Chatbot Market Growth Predicted at Over 30% Till 2024: Global Market Insights, Inc.

SELBYVILLE, Del., Feb. 25, 2020 /PRNewswire/ -- According to latest report "Chatbot Market by Type (Rule-Based, AI-Based), Deployment Model (On-Premise, Cloud), Application (Customer Service, Social Media, Payment/Order Processing, Marketing), Interface (Standalone, Web-Based, Third-Party), End-Use (BFSI, Media and Entertainment, Healthcare, E-commerce, Retail, Travel and Tourism), Regional Outlook, Competitive Market Share & Forecast 2024", by Global Market Insights, Inc., the market valuation of chatbots will cross $1.3 billion by 2024.

The market demand is due to utilization of chatbots for activities such as online marketing, promotions, and advertising. The main features accelerating the chatbot market growth are technological features, individuality, and customization. They provide customized marketing abilities such as sending personalized messages.

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AI-based chatbots are projected to showcase the fastest growth in the coming years with an anticipated CAGR of more than 52%. AI-based chatbots facilitate enhanced customer interaction by offering personalized responses.

The stand-alone interface segment in the chatbot market is poised to expand at around 29% between 2018 and 2024. Some of the factors responsible for its growing demand are easy installation and usage along with inbuilt graphical interface and audio contents including speech recognition.

The cloud-based deployment model is expected to grow faster at a CAGR of 51% during the forecast period. The rise in the cloud computing solution providers, such as IBM Watson and Microsoft Azure, is further increasing its demand in the chatbot market.

The e-commerce sector dominated the market share in 2017 and is set to register with over 34% gains through 2024. With advancements in AI technology, chatbots are expected to improvise over the period, rising its adoption in the sector.

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North America accounted for over 57% global chatbot market share in 2017 as chatbot solutions have gained prominence in different sectors such as BFSI, e-commerce, gaming, and healthcare. Furthermore, the technological advancements in the AI and NLP technologies followed by the increased usage of computers, tablets, laptops, and mobiles are also driving the market size.

Some of the key players in the market include Google, WeChat, Microsoft, Kik, Babylon Health, Poncho, Slack Technologies, ReplyYes, LivePerson, and Baidu. The leading companies in the industry are following the strategy of investing in R&D activities.

Table of Contents (ToC) of the report:

Chapter 3.  Chatbot Market Insights

3.1.  Introduction

3.2.  Industry segmentation

3.3.  Industry landscape, 2013 - 2024

3.4.  Industry ecosystem analysis

3.5.  Industry evolution

3.6.  Industry architecture

3.7.  Chatbot Vs virtual assistant

3.8.  Market news

3.9.  Regulatory landscape

3.9.1. General Data Protection Regulation (GDPR)

3.9.2. China Data Privacy Standard

3.9.3. California Online Privacy Protection Act (CalOPPA)

3.9.4. Personal Data Protection Act 2012

3.9.5. German Bundesdatenschutzgesetz (BDSG)

3.9.6. Federal Information Security Management Act (FISMA)

3.10.  Technology & innovation landscape

3.10.1.  Technological advancements in AI

3.10.2.  Advancement and innovation in NLP

3.10.3.  Pattern recognition and image detection

3.10.4.  Predictive analytics

3.11.  Industry impact forces

3.11.1.  Growth drivers

3.11.2.  Industry pitfalls & challenges

3.12.  Growth potential analysis

3.13.  Porter's analysis

3.14.  PESTEL analysis

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About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers. 

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Global Market Insights, Inc.
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Related Images

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Global Chatbot Market revenue to cross US$1.3 Billion by 2024: GMI
AI-based chatbots are projected to showcase the fastest growth in the coming years with an anticipated CAGR of more than 52%. AI-based chatbots facilitate enhanced customer interaction by offering personalized responses.

Related Links

How chatbots are changing the customer service & relationship dynamics?

Infographic: Chatbot Market Report

SOURCE Global Market Insights, Inc.