Chatbot market size expected to grow to $3,411 million by 2030

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TOKYO, July 25, 2022 (GLOBE NEWSWIRE) — The Global Chatbot Market The size accounted for US$521 million in 2021 and is expected to reach US$3,411 million by 2030, growing at a CAGR of 23.7% over the forecast period of 2022-2030.

A chatbot is an artificial intelligence (AI) based software application that simulates human conversations to help individuals connect to technological devices efficiently. It is often based on a programming platform and includes interfaces for cloud storage, monitoring and databases. Chatbots are widely used as digital assistants in messaging services, smartphone apps, websites and other digital devices via text or text-to-speech functionality. They offer several advantages such as: B. Increased business efficiency, customer interaction, branding and advertising, privacy and accountability, transaction processing, and automated inbound marketing and qualification.

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market Chatbot Market
Market size 2021 $521 million
Market Forecast 2030 $3,411 million
CAGR over the period 2022-2030 23.7%
analysis period 2018 – 2030
base year 2021
forecast data 2022 – 2030
Covered Segments By type, application, product landscape, end user and geography
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Important companies in profile 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.
report coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis
customization area 10 hrs from free customization and expert advice

Growth aspects of the global chatbot market

The increasing emphasis on consumer participation by numerous media around the world is one of the key factors behind the growth of the chatbots industry. Increased use of customer service activities by businesses to reduce operational costs and increase consumer expectations for self-service activities drives economic growth. Increasing demand for 24×7 customer service at lower investment costs, as well as efforts to develop self-learning chatbots to provide a more human contact experience are all impacting the industry. In addition, strict passenger safety regulations, rapid technological advances, increasing urbanization and increasing consumer preference for messaging services over social networking sites are all positively impacting the chatbots market. Additional factors such as significant developments in IT infrastructure and extensive research and development in Natural Language Processing (NLP) are expected to propel the industry forward during the forecast years.

However, the inability to recognize customer intentions and respond appropriately, as well as the lack of precision in voice authentication of users are expected to hamper industry growth. The chatbot market would face hurdles during the forecast period due to the lack of understanding about the impact of chatbot technology on various applications.

The increased demand for fast and effective customer support is expected to fuel the growth of the global chatbot market throughout the forecast period

Chatbots have emerged as a significant solution to the growing intent to provide effective and instant customer service to customers regardless of geographic location. This allows businesses to eliminate certain hours from the equation and allows customers to express the highest level of customer service available to meet all of their needs. Also, since chatbots are pretty good at simulating human dialogue, many companies use them to enhance their live chat customer service channel. As a result, these factors are expected to propel the growth of the global chatbot market over the forecast period.

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Tourism facilities and infrastructure are managed by chatbots

Chatbots are often professional software devices that are pre-programmed to answer simple customer queries. When entering a hotel, customers usually have many questions ranging from possible tourist infrastructure to tourist facilities. Customers can inquire about hotel amenities, lunch products, dinner, hotel amenities, lunch and dinner, fitness facilities, safety precautions, etc. As a result, chatbots provide detailed information about the destination infrastructure. Chatbots can also provide information about nearby restaurants, clubs, breweries, entertainment, theme parks, sporting events, aviaries, public pools, outdoor games, hikes, malls, etc.

Regional overview of the chatbot market

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 deployment of information-intensive machine learning and artificial intelligence, particularly in developing countries like Singapore, India, China and Japan, massive investment in chatbots and deep learning innovations by numerous startup companies, and the increasing use of chatbots by small and medium-sized businesses medium-sized businesses to improve consumer engagement and participation. Technological innovations such as chatbots are being adopted by Asia Pacific industry and infrastructure. Chatbots can help businesses reduce customer support costs by up to 30% by reducing response times and eliminating unnecessary staff for more difficult tasks. Additionally, the advent of messaging apps and advances in artificial intelligence (AI) have created a perfect environment for chatbots to thrive, which is expected to fuel the growth of the regional chatbot market.

Chatbot Market Segmentation

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

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Chatbot Market Participants

Some major players covered in Chatbots industry worldwide 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.

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