Transparency Market Research (www.transparencymarketresearch.com) has released a new market report entitled ” Chatbot Market [Platform – Web-based, Mobile and Standalone; Enterprise Size – Small and Medium Enterprises and Large Enterprises] – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 – 2027,” According to this report, the Global Chatbot Market revenue stood at US$ 274.5 Mn in 2019 and is expected to reach US$ 2,358.2 Mn by 2027, at a CAGR of 31.8% during the forecast period from 2020 to 2027.
The global chatbot Market has been segmented on the basis of platform including web-based, mobile and standalone. The mobile segment held the major revenue share in 2019. This is primarily due to end-user preference for mobile apps. The key idea behind chatbot platform that customer able to interact without downloading a particular app. for communication.
The chatbot is used by enterprises for marketing products or services and customer service. The marketers use chatbot for visitor engagement, site feedback, guidance and negotiation. Wide-ranging usage of messaging apps and platforms drive the demand for innovation and development in messaging apps, and offers a context for consumer interaction and engagement. Chatbot also provides an opportunity for start-up vendors to grow business by using chatbot apps for interaction with customer and marketing products and services.
Some of the emerging trend such as enhanced customer intelligence/engagement using AI based chatbot and increasing usage of chatbot by business to provide information and services using messaging bots is anticipated to drive the chatbot market growth over the forecast period. The chatbot market is also segmented based on enterprise size into small & medium enterprise and large enterprise. Of these, the small & medium enterprise segment of chatbot market is expected to dominate the market, during the forecast period.
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Due to adoption of chatbot to increase customer engagement. For small & medium enterprises, chatbot is useful for engaging their customers over conversational messaging channels. In 2019, large enterprise held major revenue share in the global chatbot market with adoption driven by demand for chatbot for automation process in business.
New user interface models for chatbot are based on user interface (UI) constructs and conversations that need new forms of analytics and monitoring. For instance, a chatbot analytics platform should be able to track the sentences developed in current user interactions, analyze concepts and sentiments, and determine error processing rates. In North America, the U.S. is expected to dominate the chatbot market. This is primarily due to the strong penetration of chatbot app and presence of chatbot vendors in the region. The chatbot technology providers are also known as tools providers. They provide an integrated development environment and SDKs to build chatbot.
Asia Pacific region is estimated to dominate the global chatbot market. This is owing to rising penetration of smartphone devices and increasing adoption of messaging platforms such as Line, WeChat, Facebook Messenger, Allo, Apple Siri, slack, haptik and WhatsApp. There is an opportunity for startup vendors in chatbot market. However, in current scenario, some of the leading players dominate the market.
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Furthermore, several companies are working on standalone chatbot such as toys, robots and speakers. Some of the company such as Facebook Inc. and Microsoft Corporation has integrated chatbot into its messenger app for marketing, reform customer service and increase customer engagement. Chatbot market is highly competitive owing to the presence of large and small players.
Some of the key industry players profiled in the study include Astute Solutions, Facebook, Inc., Google, Inc., Haptik, Inc., Helpshift, Imperson Ltd., Kasisto Inc., Kiwi, Inc., Microsoft Corporation, Pandorabots, Inc., Slack Technologies, Inc. ToyTalk (PullString Inc.) and Yahoo Inc.
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