Chatbots Market Escalates With A Staggering Double Digit CAGR
In this rapidly changing world of technology, chatbots market is projected to show major growth prospects during the forecast period. The growing need to maintain a healthy customer relationship management is a major factor driving the growth of chatbots market. Chatbots enables companies to engage in continuous communication with their customers which results in improvement of customer relationship management, which is the ultimate goal of any organization.
As compared to other regions, the Chatbots Market in North America is expected to witness significantly healthy growth, with rate relatively closer to that of the European region. In North America, the U.S is expected to drive market growth followed by Canada. The North America region dominated the market share and is expected to continue its dominance over the forecast period. The growth attributes to the presence of large number of established players in the market and also rise in upcoming players. In addition to this the region also possesses technological advancements resulting into high usage of mobiles and tablets.
Chatbots Market is massively growing over 37% of CAGR and is anticipated to reach at USD 6 billion by the end 2023
The prominent players in chatbots market are – Facebook, Inc. (U.S.), WeChat (China), Artificial Solutions (Sweden), IBM (U.S.), Naunce Communications Inc. (U.S.), Egain Corporation (U.S.), Creative Virtual Pvt. Ltd. (U.K.), NEXT IT Corp. (U.S.), CX Company (Netherlands), Speaktoit Inc. (U.S.), 24/7 Customer Inc. (U.S.), Codebaby (Idavatars), Inc. (U.S.), DigitalGenius (U.K.), Howdy (U.S.), Talla (U.S.), Semantic Machines (U.S.), among others.
Market Research Analysis:
The global chatbots market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. In the global chatbots market, Asia Pacific is anticipated to witness relatively faster adoption and hence the growth rate as compared with other regions.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of chatbots market. In Europe, the presence of several market players coming up with different messaging applications is driving the market growth. While, the presence of advanced technological infrastructure in numerous countries of the European region drive market growth. However, France and Germany is expected to grow at a considerably faster rate owing to the political scenarios pertaining in the European region.
Within Asia Pacific, chatbots market is projected to contribute the faster share growth of revenue backed by growth in upcoming players in industry in countries such as Japan, China, Indonesia, Malaysia and India. Furthermore, many international dental and healthcare industry are coming up in the region adding to the growth of the sector.
Chatbots market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth. In Brazil, chatbots market is increasing popularity and is expected to increase significant market share during the forecast period.
Chatbots market in Middle East and Africa occupies a relatively smaller pie of the chatbots market. Within Middle East and Africa counties including UAE, South Africa and Saudi are driving the growth.
Chatbots Market Segmentation
The chatbots market has been segmented on the basis of type, deployment and end use.
The type segment comprises of web based and stand-alone types. The web based type can easily be merged with any existing application. This is one of the major driving factors leading to growth of chatbots market.