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Retail Chatbot Market is Likely to Increase at a Significantly High CAGR during Forecast Period 2031 | OpenAI Inc., IBMCorp, Microsoft Corp, Amazon.com, Inc. and Salesforce Inc.

05-15-2024 12:13 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Research

Retail Chatbot Market is Likely to Increase at a Significantly

The global retail chatbot market is anticipated to grow at a significant CAGR of 19.5% during the forecast period (2024-2031). The market growth is attributed to the adoption of chatbots by companies and organizations for customer service and interaction in various sectors Moreover, as per the Consumer Financial Protection Bureau in 2022, among the top 10 commercial banks in the US, all use chatbots of varying complexity to engage with customers, with over 98 million users (approximately 37% of the U.S. population) engaged with a bank's chatbot. This number is projected to grow to 110.9 million users by 2026.

Additionally, companies are also looking to save costs, provide 24/7 services, and increase efficiency across organizations through change in workforce, for which they are moving towards chatbots and AI for better results. For instance, as per the Consumer Financial Protection Bureau in 2022, compared to the use of human agent customer service models, chatbots deliver $8 billion per year in cost savings, or approximately $0.70 per customer interaction. Wherein, as per IBEF India, service delivery operations across service lines are projected to become more efficient using Gen AI, resulting in a 20%-30% increase in productivity for specific use cases in service lines such as application development and BPO.

To Request a Sample of our Report on Retail Chatbot Market: https://www.omrglobal.com/request-sample/retail-chatbot-market

Market Coverage

• The market number available for - 2023-2031

• Base year- 2023

• Forecast period- 2024-2031

Segment Covered-

· By product type

· By Application

· By use case

· By Deployment

· By Components

Regions Covered-

· North America

· Europe

· Asia-Pacific

· Rest of the World

Competitive Landscape- includes OpenAI Inc., IBMCorp, Microsoft Corp, Amazon.com, Inc. and Salesforce Inc.

A full Report of Retail Chatbot Market is Available @ https://www.omrglobal.com/industry-reports/retail-chatbot-market

Regional Analysis

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

• Latin America

• Middle East and Africa

Company Profiles

· Ada Support, Inc.

· Amelia US LLC.

· Automattic, Inc.

· Cognigy GmbH

· Creative virtual Ltd.

· Drift.com, Inc.

· Enterprise Bot

· Flow XO LLC.

· HelpCrunchCorp.

· HubSpot, Inc.

· Intercom,Inc.

· JioHaptik Technologies Ltd.

· LivePerson, Inc.

· OpenAIOpCo, LLC.

· Pypestream Inc.

· Tagove Limited (Acquire)

· WebarooInc

· Wotnot Solutions Pvt. Ltd

· Zendesk, Inc.

· Zoho Corp. Pvt Ltd.

Reasons to buy from us -

1. We cover more than 15 major industries, further segmented into more than 90 sectors.

2. More than 120 countries are for analysis.

3. Over 100+ paid data sources mined for investigation.

4. Our expert research analysts answer all your questions before and after purchasing your report.

For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/retail-chatbot-market

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Media Contact:

Company Name: Orion Market Research

Contact Person: Mr. Anurag Tiwari

Email: info@omrglobal.com

Contact no: +91 7803040404

About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

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