New York, NY -- (SBWIRE) -- 01/21/2021 -- This enhances efficiency and decreases the operational time which boosts the market growth. Additionally, demand for voice-activated smart gadgets is gaining much popularity owing to high convenience and fully-automated processes.

Market Drivers

Chatbots are emerging as a promising agent that provides 24*7 assistance while reducing the operational cost. On the addition, AI-powered chatbots provides many advantages like automation of repetitive tasks resulting in increased process efficiency, provision of better self-service experiences, and delivery of support in various languages. Owing to its ability to personalize the user-experience without any kind of interruption, chatbots are anticipated to play a major role in the near future wherever customer support services are concerned. The service of quick responses to customer queries has become a major factor for the success and goodwill of organizations. Therefore, organisations are looking at the chatbot as a powerful interface for engaging customers efficiently and providing them with a rich and dynamic user experience.

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Regional Landscape

The global chatbot market covers North America, Europe, Middle East and Africa (MEA), Asia Pacific (APAC), and Latin America. North America is anticipated to account for the largest market size over the forecast period. The APAC region witnesses robust growth in the market, as the region accounts for more than 50% of the world's population, and hence any major technological shifts, like those being supported by AI are expected to shape the future of the region in the coming years. Several Asian countries like India, Singapore, China, and Japan are leveraging information-intensive AI technologies, and chatbot is one of the extensive technology trends and therefore, APAC is anticipated to witness promising opportunities to deploy chatbot solutions.

Key participants include IBM Watson (New York, U.S.), SMOOCH, Botsify, Nuance Communications Inc. (Massachusetts, U.S.), eGain Corporation (California, U.S.), Artificial Solutions (Stockholm, Sweden), Creative Virtual Pvt. Ltd. (London, UK), Next IT Corporation (Washington, U.S.)

For the purpose of this report, Reports and Data has segmented the Chatbot market on the basis of platform, type, industry verticals, end user, application, and region:

By platform (Revenue, USD Million; 2016–2026)

Web-based
Mobile-based

By Type (Revenue, USD Million; 2016–2026)

Software
Services

By Industry Vertical (Revenue, USD Million; 2016–2026)

Healthcare
Retail
Banking, Financial Services, and Insurance (BFSI)
Media and entertainment
Travel & Tourism
E-commerce
Others

By End User (Revenue, USD Million; 2016–2026)

Small & Medium Enterprises
Large Enterprises

By Application (Revenue, USD Million; 2016–2026)

Bots for Service
Bots for Social Media
Bots for Payments/Order processing
Bots for Marketing
Others

Regional Outlook (Revenue in USD Million; 2016–2026)

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

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Highlights of the TOC:

Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique

Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2026

Chapter 3. Indicative Metrics
3.1. Need to feel the gap between customers and service providers
3.2. Increasing demands for digitalization in the retail segment
3.3. Ever increasing internet and smartphone consumption globally

Chapter 4. Chatbots Segmentation & Impact Analysis
4.1. Chatbots Segmentation Analysis
4.2. Chatbots Market Value Chain Analysis, 2016-2026
4.3. Regulatory framework
4.4. Chatbots Market Impact Analysis
4.4.1. Market driver analysis
4.4.1.1. Need to feel the gap between customers and service providers
4.4.1.2. Need to understand the ever changing consumer behavior
4.4.2. Market restraint analysis
4.4.2.1. Lack of awareness and knowledge to use as well as develop chatbot interfaces
4.4.2.2. Huge deployment costs
4.5. Key opportunities prioritized
4.6. Chatbots Pricing Analysis
4.7. Industry analysis - Porter's
4.8. Chatbots PESTEL Analysis

Continue…

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