The current Chatbots market research report provides a comprehensive overview of various variables that influence the business portfolio, future outlook, present crisis analysis with significant innovations, and product & service segmentation. The research analyzes key statistics on market size, major drivers, growth opportunities & challenges, competitive analysis, and revenue share of leading corporations/industries/companies, namely –
-IBM
-Nuance Communications
-Google (Dialogflow)
-AWS
-Artificial Solutions
-Inbenta Technologies
-AIVO
-Chatfuel
-Passage AI
-Amazon Web Services Inc. (Amazon Lex)
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According to the research report, the Chatbots Market is expected to expand at a CAGR of 24.1% during 2021-26.
Market Definition: Chatbots are computer programs built to facilitate conversations with humans & address their queries in natural languages through different communication mediums like chats, voice & video calls, emails, SMS, etc. These programs are being deployed increasingly across numerous organizations to improve customer service & reduce the overall operational costs while enhancing business productivity.
Key Drivers: Chatbots are aiding several companies worldwide to streamline & optimize their customer services & swiftly becoming a critical aspect in delivering enhanced customer services. Industries like retail, e-commerce, healthcare, & finance, among various others, are rapidly shifting toward resolving customer queries instantly with the help of Chatbots. As a result, enterprises see them as a robust conversational interface that offers dynamic & engaging customer experiences. Hence, based on these aspects, Chatbots are observing an increasing adoption worldwide, and the same trend is likely to be followed in the years to come.
Growth Challenges: Most organizations use Chatbots as an interface for customer assistance & strategic branding. However, misinterpretation of requests, incorrect execution of commands, or challenges in understanding language or accents might refrain bots from making appropriate decisions, which might increase the possibility of data breaches and, as a result, restrain the overall market growth.
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The Market segments are cited below:
Market Divided into, By Application
-Customer Support
-Bots for Social Media
-Bots for Marketing
-Bots for Payments / Order Processing
-Others
Market Divided into, By Type
-Artificial Intelligence
-Rule Based
Market Divided into, By Interface
-Standalone
-Web-Based
-Third party/ Messenger Based
Market Divided into, By Verticals
-BFSI
-Retail & Ecommerce
-Healthcare
-Travel & Hospitality
-Media & Entertainment
-Telecommunications
-Others
Market Divided into, By Technology
-Machine Learning & Deep Learning
-Natural Language Processing
-Automated Speech Recognition
Market Divided into, By Deployment Model
-On-Premises
-Cloud
Market Divided into, By Organization Size
-Large Enterprises
-Small and Medium-Sized Enterprises
Regional Landscape includes North America, South America, Europe, Middle East & Africa, Asia- Pacific
Country Level Segmentation is as follows: The US, Canada, Brazil, The UK, Germany, France, Saudi Arabia, UAE, China, India, Japan, Singapore
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Key Citations of the Research Report:
-Influential parameters driving or constraining Market growth
-The Market’s response to the Covid-19 pandemic
-A thorough examination of the Market’s shifting dynamics
-Assists in determining the profitability by providing thorough insights & assessments of -various segments of the Market
-Key strategies adopted by market leaders to maintain their position in the Market
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