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Chatbot Market Impact of Industry Size, and Impact Y-o-Y

01-30-2023 01:10 PM CET | IT, New Media & Software

Press release from: Acumen Research and Consulting

Chatbot Market Impact of Industry Size, and Impact Y-o-Y

The Global Chatbot Market size accounted for USD 521 Million in 2021 and is expected to reach USD 3,411 Million by 2030 growing at a CAGR of 23.7% during the forecast period from 2022 to 2030.

Global Chatbot Market Growth Aspects

The rising emphasis on consumer participation through numerous mediums around the world is one of the key factors driving the growth of the chatbots industry. Businesses' greater usage of customer service activities to reduce operating costs and raise consumer expectations for self-service activities promotes growth in the economy. The increasing demand for 24x7 customer service at lower investment costs, as well as efforts to develop self-learning chatbots to deliver a more human-like contact experience, are all having an impact on the sector. Furthermore, the presence of rigorous passenger safety regulations, rapid technological advancements, rising urbanization, and consumers' increased preference for messaging services over social networking websites all have a positive impact on the chatbots market. Additional factors, such as significant developments in IT infrastructure and extensive R&D in natural language processing (NLP), are projected to propel the industry forward over the forecasting years.

However, the inabilities to detect customer intent and respond appropriately, as well as the lack of precision in user voice authentication, are expected to hinder industry growth. The chatbot market would experience hurdles during the forecast period due to a lack of understanding about the impact of chatbot technology on various applications.

Increased Demand for Rapid and Effective Customer Assistance is Expected to Boost the Global Chatbot Market Growth Throughout the Forecast Timeframe Chatbots have emerged as a significant solution to the growing intention of providing clients with effective and immediate customer service regardless of geographic location. This enables organizations to eliminate particular hours from the equation and customers to express the highest degree of customer service available to address any of their needs. Furthermore, since chatbots are reasonably adept at simulating human dialogue, many businesses utilize them to enhance their live chat customer service channel. As a result, these factors are expected to fuel growth in the worldwide chatbot market during the forecast period.

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A chatbot is a software application based on artificial intelligence (AI) that simulates human conversations to assist individuals in efficiently connecting with technological devices. It is often built on a programming platform and contains interfaces for cloud storage, monitoring, and databases. Chatbots are often employed as digital assistants in messaging services, smartphone apps, websites, and other digital devices via text or text-to-speech functionality. They offer several benefits, such as greater corporate efficiency, customer interaction, branding and advertising, data protection and accountability, transaction processing, and automated inbound marketing and qualification.

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Tourism Facilities and Infrastructure Will Be Managed by Chatbots

Chatbots are often professional software devices that are pre-programmed to answer simple client inquiries. When entering a hotel, customers usually have a lot of questions, ranging from possible tourism infrastructure to tourist facilities. Customers can inquire about hotel equipment, lunch products, supper, hotel amenities, lunch and dinner hours, gym facilities, safety precautions, and so on. As a result, chatbots provide detailed information about Destination Infrastructure. Chatbots can also provide information on nearby restaurants, clubs, breweries, entertainment, theme parks, sporting events, aviaries, public pools, outdoor games, treks, shopping malls, and so on.

Chatbot Market Segmentation

The global chatbot market has been segmented by Acumen Research and Consulting based on type, application, product landscape, and end-user. Based on the type, the market is divided into standalone, web-based, third party/messenger-based. Based on application, the market split into bots for social media, bots for service, bots for marketing, bots for payments/ order processing, others. Based on product landscape, the market is categorized into artificial intelligence, marketing, human intelligence. Based on end-user, the market is segmented into healthcare, BFSI, retail, travel & tourism, media and entertainment, e-commerce, others.

Chatbot Market Players

Some key players covered global in the chatbot industry are Facebook, Inc., Pandorabots, Inc., ToyTalk (PullString Inc.), Google, Inc., Yahoo Inc., Haptik, Inc., Helpshift, Kasisto Inc., Slack Technologies, Inc., Astute Solutions, Kiwi, Inc., and Microsoft Corporation.

Chatbot Market Regional Overview

North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global chatbot market. Asia-Pacific is expected to remain the largest market and witness the highest growth over the forecast period. This growth is due to the utilization of information-intensive Machine learning and artificial intelligence, particularly in developing countries such as Singapore, India, China, and Japan, massive investments in chatbots and deep learning innovation by numerous startup companies, and the rising use of chatbots by small and medium-sized businesses to enhance consumer involvement and participation. Technological innovations such as chatbots are being adopted by Asia-Pacific industries and infrastructure. Chatbots can help organizations reduce up to 30% on customer support costs by reducing response times and avoiding unnecessary employees for more difficult work. Furthermore, the introduction of messaging apps and advancements in artificial intelligence (AI) have created a perfect environment for chatbots to thrive, which is projected to drive regional chatbots market growth.

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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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