Chatbot Market to Witness Huge Growth by 2027 - Amazon Web Services, Artificial Solutions , Creative Virtual, CX Company , eGain

Robust growth in APAC region is expected to drive the Chatbot Market at a CAGR of 27.9%

Latest market study on "Chatbot Market to 2027 - Global Analysis and Forecasts by Component (Solution and Services), Deployment (On-premise and Cloud), and Usage (Website, Contact Centers, Social Media, Mobile Platform) End-user (Education, Retail & E-Commerce, BFSI, Healthcare, Travel & Tourism, Others), and Geography". The global chatbot market accounted to US$ 1072.4 Mn in 2018 and is expected to grow at a CAGR of 27.9% during the forecast period 2019 - 2027, to account to US$ 9475.1 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.

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Chatbot Market Insights
The growing popularity of AI to have a noteworthy impact on the chatbot market
All the key industries across are globe including BFSI, retail, healthcare, media & entertainment, government, and others are embracing and investing in disruptive technologies such as artificial intelligence, IoT, big data, and predictive analytics among others. This adoption is driven by the successful uses cases of AI which resulted in increased operational efficiency, better sales revenue, and improved customer experiences. Vendors are upgrading its Chatbots solution by integrating AI technology for better understandings of customers and to increase its sales by AI capabilities. The adoption of Chatbots is driven by the successful uses cases of AI which resulted in increased operational efficiency, better sales revenue, and improved customer experiences. The nature of business is becoming very competitive and to compete efficiently, enterprises nowadays relying on useful information and business analytics. Traditionally, business analytical tools were used to project sales from the data about events that were a week or month old. With the advent of artificial intelligence technology which learns in real time and provides recommendations based on patterns, businesses have a tremendous opportunity to apply AI in various processes to better understand the business environment and customers.

Artificial intelligence allows businesses to prioritize and automate decision making, analyze big complex structured and unstructured data to provide deeper insights and improve efficiency by accurate planning. With all these applications, artificial intelligence enables businesses to improve operational efficiency, lower operating costs, enhance service quality and customer experience. With the increasing business complexities and high adoption of artificial intelligence across the industries, the market for Chatbots is expected to surge during the forecast period.

Rising trends in the adoption of voice enabled Chatbot
The emergence of advanced-driver-assistance systems like adaptive braking, self-parking, backup cameras, and automatic cruise control that further increase the passenger safety in the vehicles. Shared mobility services is another trend buzzing in the automobile ecosystem. A strong internet infrastructure coupled with cars that would be able to communicate with the rider and amongst each other regarding their availabilities and route mapping would form a trend in the upcoming few years. Highly advanced sensors are anticipated to be integrated into these vehicles for efficient communications to happen and therefore, these automotive electronic trends are anticipated to present good opportunities for the chatbot market players to cache in.

Chatbot Market - Usage Insights
Various organizations on their website use Chatbots for intelligent customer assistance and providing a personalized experience to the customers with efficient turnaround time. The Chatbot in sites is used for various applications such as answering the routine customer questions and monitoring brand perception by using engagement analytics and providing 24X7 assistance. The Chatbot for websites is used in multiple sectors such as retail & e-commerce, BFSI, and healthcare, travel & tourism among others. Chatbots are widely used to automate the repetitive, tedious tasks and reducing the number of errors generated thereby increasing the overall productivity, an example of this is slackbot which is integrated into websites for reporting bugs and is also capable of answering questions related to the business. Moreover, chatbot handles the load by conversing with multiple people at once and providing a personalized experience to each user and improving the overall efficiency of the company. Chatbots are also capable of sending customized notifications to users based on their needs, thereby helping in conveying updates to the customers related to the business and improving the customer experience.

Chatbot Market - Deployment Insights
The cloud-based deployment is different from on-premise deployment software in one critical way. The company hosts the entire process and management of software within the enterprise in an on-premise environment, whereas, in the cloud, a third-party provider arrange and manage entire activities for the enterprise. The benefit of third-party providers permit the companies to pay on the basis of requirement and effectively scale up or down subject to the requirement of the user, overall usage, and growth of the company. The cloud-based uses exploit virtual technology in order to host the applications of enterprises offsite. Therefore, it is largely adopted by small and medium enterprises. Deployment of cloud eliminates capital related overheads, the feature of data back up on a regular basis is available, and also the companies are entitled to pay only for the resources they utilize. It is feasible for the enterprises which plan an expeditious expansion at a global scale, as the cloud has greater appeal to connect with more partners, clients, customers, and other businesses across the locations with minimum effort.

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Chatbot Market - Strategic Insights
Strategic partnership with technology companies to help them in intelligence engagement of the customers was observed as the most adopted strategy in global chatbot market.

2019:Artificial Solutions signed a partnership agreement with Deloitte. According to the agreement the Deloitte professionals would be able to use Artificial Solutions' conversational AI platform, Teneo to cater to the increasing demand for natural language applications. This would help the company to gain a stronger position in the chatbot market.

2018:CX Company announced an investment of 4 Mn Euro to support its Digital Customer Engagement Technology Business in Europe. This investment is aimed to expand the sales of the company in the core European markets and gain a significant share of the chatbot market.

2018:Avaya Holdings Corp expanded its partnership with Verint Systems Inc. with the aim of introducing cloud deployments for Avaya Workforce Engagement Management and improving customer experience through operational intelligence in contact center. This is expected to help the company gain a competitive position in the chatbot market

GLOBAL CHATBOT MARKET - SEGMENTATION

Global Chatbot Market - By Component
o Solution
o Services

Global Chatbot Market - By Deployment
o On-premise
o Cloud

Global Chatbot Market - By Usage
o Website
o Contact Centers
o Social Media
o Mobile Platform

Global Chatbot Market - By End-User
o Retail & E-commerce
o BFSI
o Healthcare
o Travel & Tourism
o Others

Global chatbot market - By Geography
o North America
o U.S.
o Canada
o Mexico
o Europe
o Germany
o UK
o France
o Italy
o Russia
o Rest of Europe
o Asia Pacific (APAC)
o China
o Japan
o South Korea
o India
o Australia
o Rest of APAC
o Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
o South America (SAM)
o Brazil
o Argentina
o Rest of SAM
Global Chatbot Market - Company Profiles

o Amazon Web Services
o Artificial Solutions
o Creative Virtual Pvt. Ltd.
o CX Company
o eGain Corporation
o IBM Corporation
o INBENTA TECHNOLOGIES INC
o Microsoft
o Nuance Communications, Inc.
o Verint Systems Inc.

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