Global Chatbot Market Growth Evolution By 2024 | Top Key Players are Facebook, Google, Haptik, IBM, Microsoft, Nuance Communications, LivePerson, Reply, Slack, SRI International, Kiwi, Inc., Helpshift, Bold360, Astute Solutions

The chatbot market is benefiting from the investments made by the leading investors, who back several chatbot startup firms. These funds are used by the startups for developing NLP technology and chatbot platforms. These investments enhance marketing and promotions through the chatbot platform, increasing customer service, transactions, and purchases. However, the lack of awareness about the benefits of chatbots amongst businesses and security issues concerned with chatbots may hinder its market growth.

Chatbot Market size was estimated to be over USD 250 million in 2017 and is set to exceed USD 1.34 billion by 2024; according to a new research report by Global Market Insights, Inc. The chatbot market growth is attributed to the evolving usage of chatbots for content marketing activities such as digital marketing and advertising. The technological capabilities, individuality, and customization are the main features accelerating market growth.

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Chatbots assist the businesses to interact and engage with customers. They offer personalized marketing capabilities, such as sending individualized messages, to meet the rising consumer requirements. For instance, in 2016, Sephora launched a chatbot on the messaging application Kik, which asks the users on the platform to take a quiz while giving the chatbot insights regarding the ways to precisely style their look, enhancing the customer experience.

Customer service application accounts for the largest industry share of 43% in 2017 in the chatbot market followed by social media, order processing, and marketing applications. Customer service is the major criteria for businesses to survive in the competitive market. The advent of chatbots allows businesses to offer enhanced customer service by offering 24/7 customer support, real-time query handing, and educating the customers about new products and services.

The e-commerce segment is expected to benefit the most from the chatbot market. Due to the rapid development and growth of AI, chatbots are anticipated to get more sophisticated with time. This has increased the acceptance of chatbots in the e-commerce sector. The usage of chatbots in the BFSI sector is growing rapidly due to the factors such as automated fraud prevention, assistance to customers in making improved financial decisions, and improved customer experience.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Facebook
2. Google
3. Haptik
4. IBM
5. Microsoft
6. Nuance Communications
7. LivePerson
8. Reply
9. Slack
10. SRI International
11. Kiwi, Inc.
12. Helpshift
13. Bold360
14. Astute Solutions

North America held the majority of the share in the chatbot market as various tech companies in this country, such as IBM, Google, and CX Company, are investing huge funds in R&D to implement new technologies and provide an improved user experience. These players are engaged in strategic partnerships and acquisitions to retain a huge market share and expand their presence worldwide.

Asia Pacific is anticipated to show the highest growth rate of 36% over the forecast timeline. As chatbots have turned into a necessity for mainstream industries, their usage has increased rapidly. Furthermore, there is an increase in the usage of mobile applications for travel, shopping, social networking, and education.

The AI-based chatbot market is growing at a CAGR of 53% as they provide highly conversational experiences through text and voice, which can be customized for use on various web browsers, mobile devices, and varied chat platforms. Furthermore, increasing collaboration in the AI-based companies also drives the market growth. For instance, in March 2018, Haptik, a leading AI-based chatbot platform partnered with Amazon Web Services to deliver solutions for Indian customers. This will enable the company to expand its AI-based market in India.

Some of the major vendors operating in the chatbot market include Astute Solutions, Bold360, Chatfuel, Chatter, Chatty Solutions, Facebook, Google, Haptik, Helpshift, IBM, imperson, Kiwi, Inc., ManyChat, Microsoft, Nuance Communications, LivePerson, Reply, Slack, and SRI International.

Browse key industry insights spread across 350 pages with 262 market data tables & 43 figures & charts from the report, Chatbot Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/chatbot-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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