LONDON--(BUSINESS WIRE)--The chatbot market is expected to grow by USD 1.11 billion, progressing at a CAGR of almost 29% during the forecast period. According to the report, the market will not be majorly impacted due to the spread of the COVID-19 pandemic. The rising popularity of live chats as an effective method of customer engagement and the increasing adoption of chatbot technologies to provide enhanced customer service is opening new several opportunities for market vendors. Besides, organizations across various industry verticals are increasingly adopting AI to make more informed decisions. Many such factors will foster market growth over the forecast period.
For a more detailed analysis, Get a Free Sample Report delivered in a minute
The advantages of chatbots over other customer support options are one of the major factors propelling the market growth. Chatbots can be integrated into various channels such as websites, email, SMS, or messaging applications through which users interact. They collect consumer data from support interactions and databases and provide a personalized experience to the customer. Also, they can recognize human emotions such as anger, confusion, fear, and joy. Many such advantages are increasing the adoption of chatbots among businesses, which is driving market growth. However, factors such as lack of awareness and standardization will hamper market growth.
More details: https://www.technavio.com/report/chatbot-market-industry-analysis
Chatbot Market: End-user Landscape
Based on the end-user, the market witnessed growth in the retail segment in 2019. This is due to the increased adoption of chatbots by e-commerce companies to provide an enhanced experience to customers. The market growth will be significant in the retail segment during the forecast period.
Chatbot Market: Geographic Landscape
By geography, North America is going to have a lucrative growth during the forecast period. About 37% of the market’s overall growth is expected to originate from North America. This is due to factors such as the high awareness of AI and its potential, increased demand for cost-effective and user-friendly chatbots, and the growing participation of online shoppers in live chats in the region.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
View market snapshot before purchasing
Companies Covered:
- Alphabet Inc.
- Amazon.com Inc.
- Anboto Europe SL Co.
- Apple Inc.
- Creative Virtual Ltd.
- eGain Corp.
- Inbenta Technologies Inc.
- International Business Machines Corp.
- Microsoft Corp.
- Nuance Communications Inc.
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2019, 2020, until 2024
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Technavio's SUBSCRIPTION platform
Related Reports on Information Technology Include:
Global Event Management Software Market - Global event management software market is segmented by deployment (cloud-based and on-premise) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Global Artificial Intelligence-as-a-Service (AIaaS) Market - Global artificial intelligence-as-a-service market is segmented by end-user (retail and healthcare, BFSI, telecommunications, government and defense, and others) and geography (North America, APAC, Europe, South America, and MEA). Click Here to Get an Exclusive Free Sample Report
Key Topics Covered:
Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user placement
- Retail - Market size and forecast 2019-2024
- BFSI - Market size and forecast 2019-2024
- Travel and hospitality - Market size and forecast 2019-2024
- Government - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by End-user
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Alphabet Inc.
- Amazon.com Inc.
- Anboto Europe SL Co.
- Apple Inc.
- Creative Virtual Ltd.
- eGain Corp.
- Inbenta Technologies Inc.
- International Business Machines Corp.
- Microsoft Corp.
- Nuance Communications Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
