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Chatbot Market - Key Technologies and Trends Analysis to 2024
Chatbot Market
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The market growth is due to the utilization of chatbots for activities such as online marketing, promotions, and advertising. The main features accelerating the chatbot market growth are technological features, individuality, and customization. They provide customized marketing abilities such as sending personalized messages. For instance, in 2016, Sephora, the beauty and cosmetics service provider, launched Kik, a chatbot which asks for taking a quiz while offering insights for styling, enhancing the consumer experience.
Chatbots are either rule-based or machine learning-based. The rule-based chatbots accounted for about 85% of the market share in 2017 as they are cost-effective and are capable of handling basic customer queries. However, their inability to understand the context limits their applications for multiple functions. The AI-based chatbots are estimated to grow at 53% CAGR over the period. They have artificial neural connections stimulated for self-learning of new words or voice, which is growing their demand in the market.
The customer service segment in chatbot market held around 42.8% share in 2017 owing to the high requirement of improving customer services for retention and extension of customers. The developments in AI technology are expected to make chatbots capable of understanding human emotions and enhancing the customer experience. For instance, in April 2018, TIM partnered with Microsoft, the tech giant for developing AI-based chatbots for optimizing customer service inquiry handling and technical assistance. Chatbots offer a personalized experience to customers, increasing their adoption in several industrial sectors such as healthcare, e-commerce, media and communication, education, and BFSI. For instance, BFSI invests around USD 150 million annually on customer engagements and service.
The chatbot market in e-commerce sector held approximately 35% share in the market in 2017 with an expected growth CAGR of 34%. With advancements in the AI technology, chatbots are expected to improvise over the period, rising its adoption in the sector. The BFSI sector is adopting chatbots due to its benefits in banking. They also offer services such as analytics, fraud identification, and data capture to increase their market demand.
Browse key industry insights spread across 350 pages with 272 market data tables & 42 figures & charts from the report, “Chatbot Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/chatbot-market
North America accounted for over 57% share of the global market in 2017. The U.S. and Canada led the market in North America and it is estimated to grow faster over the timeline due to its benefits understood by the regional enterprises. Asia Pacific is observed to be the fastest growing region in the global chatbot market. The demand is mainly due to the improving ICT network in the emerging economies including China and India. Furthermore, the rising smartphone penetration is a promising customer base for the chatbot market in this region due to its use for messaging and interaction.
Some of the market players in the global chatbots market include Google, WeChat, Microsoft, Kik, Babylon Health, Poncho, Slack Technologies, ReplyYes, LivePerson, and Baidu. The leading companies in the market are following the strategy of investing in R&D activities.
Some Points From Table Of Content: -
Chapter 5. Chatbot Market, By Application
5.1. Key trends, by application
5.2. Customer service
5.2.1. Market estimates and forecast, 2013 - 2024
5.2.2. Market estimates and forecast, by region, 2015 – 2024
5.3. Social media
5.3.1. Market estimates and forecast, 2013 - 2024
5.3.2. Market estimates and forecast, by region, 2013 - 2024
5.4. Payment/order processing
5.4.1. Market estimates and forecast, 2013 - 2024
5.4.2. Market estimates and forecast, by region, 2013 - 2024
5.5. Marketing
5.5.1. Market estimates and forecast, 2013 - 2024
5.5.2. Market estimates and forecast, by region, 2013 - 2024
5.6. Others
5.6.1. Market estimates and forecast, 2013 - 2024
5.6.2. Market estimates and forecast, by region, 2013 – 2024
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/chatbot-market
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Arun Hegde
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Global Market Insights, Inc.
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Email: sales@gminsights.com
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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