A chatbot is an Artificial intelligent (AI) software that is designed to conduct a conversation via voice or text with the human using natural Language Processing (NLP) through the website, mobile, and messaging apps.
Increase in processing speed and performance of chatbots due to advancement in AI and NLP coupled with the growing popularity of online messaging for fast response in an interactive way is driving the growth of chatbot market during the forecast period. In addition, the proliferation of mobile apps along with a rise in website usage makes pave the way for chatbot as it provides 24/7 support with higher accuracy, which will fuel the market growth. Growing demand for self-service support will further drive the market growth.
On-cloud deployment captured the largest market share in 2018 and will continue to dominate the market share through 2026 as it cuts down the up-front cost, reduces server maintenance, provides easy accessibility and security.
Request for Sample Report – https://www.gmiresearch.com/report/global-chatbot-market-industry-anaysis/sample-request
Software segment is expected to dominate the market during the forecast period due to the growing adoption of AI and NLP for a chatbot application. In addition, Artificial Intelligence-Driven chatbot helps the enterprises to make faster and more informed decisions. This helps companies to be more efficient and able to craft personalized experiences for both customers.
Healthcare segment holds the largest market share in 2018 as more number of hospitals are using chatbots to offer personalized and satisfactory experience, they are using it to schedule appointment, to provide additional information about the doctor and answering about patient queries. Retail segment is expected to witness strong growth during the forecast period 2019-2026, especially due to e-commerce penetration around the world as chatbot offers automated and streamline activities, improve enterprise productivity, improves customer engagement, enhance the shopping experience and providing additional information like notify the customer for new stock, sale.
“AI and Natural Language Process powered chatbot solutions manage customer service and content delivery at the same time to enhance the customer experience.”—-GMI Research Outlook
Based on geography, North America is the largest market in 2018 for chatbot due to increasing deployment of chatbots across various sectors like BFSI, healthcare and retail and the presence of strong ICT infrastructure. Asia-pacific is expected to witness higher growth rate over the forecast period, primarily due to rise in the number of smartphones user which makes this region a lucrative market for chatbot along with deployment of chatbots solutions by small and medium-sized enterprises at a large scale in their customer service process in order to handle large number of customer simultaneously.
Key takeaways/Recent Development:
Global chatbot market share is divided by some of the key players including, Microsoft Corporation, Google LLC., IBM Corporation, Amazon Web Services, eGain Corporation, Nuance Communication, Inc., Creative virtual Ltd., Artificial Solution International AB, Next IT Corp. Next IT Corp. and among others.
The Global Chatbot Market has been segmented based on deployment type, component, vertical, and key geographies. Based on the deployment type, the global chatbot market has been segmented into on-cloud and on-premises. Based on the component, the market has been segmented into software and services. Based on vertical, the market has been segmented into healthcare, IT & Comm., Retail, BFSI, Media, Hospitality, and Others.
The research report on the chatbot market provides an in-depth analysis of the global chatbot market revenue based on deployment type, component, verticals, and major geographies for the forecast period from 2019 to 2026. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the chatbot market. The report also analyses the competitive landscape, major players, and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
For more details, Please Visit: https://www.gmiresearch.com/report/global-chatbot-market-industry-anaysis/
Early buyers will get customization upto 20% on report
About GMI Research
GMI Research is a market research and consulting firm which provides research-based solutions to business executives and investment professionals so that they can make right business & investment decisions faster based on real facts. We help business leaders through independent fact-based insight, ensuring their business achieve success by beating the competition.
Company Name: GMI RESEARCH
Contact Person: Media Relations
Phone: +353 1 442 8820
Address:Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate