Chatbot Market is expected to witness astounding growth by exhibiting a CAGR of 22.5% between 2020 and 2027. Additionally, the market was worth USD 396.2 million in 2019 and is projected to reach USD 1,953.3 million by 2027.
A chatbot is a type of computer program that is a simulated interpretation of human conversation using voice or text assistance or sometimes both. In addition to this, it involves the adoption of technology such as artificial intelligence (AI) that can be used through several interactive applications. Back in the 1960s, Joseph Weizenbaum, a professor at MIT, developed the world’s first-ever chatbot, Eliza that answered a few basic questions. However, with the evolution of technology, a remarkable development in conversational bots is witnessed today and is highly adopted by large businesses to gain competitive edge and maintain efficient customer interaction.
competitive landscape that involves leading companies and adoption of strategies by them to innovate novel products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Drivers and Restraints:
Technological Innovation to Augur Growth
Emergence of technology such as artificial intelligence (AI) and machine learning is increasing the demand for advanced chatbots. Additionally, cloud-based chatbots are helping the companies to increase maximum customer interaction and overall productivity. Increasing adoption of such advanced software applications by the companies is expected to drive the global chatbot market growth in the forthcoming years. For instance, according to a report by the Oracle Corporation, about 80% of large and SMEs are presently using or planning to adopt advanced services by the end of 2020.
List of the Companies Operating in the Market:
- Amazon Web Services, Inc. (US)
- Google LLC (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- SAP SE (Germany)
- Yellow Messenger (India)
- Labiba for Artificial Intelligence LLC (Dubai)
- Gupshup (US)
- SmartBots (US)
- Aivo (Argentina)
Regional Analysis:
Presence of Major Players in North America to Bolster Growth
Among the regions, the market in North America was worth USD 156.7 million in 2019 and is expected to hold the highest global chatbot market revenue during the forecast period. This is ascribable to factors such as the presence of large companies such as IBM Corporation, Amazon Web Inc., and Microsoft Corporation, among others. Furthermore, high investments by the companies in developing advanced bots to facilitate their business operation will aid the market growth in the region. Europe, on the other hand, is likely to witness steady growth for the market in the forthcoming years. This is attributable to factors such as increasing investment by the government and private players to adopt this services to ensure efficient customer engagement activities between 2020 and 2027.
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