Chatbot Market Size Status and Global Outlook 2021| IBM Corporation, Dialogflow (Google), and Amazon Web Services Inc. (Amazon Lex)

The Latest report about the Chatbot market provides a detailed evaluation of the business vertical in question, alongside a brief overview of the industry segments. An exceptionally workable estimation of the present industry scenario has been delivered in the study, and the Chatbot market size with regards to the revenue and volume have also been mentioned. In general, the research report is a compilation of key data with regards to the competitive landscape of this vertical and the multiple regions where the business has successfully established its position.

The chatbot market was valued at USD 17.17 billion in 2019 and is projected to reach USD 102.29 billion by 2025, registering a CAGR of 34.75% over the forecast period, 2020 - 2025

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The report also presents the market competition landscape and a corresponding detailed analysis of the major vendors/manufacturers in the market. The key manufacturers covered in this report:  IBM Corporation, Dialogflow (Google), and Amazon Web Services Inc. (Amazon Lex)

News and Updates

- April 2020 - IBM with its Watson Assistant chatbots is helping government agencies, healthcare organizations, and academic institutions throughout the world to use AI to put critical data and information into the hands of their citizens.

- February 2020 - Creative Virtual has a partnership with Spitch AG, the leading developer of enterprise speech solutions in Switzerland. The collaboration will utilize the best-of-breed technologies of both companies to provide their customers with innovative self-service solutions. The integration of Creative Virtuals V-Person natural language chatbots and Spitch's voice technology brings an industry-leading voice bot offering to the market.

Market Overview

- A chatbot is basically an artificial intelligence-powered application that converses with a human being to solve a problem or to answer a certain query. This reduces the operational time and enhances efficiency, that aides to the market growth. According to Salesforce, 69% of consumers prefer to use chatbots for the speed at which they can communicate with a brand.

- Moreover, the demand for voice-activated smart devices is gaining high traction due to high convenience and fully-automated processes. In January 2020, Google launched Meena, an AI chatbot. It is a multi-turn open-domain chatbot trained end-to-end on data mined. The neutral network of Meena contains about 2.6 billion parameters.

- Chatbots are poised to grow at a significant rate, owing to which the companies are ready to adopt the technology to their existing business portfolio.According to MIT technology review, 90% of the business reported faster complaints resolution with the bots.

- Chatbot adopters are looking towards establishing such connection with their customers to leverage on long-term relation for steady stream of revenues. This has led to incorporation of their customer service through diverse major messaging applications, such as WhatsApp and Facebook Messenger.

Segment by Type
Standalone
Web-based
Messenger-based

Segment by Application
Healthcare
Retail
Banking, Financial Services, and Insurance (BFSI)
Media and Entertainment
Travel & Tourism
E-commerce
Others

Chatbot Market Segmentation:

Regional and Country-level Analysis

- In the Asia-Pacific region, there are numerous startups investing in chatbot and machine learning technology. Additionally, small- and mid-sized enterprises are rapidly integrating the usage of chatbots in their customer service process, which offers seamless performance, handling many consumers, and enhancing the customer-engagement techniques. In July 2019, Floatbot created an artificial intelligence (AI) chatbot for Andhra Bank for its core banking servers to support its 50 million customers. It is designed to provide digital engagement and automated customer support, that went through a rigorous testing process involving more than 50,000 queries.

- With the rapidly expanding information and communications technology infrastructures in the leading economies, such as China and India, in the region, the market is expected to grow further. For instance, in April 2020, AI chatbot Startup yellow messengers have raised USD 20 million from an investor to meet the growing market demand. The company provides businesses with an AI chatbot for customer engagement. Currently, the comapnies chatbots are available in over 120 languages, such as Bahasa, Bengali, Cantonese, English, Hindi, and Thai. Also, through a partnership with Facebook Messenger, the company has recently been appointed by the National Health Authority of India to provide state governments with chatbots to help with citizen engagement amid the Covid-19 pandemic.

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Chatbot Analysis and Strategies Carry Out as below:

The report elucidates a gist of the tried-and-tested as well as innovative strategies undertaken by potential stakeholders with regards to the marketing of the product.
The sales channels chosen (that include direct as well as indirect marketing) by the companies are briefly enumerated in the Chatbot market report.
The distributors of these products and a gist of the top-of-the-notch customers for the same are also encompassed in the study.
The report is inclusive of the pivotal driving forces influencing the commercialization landscape of the Chatbot market and their impact on the revenue scale of this business sphere.
The rising product demand from the key geographies as well as the pivotal applications and potential business arenas are also included in the Chatbot Market report.

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Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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