Chatbot Market Factors Will Contribute to the Global Industry Growth in the Coming Years

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Global Chatbot Market: Overview

A chatbot is a specialized computer program that uses artificial intelligence to initiate a conversation between human beings and machine. It is a robot that has the functionality of interactively chatting with the human beings through audio or textual mode; this is done with the help of internet. The pop-up on message service inhabited within the chatbot helps the users in multiple applications such as booking a ride or booking the flight tickets, etc.

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Global Chatbot Market: Segmentation

The global market for chatbot is globally fragmented into its type, usage, industry vertical, deployment type, and end user. Based on the type, the market is segregated into software and services. The services segment is further sub-segmented into managed services and professional services. On the basis of usage, the market is divided into contact centers, mobile platform, websites, and social media. Depending on the industry vertical, the market is categorized into financial services, communication, travel and hospitality, education, healthcare, utilities, retail, government, and others. According to the deployment type, the market is bifurcated into on cloud and on-premises. Based on the end-user, the market is classified into large enterprises and small and medium enterprises.

Global Chatbot Market: Growth Factors

The key factor that is driving the growth of the chatbot market is the growing popularity of the online channels that are interactive along with the need to develop the relationship with the customer which will be possible through customer engagement will trigger the growth of the market in the coming years. There are several initiatives being taken by the researchers to improve the functionalities of the chatbot which has positively boosted the growth of the market. This has increased the adoption of the chatbots in various organizations. These factors will contribute to the market growth in the coming years. Along with positive facts, there are some factors that are negatively affecting the market growth such as the rate at which the developments or upgradations are made in the chatbot is comparatively slow and the application areas where it is being used is growing. There are some issues that need to be resolved such as chatbot management, security, monitoring, and integration.

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Global Chatbot Market: Regional Analysis

The geographical segmentation of the global chatbot market is diversified into North America, Western Europe, Asia-Pacific, Eastern Europe, the Middle East and Africa, and Latin America. North America is the dominating region in the chatbot market. Canada and U.S. accounted for the largest market share in this region. The U.S. is the most popular individual chatbot market. The factors that contributed to this dominance is the increasing number of research activities in the field of artificial intelligence and the growing number of organizations. Asia-Pacific region is expected to have a robust market growth in the coming years. The companies from the U.S. have recognized the wide range of market opportunities in the Asia Pacific region, thus making investments in this regional market.

Global Chatbot Market: Competitive Players

The key market players that are involved in the chatbot market include Nuance Communications Inc., Artificial Solutions, Next IT Corporation, Speaktoit Inc., Codebaby, IBM Watson, eGain Corporation, Creative Virtual Pvt. Ltd., CX Company, 24/7 Customer Inc., and others.

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