Chatbot Market Is Projected To Reach US$ 2,358.2 Mn By 2027 | TMR Report

According to a new market report pertaining to the global chatbot market published by Transparency Market Research the global chatbot market was valued at US$ 274.5 Mn in 2019 and is projected to reach US$ 2,358.2 Mn by 2027, at a CAGR of 31.3% during the forecast period from 2020 to 2027. The adoption of the chatbot system is expected to increase due to increasing adoption of artificial intelligence technology in services sector.

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The chatbot is majorly used to offer immediate and effective customer support by the company to enhance the customer experience with advancement in the support and service segment. North America is anticipated to lead the global chatbot market in terms of revenue during the forecast period.

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Chatbot is programmed to enable users and businesses to interact through medium such as voice, text, video, file sharing, and image. Chatbot practice natural language processing for conversation with user and provide enhanced customer engagement in various applications includes retail, healthcare, banking financial services and insurance, e-commerce and others The chatbot market is segmented based on platform and enterprise size. Chatbot are accessible through different platforms such as we-based, mobile and standalone. Besides this market is segmented on the basis of enterprise size includes small & medium enterprise and large enterprise

Some of the key factors driving the growth of the chatbot market are growing demand of chatbot across various industry verticals and focus on enhanced customer intelligence/engagement using AI based chatbots. However, among the various factors responsible for restraining growth of chatbot market, technological competency to host and support chatbot operation to provide smooth user experience holds major prominence

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On the basis of platform, the global chatbot market is segmented into web-based, mobile and standalone. Of these, mobile segment is estimated to expand at a significant pace during the forecast period. This is primarily due to ubiquitous nature and owing to the dominance over other platform for messaging.

Adoption of chatbot resulting from the demand to increase interaction with customer has enabled both large, and small and medium enterprises to improve efficiency and increase customer engagement through mobile based customer engagement app.

Additionally, the accelerating demand of chatbot is observed among small & medium enterprises, for branding, customer engagement and to reduce the overall cost associated with different customer engagement software. The unique feature to recollect and study from past conversation and interaction between business and customers, chatbot market is expected to gain traction among small and medium enterprises aiming to expand.

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The North American regional market was valued at USD 132.75 Mn, dominating the global chatbot market industry in terms of revenue in 2019. Asia Pacific region is also anticipated to witness significant growth throughout the forecast period as the region is also one of the significant market for mobile segment. The rapid adoption of mobile in Asia Pacific region is the expected to provide opportunity for the adoption of chatbot applications as well. These applications use in various applications such as from personalized assistance to media publications. Performance monitoring and analytics is one of the exciting areas of opportunity in the global chatbot market.

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