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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Chatbot Market Analysis
The market has witnessed significant growth and evolution, driven by advancements in artificial intelligence, machine learning, and natural language processing. One of the major market drivers is the rising adoption of chatbots by businesses seeking efficient ways to handle customer inquiries and improve service quality. Chatbots offer a cost-effective alternative to traditional customer service models as well as valuable insights into customer behaviour and preferences.
Modern chatbots are increasingly powered by sophisticated AI, allowing for more natural and effective interactions. The increased integration of chatbots with other technologies like CRM systems, payment gateways, and analytics tools is one of the key chatbot market trends.
Chatbot Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global chatbot market attained a value of nearly USD 839.33 million.
The market is projected to grow at a CAGR of 24.9% between 2024 and 2032.
The major drivers of the market are the increasing demand for automated customer services, the growing implementation of chatbots in various industry verticals, and the increasing demand for enhanced and speedy customer experiences.
The increasing development in artificial intelligence and the rapid technological advancements are the key trends guiding the market growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant types of chatbot are standalone, web based, and messenger based/third party.
Artificial intelligence, marketing, and human intelligence are the various product landscapes of chatbot considered in the market report.
The major applications of the product include bots for service, bots for social media, bots for payments/order processing, and bots for marketing, among others.
The different end uses of chatbot include healthcare, retail, banking financial services and insurance (BFSI), media and entertainment, travel and tourism, and e-commerce, among others.
The major players in the market are [24]7.ai, Inc, Aivo LLC, Artificial Solutions International AB, Botsify Inc., Creative Virtual Private Limited, Inbenta Technologies Inc., IBM Corporation, and eGain Corporation, among others.
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