chatbots during forecast period.
Market Size – USD 1.17 Billion in 2018, Market Growth – CAGR of 30.9%, Market Trends – Product launches and research for advanced Chatbots
According to the current analysis of Reports and Data, the global Chatbot market was valued at USD 1.17 Billion in 2018 and is expected to reach USD 10.08 Billion by year 2026, at a CAGR of 30.9%. In this tech- savvy era of constant connection to social platforms through smart mobile devices, the new generation of customers expects intuitive and seamless customer experience. To satisfy these customer demands and to address the increasing competition in the business space, more brands/ businesses are turning their focus to build chatbots or virtual agents that can manage customer queries round the clock without any delay.
Chatbot are currently seen on websites, social platforms and smartphones and are utilized as easy and fun ways to assist customers in their interactions with a brand. Even if the bot revolution is in its early phase, we can expect a lot more advancements in this field. With the evolution of AI technology and deep learning, the chatbots are expected to become more empowered to offer better language processing capabilities and extensive personalization in various sectors from BFSI to e-commerce. A strong opportunity for brands can be expected in the future as it was found out that 65% of the users are willing to use such chatbot interfaces for interaction.
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Key participants include IBM Watson (New York, U.S.), SMOOCH, Botsify, Nuance Communications Inc. (Massachusetts, U.S.), eGain Corporation (California, U.S.), Artificial Solutions (Stockholm, Sweden), Creative Virtual Pvt. Ltd. (London, UK), Next IT Corporation (Washington, U.S.)
Further key findings from the report suggest
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/chatbot-market
For the purpose of this report, Reports and Data has segmented the Chatbot market on the basis of platform, type, industry verticals, end user, application, and region:
By platform (Revenue, USD Million; 2016–2026)
By Type (Revenue, USD Million; 2016–2026)
By Industry Vertical (Revenue, USD Million; 2016–2026)
By End User (Revenue, USD Million; 2016–2026)
By Application (Revenue, USD Million; 2016–2026)
Regional Outlook (Revenue in USD Million; 2016–2026)
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