Global AI based Chatbot Market expected to reach USD USd 2,970.4 million by 2027, growing at a CAGR of 26.5% | Know the Companies List Could Potentially Benefit or Loose out From the Impact of COVID-19

According to AllTheResearch's analysis, The Global AI based Chatbot Market was valued at USD 450.5 million in 2018 and is expected to reach USD 2,970.4 million in 2026, growing at a CAGR of 26.5% by 2026. The ripple effect of Coronavirus-COVID19 on the AI based Chatbot Ecosystem Market Ecosystem needs to become part of strategy discussions to emerge strong.

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AI based Chatbot Market are expected to grow at the fastest pace during the forecast period. AI based chatbots are defined as a computer program which is used for simulating human conversation over voice commands or text chats or both. Chatbot also is known as chatterbot features artificial intelligence (AI) which can be embedded into the program for further usage via messaging service.

Market Segmentation:
Study of Major Company Profiles:
The major players operating in the global AI based chatbots market are Amazon Web Services, Inc. (Amazon Lex) (U.S.), Dialogflow (Google) (U.S.), Bold360 AI (U.S.), Chatfuel (U.S.), Botsify (Germany), IBM Corporation (U.S.), eGain Corporation (U.K.), Nuance Communications (U.S.), Creative Virtual Ltd. (U.S.) and Artificial Solutions Inc. (U.S.) among others

By Application: Banking & Finance Industry, Media & Entertainment, Healthcare, E-commerce, Retail, Travel and Tourism, Others.

Based on application, the market has been segmented into customer service, social media, payment/order processing, and marketing. In 2018, the customer service segment is expected to hold nearly 55% market share in the market, which expected to continue its dominance over the coming years. Moreover, rapid growth in the e-commerce segment which is coupled with intensifying business competition creating the need for adoption of modern technology to offer improved customer services is some of the major drivers for the industry globe

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Based on installation type, the new installation segment is expected to lead during the forecast period

Based on solution type, the global AI based chatbots market has been segmented into text, voice, and hybrid. The hybrid type solution is expected to grow the highest CAGR of more than 40% in the global market in the near future. Greater efficiency and easy deployment for multiple applications including customer support and marketing are some of the key driving factors for the growth of hybrid solution segment globally.

AI BASED CHATBOT MARKET:
Global artificial intelligence-based chatbots industry is primarily driven by tremendous competitiveness of modern business structure which focuses intensively on imparting efficiency and reducing the operational time. AI based chatbots allow businesses to respond faster to customer needs of any sort. Moreover, the technological advancement in technology has enabled multiple industry verticals to progress from traditional platforms onto digital ones with enhanced customer interaction. Artificial Intelligence (AI) has imparted better accessibility for businesses through their digital platforms.

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By Region Analysis:
1. North America (US and Canada)
2. Europe (UK, Germany, France and Rest of Europe)
3. Asia Pacific (China, Japan, India and Rest of Asia Pacific)
4. Latin America (Brazil, Mexico and Rest of Latin America)
5. Middle East & Africa (GCC and Rest of Middle East & Africa)

North America to dominate the AI based Chatbot market throughout the forecast period
North America region is by far the largest contributor to the growth of global AI based chatbots market which contributed more than 45% market share globally. However, the Asia Pacific region is anticipated to showcase the highest growth rate during the forecast period owing to intensifying investments from global industry players
And more...

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