A
chatbot is a computer program that simulates and processes human conversations,
allowing humans to interact with digital devices and give them a human-like
conversation experience. Furthermore, chatbots can be rudimentary programs that
answer a simple query with a single-line response, or sophisticated digital
assistants that learn and evolve with the help of AI to deliver increasing
levels of personalization as they gather and process information. Moreover,
with chatbots, businesses can scale, personalize, and be proactive all at the
same time which is an important differentiator. For instance, when relying
solely on humans, businesses can serve a limited number of people at one time.
To be cost-effective, human-powered businesses are forced to focus on standardized
models and are limited in their proactive and personalized outreach
capabilities. Whereas chatbots are computer programs that can communicate with
thousands of customers without any delay. Therefore, chatbots can save money
and resources for businesses.
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According to UnivDatos Market
Insights (UMI)’ research report “Chatbot Market”,
the market is expected to witness a CAGR
of around 23% growth during the forecast period (2021-2027).
This can be mainly attributed to the attraction towards IT modernization
coupled with the growing size of user data and research data to get more
accurate results.
Based on type, the market is categorized into
rule-based and AI-based. The rule-based chatbots segment held a prominent share
of the revenue in the chatbot market in 2020 due to their simplicity and speed.
This means rule-based chatbots are simpler to be built and deployed and they
are really fast. However, the AI-based
chatbots segment is expected to grow at a prominent growth rate during the
forecast period due to their ability to save money in the long run and learn
things on their own with the help of data.
Based on application, the market is segmented into customer service, mobile applications,
social media, payments/order processing, marketing, and others. The customer
service segment possessed a significant share of the revenue in the market in
2020 and is anticipated to grow at a prominent growth rate during the forecast
period due to the increasing interest of companies in chatbots to solve
customer queries quickly and accurately which leads to a great customer
experience. Since more companies are looking for cost-effective, smart, and
automated solutions for customer services, the growth of this segment is
further going to increase.
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Based on Industry, the market is categorized into e-commerce, healthcare, information and
communication technology, banking and financial services, consumer goods and
retail, media and entertainment, government, and others. The e-commerce segment
held a prominent share of the revenue in the chatbot market in 2020 due to the
ability of chatbots to solve customer queries quickly and without error. In addition,
chatbots act as brand representatives as they manage the inquiries in the
initial stage, offering more satisfaction to customers with a problem-solving
approach and effective guidance.
North America accounted
for significant share in the market
North
America accounted for the prominent market share in 2020 and will continue to
hold a prominent share in the chatbot market owing to the trend of being an
early adopter of the latest technologies and the rising mobile penetration
rate. Moreover, being a major hub for startups in the chatbot industry, it
accounted for a prominent market share in 2020. Many large enterprises are
increasingly adopting chatbots in their routine customer service activities.
The adequate growth possibilities of chatbots in various regions can be
attributed to the significant benefits that it offers to enterprises, such as
cost reduction, customer satisfaction, and enhanced operating efficiency.
Furthermore, a significant rise in messaging services, and development in natural
language processing (NLP) and AI technologies are also expected to play an
important role in the growth of the chatbot industry. Further on, highly
conversational chatbot apps allow businesses to create a smooth journey for
their customers on the platform, as they interact over a wide variety of
digital channels and devices.
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According
to ‘UnivDatos Market Insights (UMI)’, the key
players with a considerable market share operating in the Amazon.com
Inc., [24]7.ai, Google LLC, International Business Machines Corporation, Yellow
Messenger, Gupshup, Aivo, Conversica Inc., Nuance Communications Inc., and
Kevit.io. These companies are taking various strategic decisions to increase
their market presence and share
“Chatbot Market” provides comprehensive qualitative and
quantitative insights on the industry potential, key factors impacting sales
and purchase decisions, hotspots, and opportunities available for the market
players. Moreover, the report also encompasses the key strategic imperatives
for success for competitors along with strategic factorial indexing measuring competitors’
capabilities on different parameters. This will help companies in the
formulation of go-to-market strategies and identifying the blue ocean for its
offerings.
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us – https://univdatos.com/report/chatbot-market/
Market Segmentation:
1.
By Components (Solutions and Services)
2.
By Type (Rule-based
and AI-based)
3.
By Organization Size (Large Enterprises
and SMEs)
4. By Deployment
(On-premises and Cloud)
5. By Application
(Customer Service, Mobile Applications, Social Media,
Payments/Order Processing, Marketing, and Others)
6. By Industry
(E-Commerce, Healthcare, Information and Communication Technology,
Banking and Financial Services, Consumer Goods and Retail, Media and
Entertainment, Government, and Others)
7. By Region (North
America, Europe, Asia-Pacific, and Rest of World)
8.
By Company (Amazon.com
Inc., [24]7.ai, Google LLC, International Business Machines Corporation, Yellow
Messenger, Gupshup, Aivo, Conversica Inc., Nuance Communications Inc., and
Kevit.io)
Key questions answered in the study:
1.
What are the current and future trends
of the chatbot industry?
2.
How the industry has been evolving in
terms of components, type, organization size, deployment, application, and
industry?
3.
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
4.
What are the key growth drivers and
challenges for the chatbot industry?
5.
What are the customer orientation,
purchase behavior, and expectations from the chatbot service provider across
various countries?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 CHATBOT MARKET COVID-19 IMPACT
6 CHATBOT MARKET REVENUE (USD BN), 2019-2027F
7 MARKET INSIGHTS BY COMPONENT
8 MARKET INSIGHTS BY TYPE
9 MARKET INSIGHTS BY ORGANIZATION SIZE
10 MARKET INSIGHTS BY DEPLOYMENT
11 MARKET INSIGHTS BY APPLICATION
12 MARKET INSIGHTS BY INDUSTRY
13 MARKET INSIGHTS BY REGION
14 CHATBOT MARKET DYNAMICS
15 CHATBOT MARKET OPPORTUNITIES
16 CHATBOT MARKET TRENDS
17 POLICY AND REGULATORY LANDSCAPE
18 DEMAND AND SUPPLY SIDE ANALYSIS
19 VALUE CHAIN ANALYSIS
20 COMPETITIVE SCENARIO
21 COMPANY PROFILED
22 DISCLAIMER
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