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Chatbot Market Projected to reach $ 9.4 billion by 2024 | Key players include IBM, Nuance Communications, Google, AWS and Artificial Solutions

12-05-2019 01:49 PM CET | IT, New Media & Software

Press release from: MarketsandMarkets

Chatbot Market Projected to reach $ 9.4 billion by 2024 | Key

According to recent research "Chatbot Market by Component (Solutions and Services), Usage (Websites and Contact Centers), Technology, Deployment Model, Application (Customer Support and Personal Assistant), Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global chatbot market size is expected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period. Key factors driving the chatbot market include advancement in technology coupled with rising customer demands for self-services and 24*7 customer assistance at lower operational costs.

Browse 134 market data Tables and 45 Figures spread through 194 Pages and in-depth TOC on "Chatbot Market”

Solutions segment to hold a larger market size during the forecast period

Chatbot solutions are gaining traction with the rising need to deliver 24*7 support related services to customers. Chatbot platforms and software provide an effective way for various industries to deploy virtual agents and thereby reduce costs associated with the maintenance of human agents. Hence, chatbot solutions are expected to show promising growth opportunities during the forecast period. Whereas, services required for proper implementation of software and solutions are further expected to gain traction during the forecast period.

Social media platforms to grow at the highest rate during the forecast period

Social media acts as a powerful platform, which enables various industries to reach a wide range of audiences. Chatbots integrated with social media platforms help organizations offer tailor-made services to customers on social platforms, such as Facebook, Twitter, or other platforms. It includes chatbots, social network integration, natural language, real-time metrics, virtual agents, and messaging for social media. Chatbot solutions offered via social media platforms provide various benefits, such as customer engagement and retention as well as brand awareness.

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North America to hold the largest market size during the forecast period

North America is expected to account for the largest market size in the chatbot market by region during the forecast period. The region houses various AI-powered solution providers who are continuously engaged in delivering innovative solutions. Increasing need to reduce costs associated with support services and demand for self-service solutions to boost the adoption of chatbot technology in North America.

The chatbot market comprises major solution providers, such as IBM Corporation (US), Nuance Communications (US), Google (US), Amazon Web Services (US), Artificial Solutions (Spain), Inbenta Technologies (US), [24] (US), Chatfuel (US), AIVO (Argentina), (Pakistan), Passage AI (US), (US), KeyReply (Singapore), SmartBots (US), Contus (India), Yellow Messenger (India), CogniCor Technologies (US), Conversica (US), Gupshup (US), and Kevit (India). The study includes an in-depth competitive analysis of key players in the chatbot market with their company profiles, recent developments, and key market strategies.

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