05-09-2018 02:01 PM CET - IT, New Media & Software
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Chatbot Market to be worth US$994.5 Million in Next 5 years

Press release from: TMR


Vast developments in the field of artificial intelligence in the past few years have significantly benefitted the level of maturity that chatbots have witnessed from being simple answer machines with scripted responses to the present day chatbots that are smart enough to effectively engage potential consumers. Businesses are also increasingly using chatbots in highly interesting ways demonstrating the larger spectrum of capacities and capabilities of chatbots.

Technological advancements are allowing the easy implementation of artificial intelligence tools in consumer electronic products, thereby allowing the chatbot market to gain a larger consumer base. The market for chatbots is also significantly benefitting from the increased use of online messaging and the use of chatbots in digital marketing strategies for purposes such as customer engagement and generation of lead.

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Transparency Market Research estimates that the global chatbot market will exhibit a staggering 27.8% CAGR, in terms of revenue, over the period between 2016 and 2024. The market is expected to rise from a valuation of US$113.0 mn in 2015 to US$994.5 mn in 2024.

The global chatbot market has been segmented in terms of the size of enterprises making use of them into small enterprises, medium-sized enterprises, and large enterprises. Of these, the segment of large enterprises accounted for a dominant share in the global chatbot market revenue in 2015. The segment is also expected to remain the key demand-driver for chatbots over the report’s forecast period, generating US$626.3 mn for the global market by 2024.

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The vast scope of use of chatbots in large enterprises for digital marketing applications is the key factor contributing to the leading position of the segment in the global chatbot market. The segment of large enterprises also presents massive demand for chatbots owing to their use in initiating business process automation activities. Large enterprises also benefit from the use of chatbots in improving their marketing strategies and social media involvement.

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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This release was published on openPR.
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