Chatbots Market Will Reflect Significant Growth of 27.8% By 2029

The superior Chatbots market report includes historic data, present market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry. Businesses can utilize this market document to obtain productive ideas with which product can be made more effective and impressive in the competitive market. This market research report is the high quality report having in-depth market research studies. In addition to detailing about competitive landscape of the key players, Chatbots business report also offers complete and distinct analysis of the market drivers and restraints, detailed analysis of the market segmentation, key developments in the market and details of research methodology.

The chatbots market is expected to witness market growth at a rate of 27.8% in the forecast period of 2022 to 2029. Data Bridge Market Research report on chatbots market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market's growth. The increase in demand for the product for various industrial applications globally is escalating the growth of chatbots market.

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Over the projected period, virtual assistants, such as chatbots and smart speakers, are used for various applications across several end-user industries, such as retail, BFSI, healthcare, and others. For instance, the banking sector has been a significant adopter of newer technologies such as natural language processors (NLP) and application programming interface (API), due to the chatbot's dependence on speed, trust, communication, and integrated assistance. Chatbots in the various sectors has facilitated communication and build customer relation through cognitive analytics by learning customers' thinking for instant assistance. Thus, the market is projected to witness substantial growth throughout forecast period.

(The sample of this report is readily available on request)

What this report sample includes:

A Brief Introduction about Chatbots Market Research Scope and Methodology
Leading and Emerging Players Revenue Analysis
Major Highlights from Growth Drivers and Market Trends
Key Snapshot from the Final Study
Graphical Illustration of the Regional Analysis

List of Key Players Profiled in the study includes market overview, business strategies, financials, Development activities, Market Share and SWOT analysis:

Some of the major players operating in the chatbots market report are IBM Corporation, Nuance Communications, Inc., eGain Corporation., Creative Virtual Ltd., Artificial Solutions, Next IT Corp., [24]7.ai, Inc., CX Company, Speaktoit, Inc., iDAvatars, Baidu, Inc, Poncho, Kik., WeChat., Varo, Babylon, ReplyYes, SRI International, Inbenta Technologies Inc., and Anboto, among others.

Recent Developments

In February 2021, Nuance announced the acquisition of Saykara, Inc., a like-minded startup focused on developing a mobile AI assistant to automate clinical documentation for physicians. The acquisition underscores Nuance's ongoing expansion of the market and technical leadership that further leads to the growth of the communication and technical sector.
In January 2020, Google launched Meena, an AI chatbot. It is a multi-turn open-domain chatbot trained end-to-end on data mining. The neutral network of Meena contains about 2.6 billion parameters.
In January 2020, QliqSOFT, specializing in secure, HIPAA-compliant clinical communication solutions, announced the launch of its healthcare chatbot platform, Quincy. Quincy offers chatbot templates that address care-specific use cases, including pre-configured intents and dialogue flows or customized chatbots that can be built to suit unique customer needs.
In April 2020, the WHO launched a Facebook Messenger version of its WHO Health Alert platform that offers instant and accurate information about COVID-19 via Facebook's global reach.

Against challenges Faced by Industry, Chatbots Market Study discusses and shed light on:

- The resulting overview to understand why and how the Global Chatbots Market is expected to change.

- Where the Chatbots industry is heading and what are the top priorities. To elaborate it, DBMR turned to the manufacturers to draw insights like financial analysis, the survey of Chatbots companies, and from interviews with upstream suppliers and downstream buyers and industry experts.

- How Chatbots Company in this diverse set of players can best navigate the emerging new industry landscape and develop strategy to gain market position.

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Key Market Segmentation

Type

Standalone
Web-based
Third party/Messenger-based

Product Landscape

Artificial Intelligence
Marketing
Human Intelligence

Organizational Size

Small Enterprise
Medium Enterprise
Large Enterprise

Application

Bots for Social Media
Bots for Service
Bots for Marketing
Bots for Payments/ Order processing
Others

End-user

Healthcare
BFSI
Retail
Travel & Tourism
Media and Entertainment
E-commerce

Market Regional Analysis/Insights

The chatbot market is analyzed and market size insights and trends are provided by type, product landscape, organizational size, applications and end-use as referenced above.

The countries covered in the chatbot market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the chatbot market because of the high adoption of technology in the advancing countries within the region over the forecast period due to significant benefits that it offers to enterprises, such as reduced operating costs, improved customer satisfaction, and enhanced operating efficiency. Moreover, the growth of the chatbot system within the next-generation operation systems and software is further estimated to accelerate the expansion.

Asia-Pacific is expected to witness significant growth from 2022 to 2029 due to the increasing need for chatbot services within the region. The rapidly shifting workload to chatbot assistance is also a significant contributor to the regional market expansion.

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