Global Chatbots Market is expected to reach USD 4125.3 Million by 2025, from USD 750.3 Million in 2017 growing at a CAGR of 36.5% during the forecast period of 2020 to 2025. Chatbots is a computer program designed to simulate chat with human users, over the Internet. It conducts conversation via auditing and textual messages.
These are the computer programs that imitate conversation with people using artificial intelligence. The chatbot ecosystem includes several cross-linking features that enable enhanced performance of chatbots in various applications. Many companies prefer in-built chatbots on their websites as they facilitate companies in providing immediate customer interaction.
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Major Market Competitors/Players: Global Chatbots Market
Some of the major players operating in the global chatbots market are IBM, Nuance Communications, Inc., eGain Corporation., Creative Virtual Ltd., Artificial Solutions, Next IT Corp., 7.ai, Inc., CX Company, Speaktoit, Inc., iDAvatars, Baidu, Inc, Poncho, Kik., WeChat., Varo, Babylon, ReplyYes, SRI International, Inbenta Technologies Inc., Anboto, among others.
Market Segmentation: Global Chatbots Market
- The global chatbots market is segmented into type, industry vertical, usage, deployment type, end user and by geography.
- Based on type, the global chatbots market is segmented into software and services. Services are further segmented into professional services and managed services.
- On the basis of usage, the global chatbots market is segmented into websites, contact centres, social media, and mobile platform.
- On the basis of industry vertical, the global chatbots market is segmented into financial services, healthcare, communication, retail, travel and hospitality, government, education, utilities and others.
- On the basis of deployment type, the global chatbots market is segmented into on-premises and on-cloud.
- On the basis of end user, the global chatbots market is segmented into small and medium enterprises, large enterprises.
Competitive Analysis: Global Chatbots Market
The global chatbots market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of chatbots market for global, Europe, North America, Asia pacific and South America.
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Major Market Drivers and Restraints:
- Acceptance of cloud-based technology
- Increasing demand for automated patient management tools in the healthcare industry
- Penetration of websites and mobile applications are increased.
- Lack of awareness due to early presence in tech-adoption life cycle
- High deployment cost and system integration complexities
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