Chatbot Market will Reach Nearly USD 22.9 Billion, Expanding at a CAGR of 25.4% during the Forecast Period of 2030
Market Size – USD 3.49 Billion in 2021, Market Growth – CAGR of 25.4%, Market Trends – Product launches and research for advanced Chatbots
NEW YORK CITY, NEW YORK, USA, November 8, 2022 /EINPresswire.com/ — According to the current analysis of Reports and Data, the global Chatbot market was valued at USD 3.49 Billion in 2021 and is expected to reach USD 22.9 Billion by year 2030, at a CAGR of 25.4%. In this tech- savvy era of constant connection to social platforms through smart mobile devices, the new generation of customers expects intuitive and seamless customer experience. To satisfy these customer demands and to address the increasing competition in the business space, more brands/ businesses are turning their focus to build chatbots or virtual agents that can manage customer queries round the clock without any delay.
Chatbot are currently seen on websites, social platforms and smartphones and are utilized as easy and fun ways to assist customers in their interactions with a brand. Even if the bot revolution is in its early phase, we can expect a lot more advancements in this field. With the evolution of AI technology and deep learning, the chatbots are expected to become more empowered to offer better language processing capabilities and extensive personalization in various sectors from BFSI to e-commerce.
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Top Profiled in the Chatbot Market Report:
• 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.)
Market Segmentation:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
• Rule-Based
• AI-Based
• Hybrid based
Application Type Outlook (Revenue, USD Billion; 2019-2030)
• Social Media
• Service
• Marketing
• Payments
• Customer Engagement & Retention
• Other
Function Type Outlook (Revenue, USD Billion; 2019-2030)
• Menu Based
• Voice Based
• Keyword Recognition Based
• Hybrid
• Other
End-Use Outlook (Revenue, USD Billion; 2019-2030)
• BFSI
• Healthcare
• Retail & E-commerce
• Travel & Tourism
• Foodtech Industries
• Hospitality
• Others
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Key Takeaways of the Chatbot Market Report:
• A comprehensive overview of the global Chatbot industry.
• Accurate market projections in terms of market size, share, and volume.
• Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
• Deep-dive analysis of the upcoming market trends.
• Qualitative and quantitative analyses of the Chatbot Market.
• Elaborate study of the leading regional markets in the Chatbot Market.
• Complete overview of the market’s competitive landscape.
• Brief look at the company profiles and portfolios.
Key Regional Markets Covered in the Report:
• North America
o U.S.
o Canada
o Mexico
• Europe
o Russia
o U.K.
o Germany
o France
o BENELUX
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia Pacific
• Latin America
o Brazil
o Rest of Latin America
• Middle East & Africa
o Saudi Arabia
o U.A.E.
o Israel
o Rest of Middle East & Africa
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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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