Chatbots Market to Witness a exponential CAGR of 22.6% during 2018-2024

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Ameco Research Presents “Global Chatbots Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024” New Document to its Studies Database.

The Global Chatbots Market is increasing significantly and is expected to reach USD 1,230 million by 2024, at a exponential CAGR of 22.6%.

The market growth is majorly driven by the rapid advancements in artificial intelligence coupled with the increasing popularity of messaging platforms, virtual assistants and mobile devices. Moreover, increasing capital investments in various end-use industries and the growing popularity of chatbots in the field of E-commerce is also driving the growth of the chatbots market.

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Chatbot is a computer programmed dialogue system that has the ability to communicate with the operator using generalized forms of the most common sentences. Chatbot is based on artificial intelligence and is integrated with the many messaging services. Large numbers of chatbots utilize natural language processing (NLP) systems which enable them to have smooth conversation with the user. The chatbot system comprises of many cross-link features that facilitates enhanced and efficient performance of chatbots in wide range of applications. Educational applications of the chatbots are highly interactive and are particularly useful.

Key findings from the report:

Based on type, standalone segment held the major market share in 2017 owing to the ease of installation
Based on product, artificial intelligence based chatbots are dominating the global chatbots market as they offer better conversational experience through text or voice
Bots for marketing holds the major share in the application segment of the global chatbots market in 2017
On the basis of end-user, BFSI segment is expected to grow with the highest CAGR during the forecast period
Key players are eGain Corporation; Baidu, Inc.; Poncho, Inc.; Kik Interactive; Tencent Inc.; Astute Solutions; Google, Microsoft, LivePerson, Inc.; Slack Technologies, Inc.; and Imperson Ltd. among others.

Rising Adoption of Chatbots in End Use Industries

Chatbots have transformed the way people seek information. Although, chatbot cannot handle all the queries at a time, it is used to deal with the routine queries and can resolve common customer queries by itself. This enables chatbots to provide high degree of performance without any human intervention. Chatbots are offering a tangible way for enterprises to access information. Additionally, owing to the adoption of chatbots in banking and financial service industry (BFSI), the banks are now able to automate their interactions through chatbots. It enables the customers to quickly access the information sought and addresses and resolves the queries.

Global Chatbots Market – Regional Insight

North America held the major share of the chatbots market in 2017, and is expected to retain its dominance over the forecast period. The growth in the region is attributed to the presence of many key players of the chatbot technology market, rising capital investments, increasing usage of chatbots in various end-user industries, and growing acceptance of technologies such as artificial intelligence, internet of things, among others. Furthermore, Asia-Pacific is expected to register the highest CAGR, during 2018-2024. The growth of the market is primarily due to the rapid increase in the usage of mobile applications for social networking, travel, education, and shopping.

The report segments the global chatbots market on the basis of type, product, application, end-use, and region.

By Type
Stand-alone Chatbot Systems
Web-based Chatbots
Messenger-based/Third Party/ Mobile

By Product
Artificial Intelligence
Marketing
Human Intelligence

By Application
Bots for Service
Bots for Social Media
Bots for Payments/Order Processing
Bots for Marketing
Others

By End-use
Enterprise
Small & Medium Enterprises
Large Enterprises
Healthcare
Retail
Banking, Financial Services, and Insurance (BFSI)
Media & Entertainment
Travel & Tourism
E-commerce
Others

By Region
North America
S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific (APAC)
China
Japan
India
Australia
Rest of APAC
Central and South America (CSA)
Brazil
Argentina
Rest of CSA
Middle East and Africa (MEA)
United Arab Emirates (UAE)
Saudi Arabia
Rest of MEA

Few Significant Points From Table Of Contents:

Global Chatbots Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024

CHAPTER 1. Market Scope and Methodology
CHAPTER 2. Executive Summary
CHAPTER 3. Industry Analysis
CHAPTER 4. Competitive Outlook
CHAPTER 5. Global Chatbots Market Size and Forecast (2014 – 2024)
CHAPTER 6. Global Chatbots Market Size and Forecast, By Geography (2014-2024)
CHAPTER 7. Key Players and Strategic Developments

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Sonia Mehta is a writer from Delhi, India, looking to break into the freelance copywriting field. Sonia covers health and lifestyle news as well as medical research news from around the world.

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