Chatbots are an artificial conversational character which interacts with human via both verbal and non-verbal communication gateways. Chatbots can work on phones as well as computers and are mostly accessed through internet. All the functions performed by Chatbots are based on an artificial intelligence system. Chatbots are believed to emerge as major channel for commerce and digital communication over next few years.
The global chatbots market has been segmented by end-use into large enterprise, small and medium sized enterprise, out of which, the large scale enterprise segment is estimated to be the largest end-user segment owing to its efficiency. Further, there is an estimated rise in demand for Chatbots in digital communication sector, commerce and healthcare among others which is anticipated to drive the global chatbots market with noteworthy revenue by the end of 2023.
The global market of chatbots accounted for USD 88.5 Million in 2015 and is anticipated to witness a substantial compound annual growth rate of 35.08% over the period 2016-2023. Advancements in technologies such as artificial intelligence and ability of chatbots to offer enhanced operations along with the rise in IoT are some of the major factors that are expected to benefit the expansion of global chatbots market in upcoming years.
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Market Segmentation By Region
In the regional segment, the chatbots market of North America is dominated by start-ups in the U.S. and is further anticipated to grow with significant rate owing to adoption of chatbots by some of the big organizations such as Facebook Inc. and others. Further, the rapidly growing outsourcing industries are estimated to drive the growth of Europe chatbots market with a significant rate. In addition to that, new players and existing established market players are anticipated to expand with spiked demand in Germany, U.K. & France in Europe region. Furthermore, rising expansion of messaging applications in countries such as India, Malaysia, South Korea, Japan, Indonesia and China are anticipated to drive the Asia Pacific chatbots market with a robust growth.
Advanced Connectivity and User-Friendly Interfaces to Boost the Market Growth
Factors such as reducing operational costs with working efficiency and rising customer satisfaction are expected to drive the growth of global chatbots market with significant pace over the forecast period. Further, the increasing digital transformation and expansion of social networking websites is believed to supplement the growth of chatbots market around the globe.
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However, lack of awareness of chatbots is likely to inhibit the growth of the global chatbots market in the near future.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Global Chatbots market which includes company profiling of Facebook Inc., Amazon Web Services, Inc., Yahoo Inc., Pandorabots, Inc., Microsoft Corp., ChattyPeople, Chatfuel, Motion AI, Inc., Pypestream Inc. and PullString Inc.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global chatbots market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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