Factors Behind the Exponential Growth of the Global Chatbots Market in the forecast period

According to MarkNtel Advisors' research report, "Global Chatbots Market Analysis, 2021," the market is likely to grow at a CAGR of 24.1% in the forecast period of 2021-26. It owes prominently to the surging adoption of customer service activities among multiple enterprises to lower operational costs. Besides, Chatbots are interactive applications that use some rules or artificial intelligence technology to interact with humans through the textual conversation process. This integrated messaging service thereby assists the users in numerous ways across industries. Furthermore, the rapid innovations carried out in Artificial Intelligence (AI), and Machine Learning (ML) technologies are likely to propel the features of Chatbots, resulting in rising market demand in the forecast period.

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Key Questions Answered in the Study
1. What are the current and future trends in the Global Chatbots Market?
2. How has the industry been evolving in terms of geography and services adoption?
3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Chatbots Market?
5. What are the customer orientation, purchase behavior, and expectations from the Global Chatbots Market service providers across various regions?

Bots for Marketing to Witness the Fastest Market Growth

Based on Application, the Global Chatbots Market segments into Bots for Customer Service, Bots for Social Media, Bots for Marketing, Bots for Payments / Order Processing, Others. Here, Bots for Marketing dominated the market with the fastest growth in the previous few years and are likely to continue its dominance in the forecast years. It owes to prominent factors like the extensive investment by market players in the artificial Chatbots market. These initiatives convert a significant number of customers and expand the company’s customer base. Furthermore, Chatbots offer direct customer interaction, and hence, they are widely used in digital marketing to update the existing customers about the products & services. Therefore, Bots for Marketing are very likely to witness the fastest growth in the forecast period.

"Global Chatbots Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Chatbot providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.

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Cloud-based Deployment Model to Attain the Largest Share

Based on the Deployment Model, the Global Chatbots Market segments into On-Premises and Cloud. Here, the Cloud-based deployment is more likely to attain the largest market share in the forecast period. The prominent factors that shall support the exponential growth of Cloud-based Chatbots are the easy handling of crucial business information like client details, supply chain management, invoices, and employee social security numbers. In the previous years, the Cloud-based deployment segment generated $11,298.0 million from $1,144.5 million. Furthermore, Cloud-based intelligent bots like Alexa, Siri, and Google Assistant are gaining worldwide popularity. Hence, these factors shall propel the demand for the Cloud-based deployment model and fuel the overall market growth in the forecast period, reveals MarkNtel Advisors in their research report, "Global Chatbots Market Analysis, 2021."

According to MarkNtel Advisors, the leading players in the Global Chatbots Market are IBM, Nuance Communications, Google (Dialog Flow), AWS, Artificial Solutions, Inbenta Technologies, AIVO, Chatfuel, etc.

Market Segmentation:
1. By Application (Bots for Customer Service, Bots for Social Media, Bots for Marketing, Bots for Payments / Order Processing, Others)
2. By Interface (Standalone, Web-Based, third party/ Messenger Based)
3. By Technology (Machine Learning & Deep Learning, Natural Language Processing, Automated Speech Recognition)
4. By Verticals (BFSI, Retail & Ecommerce, Healthcare, Travel & Hospitality, Media & Entertainment, Telecommunications, Others)
5. By Type (AI, Rule-Based)
6. By Deployment Model (On-Premises, Cloud)
7. By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises)
8. By Region (North America, South America, Europe, Middle East & Africa, Asia- Pacific)
9. By Country (The US, Canada, Brazil, The UK, Germany, France, Saudi Arabia, UAE, China, India, Japan, Singapore)
10. By Company (IBM, Nuance Communications, Google (Dialog Flow), AWS, Artificial Solutions, Inbenta Technologies, AIVO, Chatfuel, and others)

MarkNtel Advisors
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MarkNtel Advisors is a leading research, consulting and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.

We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.

This release was published on openPR.