The chatbot market is projected to reach $13.9 billion by 2027

0

Research firm IMARC Group has reported that the global chatbot market was worth US$3.7 billion in 2021 and is expected to reach US$13.9 billion by 2027, at a CAGR of 24.68 percent equals.

The report defines a chatbot as an artificial intelligence (AI)-based computer program used to simulate human conversations as consumers interact with digital devices, built on developer frameworks with cloud backup, analytics, and database integrations. Chatbots, it said, are mainly integrated into messaging applications, websites, mobile applications and other digital devices to interact as digital assistants via text or text-to-speech functionalities. They offer various advantages such as B. improved efficiency of business operations, customer retention, branding and advertising, privacy and compliance, payment processing, and automated lead generation and qualification.

The report cites rapid digitization across all industries and increasing demand for quality customer care as key factors behind the growth of the market. Chatbots are an integral part of effective customer care programs and are being used across multiple industries, including banking, financial services and insurance (BFSI), information technology (IT), telecom, e-commerce and healthcare, to resolve customer queries in minimal time, it said.

Additionally, widespread consumer adoption of over-the-top (OTT) messaging and social networking applications, particularly among millennials, is providing an additional boost, as are technological advances such as the integration of predictive analytics, machine learning ( ML), blockchain, and cloud computing for the development of self-learning chatbots, the report states.

Innovative chatbots can adapt to changing digital environments and provide human-like conversational experiences by learning from users’ actions, experiences and decisions.

Other factors, including major improvements in IT infrastructure and extensive research and development in natural language processing, should also drive market growth.

The competitive landscape includes [24]7.ai, Acuvate Software, Aivo, Artificial Solutions, Creative Virtual, eGain, IBM, Inbenta, Kore.ai, LiveChat, Nuance Communications and Verint, according to the report.

CRM Covers
Share.

Comments are closed.