PUNE, India, Sept. 21, 2022 (GLOBE NEWSWIRE) — Fortune Business Insights released the latest forecast for the chatbot market in its report titled The Chatbot Market Size is expected to experience amazing growth by exhibiting a CAGR of 22.5% between 2020 and 2027.
The global market size was USD 396.2 million in 2019. The global chatbot market size is expected to grow by USD 1,953.3 million by 2027. at a CAGR of 22.5% over the forecast period 2020-2027. Publish this information in their latest report Driving Factors Driving Market Growth Over Forecast Period.
KEY INDUSTRY DEVELOPMENTS:
June 2020 – Solvvy Inc. has launched its Conversational Concierge, a next-generation chatbot platform. This platform helps large enterprises effortlessly deliver smart, customizable, and branded support and services to their users across all channels.
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Full lockdown restrictions to boost demand for automation systems during COVID-19
The temporary closure of production facilities and the further reduction in the number of employees affected the production volume in all sectors. In the first months of 2020, the home automation devices and products experienced a significant decline in their production as well as an unbalanced supply chain. The proportion of spending on smart devices was also reduced due to the irregular financial disaster. This has had a negative impact on growth, and in 2020 growth has deteriorated from the previous year.
Report scope and segmentation
|forecast period||2020 to 2027|
|Forecast period 2020 to 2027 CAGR||22.5%|
|Value prognosis 2027||$1,953.3 million|
|Chatbot Market Share in 2019||$396.2 million|
|Historical data for||2016 to 2018|
|number of pages||160|
|segments covered||Component, Deployment, Application, Industry and Geography|
|Growth drivers of chatbot market||Advancement of artificial intelligence (AI) and increasing number of SMEs to boost market growth|
|Significant call gaps and security breaches are hampering growth|
Click here for the short-term and long-term impact of COVID-19 on this market:
Driver and restraint systems:
Technological innovation for growth
The emergence of technologies like artificial intelligence (AI) and machine learning increases the demand for advanced chatbots. Additionally, cloud-based chatbots help businesses increase maximum customer interaction and overall productivity. Increasing adoption of such advanced software applications by the businesses is expected to propel the growth of the global chatbot market in the coming years. For example, according to a report by Oracle Corporation, about 80% of large and medium-sized enterprises are currently using advanced services or plan to introduce them by the end of 2020.
Businesses Help Amid COVID-19 The COVID-19 pandemic has brought several businesses around the world to a complete standstill. With the help of companies, the state authorities are trying to get the ailing economy going again with several economic stimulus packages. However, widespread chaos has given healthcare chatbots a glimmer of hope. The COVID-19 pandemic has increased the demand for chatbots as two technology companies, Infermedica and LiveChat Software, have agreed to bring this technology to market, which will identify coronavirus symptoms in patients and further advise patients to take medical to take help.
According to components, the market is divided into hardware and software. By type it is divided into Bitcoin, Ether, Litecoin, Ripple, Ether Classic and others. According to end use, it is divided into commerce, e-commerce and retail, peer-to-peer payment and remittance.
Based on end use, trading segment held 42.8% cryptocurrency market share in 2020 as it focuses on crypto solutions used for trading such as Pionex, Cryptohopper, Bitsgap, Coinrule and others.
Finally, the market is geographically segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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Presence of key players in North America to support growth
Among regions, North America market was worth US$156.7 million in 2019 and is expected to show the highest global Chatbot market revenue during the forecast period. This is due to factors such as the presence of large companies such as IBM Corporation, Amazon Web Inc. and Microsoft Corporation, among others. Moreover, heavy investments by the companies in the development of advanced bots to facilitate their business operations will support the market growth in the region. Europe, on the other hand, is likely to see steady growth in the market over the coming years. This is due to factors such as increasing investments from government and private actors to take over these services and ensure efficient customer engagement between 2020 and 2027.
What does the report provide?
The Cryptocurrency Market Report offers an in-depth analysis of various factors affecting the market growth. Additionally, the report provides insights into regional analysis of different regions. It encompasses the competitive landscape involving the leading companies and adopting strategies of new product launches, partnership announcements, and collaborations that help boost the market.
List of companies operating in the market:
- Amazon Web Services, Inc.
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Yellow Messenger
- Labiba for Artificial Intelligence LLC
Main table of contents:
- Definition, by segment
- Research methodology/approach
- data sources
- The central theses
- market dynamics
- Macro and microeconomic indicators
- Drivers, barriers, opportunities and trends
- Effects of COVID-19
- Short term effects
- long-term effect
- Business strategies adopted by key players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Market Share Analysis and Matrix, 2019
- Key market insights and strategic recommendations
- Key Player Profiles
- key management
- headquarters etc.
- Offers/business areas
- Important details
- employee size
- Important financial figures
- Past and current earnings
- gross margin
- Geographic Share
- division share
- Recent Developments
- Primary Interview Answers
- Appendix / Appendix
- Global Chatbot Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2016-2027
- By Component (Value)
- After Deployment (Value)
- By Application (Value)
- contact centers
- social media
- mobile application
- By Industry (Value)
- Banking, Financial Services and Insurance (BFSI)
- Retail and Ecommerce
- Information Technology (IT) and Telecommunications
- media and entertainment
- Other (government and education)
- By Region (Value)
- North America
- Latin America
- Middle East & Africa
- Asia Pacific
Table of contents continued…!
frequently asked Questions
How much was the chatbot market worth in 2019?
According to Fortune Business Insights, this market was worth $396.2 million in 2019.
What was the revenue of the North America region in 2019?
The revenue of the market in North America in 2019 was US$156.7 million.
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