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| Chatbot Market |
Chatbots automate conversations between consumers and businesses making them useful for many mundane and repetitive tasks. Chatbots allow 24/7 customer assistance, real-time support and quick response times. They are integrated with other AI technologies like machine learning and natural language processing to personalize user experiences. The global Chatbot Market is estimated to be valued at US$ 6.04 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of conversational interfaces using chatbots has accelerated in the
past few years driven by businesses looking to transform customer experiences.
Chatbots are being deployed across industries like BFSI, retail, healthcare,
travel and more to handle basic customer queries and transactions. Integration
of chatbots with virtual assistants like Amazon Alexa and Google Assistant has
expanded their reach beyond mobile apps and websites. Advancements in NLP and
deep learning are allowing chatbots to understand complex questions better and
mimic human conversations at a higher level. This is encouraging more
businesses to leverage chatbots for customer support, marketing and sales
applications.
Segment Analysis
Chatbot market can be segmented into vertical, type, application and geography.
By vertical, customers service chatbot segment dominates the market currently
accounting for over 30% share due to increasing demand of enterprises to
enhance customer experience and service levels. By application, marketing and
sales segment holds significant share and is expected to witness highest growth
during the forecast period driven by need to analyze customer behavior and
boost sales.
Key Takeaways
The global Chatbot
Market Growth is expected to
witness high growth during the forecast period 2023 to 2030. The market size
for 2024 is estimated to be US$ 6.04 Billion with a CAGR of around 6.3% during
the forecast period.
Regional analysis: North America region currently leads the global market and
is expected to continue its dominance during the forecast period. This is due
to early adoption of advanced technologies like AI and presence of key players
in the region. Asia Pacific region is also projected to grow at fastest pace
attributed to increasing penetration of internet, smartphones and focus of
regional enterprises to enhance customer engagement using chatbots.
Key players operating in the Chatbot market are Jacobs, Atkins, ETA
Engineering, WSP and AECOM. Jacobs leads the market with over 15% market share
powered by its expertise in AI and ability to develop customized chatbot
solutions across industries. WSP is also a leading player known for its
industry specific chatbots for utilities, transportation and building sector.
For more insights, read- https://www.newsanalyticspro.com/chatbot-market-trends-size-and-share-analysis/
For more details on the report, Read- https://careersplay.com/chai-chickpeas-nourishing-journey-through-the-colors-of-vegan-indian-cuisine
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