With 22.5% CAGR, Chatbot Market To Be Worth USD 1953.3 Million in 2027
According to Fortune Business Insights, the global Chatbot Market size is projected to reach USD 1,953.3 million in 2027, at a CAGR of 22.5% during forecast period; Presence of Large Companies in North America to Facilitate Growth
Pune, India, May 31, 2022 (GLOBE NEWSWIRE) — The global chatbot market size is expected to witness astounding growth by exhibiting a CAGR of 22.5% between 2020 and 2027. Additionally, the market was worth USD 396.2 million in 2019 and is projected to reach USD 1,953.3 million by 2027. Fortune Business Insights, publish this information in its latest report, titled “Chatbot Market Size, Share & COVID-19 Impact Analysis, By Component, By Deployment, By Application, By Industry and Regional Forecast, 2020-2027.” Increasing adoption of technology such as the artificial intelligence (AI) system by the SMEs and innovative product development is anticipated to be the driving factors for the market growth during the forecast period.
KEY INDUSTRY DEVELOPMENTS:
June 2020 – Solvvy Inc. launched its Conversational Concierge, a Next-Gen Chatbot Platform. This platform assists large enterprises to effortlessly provide intelligent, customization, and on-brand support and services to their users across channels.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 22.5% |
| 2027 Value Projection | USD 1953.3 Million |
| Base Year | 2019 |
| Chatbot Market Size in 2019 | USD 396.2 Million |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 160 |
| Segments covered | Component, Deployment, Application, Industry and Geography |
| Chatbot Market Growth Drivers | Advancement of Artificial Intelligence (AI) and Rising Number of SMEs to Drive Market Growth |
| Significant Conversational Gaps and Security Breaches to Hamper Growth |
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What does the Report Provide?
The cryptocurrency market report offers in depth analysis of various factors, which are influencing the market growth. Additionally, the report provides insights into the regional analysis of different regions. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration that contribute in boosting the market.
Drivers and Restraints:
Technological Innovation to Augur Growth
The emergence of technology such as artificial intelligence (AI) and machine learning is increasing the demand for advanced chatbots. Additionally, cloud-based chatbots are helping companies to increase maximum customer interaction and overall productivity. Increasing adoption of such advanced software applications by the companies is expected to drive the global chatbot market growth in the forthcoming years. For instance, according to a report by the Oracle Corporation, about 80% of large and SMEs are presently using or planning to adopt advanced services by the end of 2020.
Companies Lend a Helping Hand amid COVID-19 The COVID-19 pandemic has resulted in a total standstill of several businesses across the globe. The government agencies with the help of companies are striving to get back on track the limping economy by proposing several economic packages. However, the widespread chaos has put a glimmer of hope on the chatbots in the healthcare segment. The COVID-19 pandemic has increased the demand for chatbots as two technology companies, Infermedica and LiveChat Software have come forward to launch this technology that identifies coronavirus symptoms in the patients and further advises the patients to seek medical assistance.
Market Segmentation:
By component, the market is bifurcated into hardware, and software. By type, it is divided into bitcoin, ether, litecoin, ripple, ether classic, and others. By end-use, it is divided into trading, E-commerce and retail, peer-to-peer payment, and remittance.
Based on end use, the trading segment held the cryptocurrency market share of 42.8% in 2020, because it focuses on crypto solutions that are used for trading such as Pionex, Cryptohopper, Bitsgap, Coinrule, and others.
Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa and Latin America.
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Regional Analysis:
Presence of Major Players in North America to Bolster Growth
Among the regions, the market in North America was worth USD 156.7 million in 2019 and is expected to hold the highest global chatbot market revenue during the forecast period. This is ascribable to factors such as the presence of large companies such as IBM Corporation, Amazon Web Inc., and Microsoft Corporation, among others. Furthermore, high investments by the companies in developing advanced bots to facilitate their business operation will aid the market growth in the region. Europe, on the other hand, is likely to witness steady growth for the market in the forthcoming years. This is attributable to factors such as increasing investment by the government and private players to adopt these services to ensure efficient customer engagement activities between 2020 and 2027.
List of the Companies Operating in the Market:
- Amazon Web Services, Inc. (US)
- Google LLC (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- SAP SE (Germany)
- Yellow Messenger (India)
- Labiba for Artificial Intelligence LLC (Dubai)
- Gupshup (US)
- SmartBots (US)
- Aivo (Argentina)
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Major Table of Contents:
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Chatbot Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Platform/SDK Kit
- Services
- By Deployment (Value)
- On-Premises
- Cloud
- By Application (Value)
- Website
- Contact Centers
- Social Media
- Mobile Application
- By Industry (Value)
- BFSI
- Banking, Financial Services and Insurance (BFSI)
- Retail and ecommerce
- Information Technology (IT) and Telecom
- Media and Entertainment
- Healthcare
- Others (Government and Education)
- By Region (Value)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (Value)
- North America Chatbot Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Platform/SDK Kit
- Services
- By Deployment (Value)
- On-Premises
- Cloud
- By Application (Value)
- Website
- Contact Centers
- Social Media
- Mobile Application
- By Industry (Value)
- BFSI
- Banking, Financial Services and Insurance (BFSI)
- Retail and ecommerce
- Information Technology (IT) and Telecom
- Media and Entertainment
- Healthcare
- Others (Government and Education)
- By Country (Value)
- United States (By Application)
- Canada (By Application)
- By Component (Value)
- Global Chatbot Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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