Market Overview: Chatbot Market FY23-28
This reports provides an essential and dependable overview of the Chatbot Market, serving as a guide for stakeholders navigating the industry’s future trajectory. It covers critical aspects, guiding through challenges and opportunities, shedding light on the market landscape, key insights, driving forces, major competitors, regulatory framework, potential growth, ongoing trends, supply chain dynamics, evolving policies, segments and prominent players.
Chatbot Market Report Coverage Details:
- Base Year: 2022
- Historical Data: 2018-21
- Forecast Period: 2023-2028
- CAGR: 32% (2023-2028)
The Global Chatbot Market size was valued at USD 5.2 Million in 2022 and is projected to grow at around 24.32% CAGR during the forecast period, i.e., 2023-28.
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Global Chatbot Market Key Driver
Rising Demand for Consistent Customer Support at Low Operational Costs: Chatbots are aiding several companies worldwide in streamlining & optimizing their customer services and thus becoming a critical aspect in delivering enhanced customer services. Industries like retail, e-commerce, healthcare, & finance, among various others, are increasingly adopting chatbots in order to resolve customer queries instantly & cost-effectively. As a result, enterprises see them as a robust conversational interface that offers dynamic & engaging customer experiences, i.e., driving the Global Chatbot Market.
Chatbot Market Segmentation Analysis – FY23-28
Discover a comprehensive evaluation of every segment and its subdivisions, allowing our clients to gain a deep understanding of the Chatbot Market (2023-28). We prioritize uncovering the pivotal factors that presently drive and will shape the industry’s growth moving forward. Our goal is to empower our esteemed clients by optimizing their end-user positioning and revenue generation through a thorough analysis of market size, share and all the latest market scope across diverse segmentation categories.
The Chatbot Market segmentation is enlisted below:
By Application
- Customer Support
- Social Media
- Marketing
- Payments/Order Processing
- Others
By Type
- Artificial Intelligence-based
- Rule-based
By Interface
- Standalone
- Web-Based
- Third party/ Messenger Based
By Verticals
- BFSI
- Retail & Ecommerce
- Healthcare
- Travel & Hospitality
- Media & Entertainment
- Telecommunications
- Others
By Technology
- Machine Learning & Deep Learning
- Natural Language Processing
- Automated Speech Recognition
By Deployment Model
- On-Premise
- Cloud
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
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By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Chatbot Market Competitive Landscape
IBM, Nuance Communications, Google, Conversica, AWS, OpenAI, Artificial Solutions, Microsoft, Inbenta Technologies, AIVO, Meta, Kore.ai, Chatfuel.
Chatbot Industry News:
- On 18 July 2023, Meta & Microsoft introduced the next generation of their open-source large language model, Llama2, specifically developed for researchers so that they could perfect it, and is available to any business for download or through Microsoft’s Azure cloud service in a special partnership with the Windows maker.
- On 7 June 2023, Conversica, Inc., the leading provider of AI-powered conversation automation solutions for enterprise revenue teams, announced a partnership with Salesforce to combine its Generative AI-driven conversational platform with Salesforce Marketing Cloud, aiming to digital marketing automation to a new level by using Generative AI as part of an active dialogue.
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Key Report Highlights
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
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