CHICAGO, Nov. 15, 2019 /PRNewswire/ -- According to a new market research report "Chatbot Market by Component (Solutions and Services), Usage (Websites and Contact Centers), Technology, Deployment Model, Application (Customer Support and Personal Assistant), Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Chatbot Market size is expected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period. Key factors driving the Chatbot Market include advancement in technology coupled with rising customer demands for self-services and 24*7 customer assistance at lower operational costs.
Browse in-depth TOC on "Chatbots Market"
134 – Tables
45 – Figures
194 – Pages
Download PDF Brochure:
Solutions segment to hold a larger market size during the forecast period
Chatbot solutions are gaining traction with the rising need to deliver 24*7 support related services to customers. Chatbot platforms and software provide an effective way for various industries to deploy virtual agents and thereby reduce costs associated with the maintenance of human agents. Hence, chatbot solutions are expected to show promising growth opportunities during the forecast period. Whereas, services required for proper implementation of software and solutions are further expected to gain traction during the forecast period.
Social media platforms to grow at the highest rate during the forecast period
Social media acts as a powerful platform, which enables various industries to reach a wide range of audiences. Chatbots integrated with social media platforms help organizations offer tailor-made services to customers on social platforms, such as Facebook, Twitter, or other platforms. It includes chatbots, social network integration, natural language, real-time metrics, virtual agents, and messaging for social media. Chatbot solutions offered via social media platforms provide various benefits, such as customer engagement and retention as well as brand awareness.
North America to hold the largest market size during the forecast period
North America is expected to account for the largest market size in the Chatbot Market by region during the forecast period. The region houses various AI-powered solution providers who are continuously engaged in delivering innovative solutions. Increasing need to reduce costs associated with support services and demand for self-service solutions to boost the adoption of chatbot technology in North America.
Request for Sample Pages:
The Chatbot Market comprises major solution providers, such as IBM Corporation (US), Nuance Communications (US), Google (US), Amazon Web Services (US), Artificial Solutions (Spain), Inbenta Technologies (US), 7.ai (US), Chatfuel (US), AIVO (Argentina), Botsify.com. (Pakistan), Passage AI (US), Kore.ai (US), KeyReply (Singapore), SmartBots (US), Contus (India), Yellow Messenger (India), CogniCor Technologies (US), Conversica (US), Gupshup (US), and Kevit (India). The study includes an in-depth competitive analysis of key players in the Chatbot Market with their company profiles, recent developments, and key market strategies.
Browse Adjacent Markets: Analytics Market Research Reports & Consulting
Browse Related Reports:
Conversational AI Market by Component (Platform and Services), Type (IVA and Chatbots), Technology, Application (Customer Support, Personal Assistant, and Customer Engagement and Retention), Deployment Mode, Vertical, and Region - Global Forecast to 2024
Voice Cloning Market by Component (Solutions (Software Tools & Platforms) and Services), Application (Chatbots & Assistants, Accessibility, Digital Games, Interactive learning), Deployment Mode, Vertical, and Region - Global Forecast to 2023
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets™'s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
Email: [email protected]
MarketsandMarkets™ Blog: https://mnmblog.org
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/smart-advisor-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/smart-advisor.asp