Chatbots Market Rising Technology, Trends and Industry Analysis 2018 to 2023

Chatbots Market was worth USD 864.9 million in 2017 and is projected to reach USD 3146.4 million by 2023 growing at a CAGR of 24.1% over the period 2018 - 2023.

The report elaborates the complete details covering product definition, product type, and application. The report covers useful details which are categorized based on Chatbots production region, major players, and product type which will provide a simplified view of the Chatbots industry. The Chatbots market report presents the competitive scenario of the major market players based on the sales revenue, customer demands, company profile, the business tactics used in Chatbots market which will help the emerging market segments in making vital business decisions.

Global Chatbots Market by Top Manufacturers (2018-2023): Ibm Corporation, Egain Corporation, Nuance Communications, Creative Virtual Ltd., Artificial Solutions, Next It Corp, Chattypeople Chatbot, Smooch Technologies Inc., Meokay, Botsify, Chatfuel, Pullstring Inc., Bold360, Dialogflow, Amazon Web Services, Inc. (Amazon Lex), Livechat, Inc., And Liveperson, Inc., Amongst Others.

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Essential points covered in Chatbots Market 2018 Research are:-
• What will the market size and the growth rate be in 2023?
• What are the key factors driving the Chatbots market?
• What are the key market trends impacting the growth of the Chatbots market?
• What are the challenges to market growth?
• Who are the key vendors in the Chatbots market?
• What are the market opportunities and threats faced by the vendors in the Chatbots market?
• What are the key outcomes of the five forces analysis of the Chatbots market?

This independent 111 pages report guarantees you will remain better informed than your competition. With figures examining the Chatbots market, the report gives you a visual, one-stop breakdown of the leading products, submarkets and market leader’s market revenue forecasts as well as analysis to 2023.

The evolution and utilization of artificial intelligence applications are skyrocketing owing to its numerous benefits offered and rising consumer base. The top messaging applications by users are WhatsApp, Facebook Messenger, Skype, and Slack. The rising number of messengers across the globe, the demand for chatbots which is capable of imitating human conversation and solving various tasks are on the rise. Numerous companies and startups are investing in the technology to ease their businesses and tackle customer’s queries. For instance, Chinese WeChat bots are increasingly used to make medical appointments, transfer money to friends, check in for a flight, and medical appointments. Voice recognition coupled with artificial intelligence is high on demand which can perform the tasks mentioned above without coming contact with the device which can also be helpful for SMEs thereby propelling the market growth over the forecast period. Furthermore, the industry players are betting on blockchain technology with chatbots which can enhance the potential and performance of these bots resulting in high consumer interaction with consumer acquisition.

Rising Utilization of Mobile and Website Applications

In today’s era, users are more relied on mobile and website application from booking an appointment to procuring information. Companies are betting on chatbots to enhance the consumer interface and experience by integrating with Facebook Messenger or WhatsApp. For instance, Goibibo, an India based travel company seamlessly integrated chatbots to WhatsApp messaging application wherein if a person books a flight through the company, user receives an automated WhatsApp message to confirm the seat allocation and meals preference further. Once the user selects the option, the preferred option(s) are registered in the system without logging into the application.

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Cloud to be the Fastest Growing

The chatbots service based on the cloud offers high flexibility and scalability to the operations. Furthermore, the deployment on the cloud provides data access and instant analytics that can be used to take the crucial business decision(s). Currently, cloud services are preferred over on-premise hosting owing to reduced cost as some companies offer pay as you go service wherein the integrator pays only for their fair usage which is expected to propel the market growth over the next six years.

Asia Pacific to Witness the Highest Growth

In Asia Pacific region, there are numerous startups investing in the chatbots and machine learning technology. Additionally, small and mid-sized enterprises are rapidly integrating the usage of chatbots offering seamless performance, handling a large number of consumers, and enhancing the customer engagement techniques. The number of companies in the region adopting chatbots is increasing owing to rising demand for artificial intelligence thereby fuelling the market growth.

Reasons to Purchase This Report
• The future prospect of the chatbots market and opportunities
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• Regional analysis of the market
• Identify the latest developments, market shares and strategies employed by the major market players
• 3-month analyst support along with the Market Estimate sheet (in Excel)

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This release was published on openPR.