Chatbots help connect different kinds of marketing channels such as websites, SMS, and emails. In addition, chatbots integrated with conversational AI tools collect consumer data based on which a personalized experience is provided. The data also enables them to distinguish between different human emotions such as anger, confusion, fear, and joy which helps enterprises to improve their customer care relationship. These advantages of chatbots will encourage investments in the industry, which in turn, will boost market growth.
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As per Technavio, the integration of chatbots with communication channels will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Chatbot Market : Integration of Chatbots with Communication Channels
The rise of the internet, digitalization, and the adoption of mobile devices has changed the way people and companies interact. Any platform can be integrated with chatbots as they provide an omnichannel experience. For instance, Microsoft Bot Connector is a communication service that links bots with channels such as telecommunication applications, emails and others. Over the forecast period, as chatbots become monetized, there will be opportunities for the mass distribution of marketing and promotional materials using this channel. These factors will propel the growth of global chatbot market during the forecast period.
“Factors such as the increasing mobility of chatbots with use in smartphones, and growing popularity of live chat will have a positive impact on the growth of the chatbot market value during the forecast period,” says a senior analyst at Technavio.
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Chatbot Market: Segmentation Analysis
This market research report segments the chatbot market by end-user (retail, BFSI, travel and hospitality, government and others), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the chatbot market in 2019, followed by APAC, Europe, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the high awareness of AI and its potential, increase in demand for cost-effective and user-friendly chatbots, and growing participation of online shoppers in live chats.
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Some of the key topics covered in the report include:
- Travel and hospitality
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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