Chatbot Market Market Expected to Grow at a CAGR of 24.8% During 2023-2028

The latest report by IMARC Group, titled "Chatbot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the global chatbot market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global chatbot market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.2 Billion by 2028, exhibiting a growth rate (CAGR) of 24.8% during 2023-2028.

Chatbot Market Overview:

A chatbot is a computer program or artificial intelligence (AI) application designed to simulate human conversation and provide automated responses to user queries or inputs. These intelligent virtual assistants are employed in various industries and settings to enhance customer service, streamline processes, and engage with users in a conversational manner. Chatbots use natural language processing (NLP) algorithms to understand and interpret human language, allowing them to respond to a wide range of questions and requests.

They can be integrated into websites, messaging platforms, mobile apps, and even voice-activated devices, making them versatile tools for interaction. They are often deployed to handle routine inquiries and provide quick assistance, freeing up human agents to focus on more complex issues. They can provide information, troubleshoot problems, and guide users through processes such as online purchases or account management.

Get a Sample Copy of the Report at: https://www.imarcgroup.com/chatbot-market/requestsample

Chatbot Market Trends:

The global market is primarily driven by the increasing adoption of chatbots across various industries. Chatbots are being deployed in sectors ranging from e-commerce and customer support to healthcare and finance, contributing to market expansion. Moreover, continual advancements in artificial intelligence (AI) and natural language processing (NLP) technologies are driving the capabilities of chatbots.
Modern chatbots can understand and respond to natural language, making them more effective in customer interactions. Additionally, cost-effectiveness and efficiency are compelling factors for businesses to adopt chatbots.

Besides, the global shift towards digitalization and online communication has accelerated the demand for chatbots. With more individuals using digital platforms and mobile apps for various purposes, businesses are leveraging chatbots to offer instant support and information to their customers, enhancing user experiences.

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/chatbot-market

Global Chatbot Market 2023-2028 Analysis and Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players:

• [24]7.ai Inc
• Acuvate Software Pvt Ltd
• Aivo
• Artificial Solutions
• Creative Virtual Ltd.
• eGain Corporation
• International Business Machines Corporation
• Inbenta Technologies Inc.
• Kore.ai Inc.
• LiveChat Inc.
• Nuance Communications Inc. and Verint Systems Inc.

Breakup by Type:

• Standalone
• Web-based
• Messenger-based/Third party

Breakup by Product:

• Artificial Intelligence
• Marketing
• Human Intelligence

Breakup by Application:

• Bots for Service
• Bots for Social Media
• Bots for Payments/Order Processing
• Bots for Marketing
• Others

Breakup by Organization Size:

• Small Enterprises
• Medium Enterprises
• Large Enterprises

Breakup by Vertical:

• Healthcare
• Retail
• Banking, Financial Services and Insurance
• Media and Entertainment
• Travel and Tourism
• E-commerce
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:
• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.