The chatbot market accounted to US$ 1072.4 Mn in 2018 and is expected to grow at a CAGR of 27.9% during the forecast period 2019 – 2027, to account to US$ 9475.1 Mn by 2027.
The sales of Chatbot are largely influenced by numerous economic and non-economic factors. The e-commerce, BFSI, and healthcare sectors are expected to have a large impact on the growth of the Chatbot market. Also for the retail & e-commerce industry, increasing adoption of smart technologies are enabling a high degree of services to its customers. Potentially, the retail & e-commerce sector present a larger market share as compared to other sectors during the forecast period.
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Global Chatbot market is majorly driven by increasing adoption of cloud technology across the industries and the increasing acceptance of virtual assistance, evolving consumer technology, speech-enabled Chatbots and others. However, the rapidly changing nature of businesses requires consistent changes in technology and services. Also, the integration of advanced technologies such as artificial intelligence and natural language processing are expected to provide substantial growth opportunity to the key players in this market
The introduction of NLO and NLP technologies in chatbot solution is a boon for contact centers. Call centers leveraging Chatbots can serve a large number of customers through the day without any issues. They provide 24/7 assistance and boost the overall productivity of the business. Various trends witnessed in chatbot market are communication transforming via chatbot, integrating CRM, natural language programming, Chatbot app development with Quick Problem-Solving Abilities, consumer analytics and insights, NLO technology for automated calling, and others.
Some of the key players included in the global Chatbot market are Amazon Web Services, Artificial Solutions, Creative Virtual Pvt. Ltd., CX Company, eGain Corporation, IBM Corporation, Inbenta Technologies Inc., Microsoft, Nuance Communications, Inc., and Verint Systems Inc.