BANGALORE, India, May 7, 2020 /PRNewswire/ --The Global Chatbots Market Size is projected to rise from USD 2.28593 Billion in 2018 to USD 9.17249 Billion by 2025, at a compound annual growth rate (CAGR) of 21.95%.
Consumer loyalty and retention is one of the key areas of focus in all industries, and the chatbot can be an efficient way to increase consumer engagement and, thereby, loyalty.
Industries have started to deploy chatbots powered by Artificial Intelligence (AI) into their operations to engage clients and give them seamless experiences. Talkbots serve as an important tool for attracting, maintaining, and engaging new customers due to their ability to engage customers, gather new data, and shorten sales life cycles.
The chatbot market report offers in-depth insights into demand forecasts, industry dynamics, and micro and macro indicators. This report also provides insights into the factors that drive and limit the demand of the talkbots market. In addition, the report highlights and offers an outlook on current industry trends, potential developments in the Chatbots Industry, which will affect demand over the forecast period.
The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt, and will affect the Chatbots market significantly in 2020. The report covers the impact of COVID-19
Primary market growth drivers include technological innovation coupled with increasing consumer demand for self-service and 24/7 customer care at lower operating costs.
Chatbots are proving to be a powerful agent capable of delivering 24/7 services while reducing overall operational costs. In addition, AI-powered talkbots have advantages, such as automating routine tasks leading to improved process performance, providing multi-language support, and offering better self-service experiences. Chatbots are expected to play a key role in the coming years when it comes to customer support systems, due to their ability to personalize the experience without any interruption.
Machine learning systems are now being used to assess trades performed on Wall Street and to predict how consumers are going to click on different advertisements. Besides being revenue generators, chatbots may also act as study bots, or to save companies money for lead generation and brand recognition. This feature of the chatbot is expected to increase the market size during the forecast period.
Insurance firms represent some of the early adopters of chatbot services focused on AI. Insurance firms use location-based technology to automatically start the claims process, using chatbots, along with visual resources such as live chat, to inform consumers about changes to requests, inspections, and documentation claims, as well as update them on claim status. These implementations of chatbots among various insurance organizations are expected to increase the talkbots market size.
While the adoption of chatbots solutions among different industries is growing, challenges related to efficient use and limited knowledge of the benefits offered by AI-powered chatbots solutions limit the growth of chatbot solutions among developing regions.
During the forecast period, North America is projected to hold the largest chatbot market share. Growth in this region is primarily due to the increasing deployment of chatbots in different market verticals.
Many Asian countries, such as China, Singapore, India, and Japan, are leveraging information-intensive AI technologies, and the chatbot is one of the leading technology trends, and thus APAC is expected to show promising growth during the forecast period.
Technologies such as artificial intelligence, IoT, and APIs are emerging at a rapid pace. Using these technologies, chatbots can be designed to deliver improved operations and thus fuel consumer demand. Artificial intelligence and voice-based audio chatbots are projected to constitute the biggest talkbots market share in the future.
CHATBOTS/TALKBOTS MARKET SEGMENTATION ANALYSIS:
On the basis of Geography, the Chatbots Market is studied across.
Country wise analysis is also covered within these regions.
The Global Healthcare Chatbots Market size is projected to rise at a CAGR of 21.01 percent from USD 110.68 Million in 2018 to USD 420.68 Million by the end of 2025.
The factors attributable to Global Healthcare Chatbots Market growth are the need for AI-integrated virtual health assistance, Application Programming Interface (API) and compatibility with the mobile phone, consistent technological advancements, and rapid adoption of smart devices due to internet connectivity.
Chatbots Software Market landscape provides the vendors with descriptions and data knowledge. The study provides detailed analysis and major player revenue statistics for the 2015-2020 period. It also provides comprehensive revenue statistics (global and regional) for major players in the chatbot software market.
Chatbots are programs designed to communicate with the received messages automatically. Chatbots can be programmed to respond the same way through time, respond differently to messages containing certain keywords, and even use machine learning to customize their responses to suit the situation.
This report focuses on the status of Advanced Chatbots, future projections, opportunities for growth, key industry, and key players. The aims of the study are to present the evolution of Advanced Chatbots in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
An AI chatbot is a computer program that uses voice commands or text chats or both to mimic human communication. It utilizes an artificial intelligence algorithm to understand user behavior and reply with an appropriate message.
The Artificial Intelligence, Chatbots Market report, offers in-depth insights into demand forecasts, industry dynamics, and micro and macro indicators. This report also provides insights into the factors that drive and limit the demand of the AI Chatbots Market. In addition, the report highlights and offers an outlook on current industry trends, potential developments in the Chatbots Industry, which will affect demand over the forecast period.
A Chatbot builder is a powerful automation tool that enables users to create incredible chatbots quickly and easily. The main benefit is that it helps you to build chatbots without coding, thereby making them available to everyone.
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
Valuates is curating premium Market Research Reports from the leading publishers around the globe. We will help you map your information needs to our report repository of Market research reports and guide you through your purchasing decision. We are based out of Silicon Valley of India (Bengaluru) and provide 24/6 online and offline support to all our customers and just a phone call away.