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Detailed Examination Of The Chatbots Market Will Reach US$ 650 Mn By 2020 to 2030

11-18-2020 05:32 PM CET | IT, New Media & Software

Press release from: Persistence Market Research

Detailed Examination Of The Chatbots Market Will Reach US$ 650 Mn

Retailers and e-Commerce businesses are accelerating the procurement of chatbot solutions and services to bridge the gap of customization faced by customers while shopping online. Integration of chatbots to cater to customer needs dramatically advances customer experience and enables sellers to gain detailed insights into the personalization requirements of their customers. Chatbots also acknowledge customer intent, while facilitating the provision of relevant product recommendations. Apart from such web-based chatbots, high demand for contact center chatbots is being observed in the retail and e-Commerce arena.
The global chatbots market was valued at US$ 650 Mn in 2019, and is estimated to progress at a CAGR of approximately 20% during the forecast period of 2020 to 2030. This strong growth rate can be attributed to the high adoption of chatbots for marketing, sales, customer support, digital onboarding, and personal assistance. However, further advancements in natural language processing (NLP) and advanced cognitive conversational skills are required to ensure the high reliability of chatbots.
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Key Takeaways from Chatbots Market Study
• High demand originating from banking, financial services and insurance (BFSI) and retail and e-Commerce industries is the primary factor contributing to the growth of the chatbots market on a global level.
• Marketing- and sales-related applications of chatbots are projected to offer the most attractive opportunity for revenue generation during the forecast period.
• Start-ups offering chatbot solutions and services are targeting small- and medium-sized enterprises to ensure consistent sales.
• Dialog management skills, humanization, process automation abilities, interaction channels, and compliance and security regulations are the key aspects considered by prospects while procuring conversational platforms.
• With the COVID-19 pandemic resulting in lockdowns and social distancing norms, the demand for chatbots that are efficient and come with self-service features is surging.
“Intelligent conversational platforms are finding new applications in the shared services arena. Vendors should focus on developing and deploying AI-integrated chatbots for enterprise shared services such as marketing, sales, and HR recruitment,” says a PMR analyst.
Companies covered in Chatbots Market Report
• Nuance Communications
• Google
• AWS
• Artificial Solutions
• IBM Corporation
• SnatchBot
• Acquire.io
• Chatfuel
• Floatbot
• Botsify
• ChatterOn
• Smartloop
• Pandorabots
• Flow XO
• Boost.ai
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About us: Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.Our client success stories feature a range of clients from Fortune 500 companies to fast-growing startups. PMR’s collaborative environment is committed to building industry-specific solutions by transforming data from multiple streams into a strategic asset.

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