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Market Research Report

Global Chatbots Market Analysis & Opportunity Outlook 2021

Published On : 09:40 AM, 14th September, 2017 REP-ID-30 Category: ICT & Electronics

Global Chatbot Market Overview

Chatbots are an artificial conversational character which interacts with human via both verbal and non-verbal communication gateways. Chatbots can work on phones as well as computers and are mostly accessed through internet. All the functions performed by Chatbots are based on an artificial intelligence system. Chatbots are believed to emerge as major channel for commerce and digital communication over next few years.

                              Chatbot Market Demand, Growth, revenue

The global Chatbots market was valued at USD 88.5 Million in 2015 and is anticipated to witness a substantial compound annual growth rate (CAGR) of 35.08% over the period 2016-2023. Regionally, the global Chatbots market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and Rest of World (Row). Globally, web-based chatbots are gaining traction among the enterprises due to its advanced connectivity and user-friendly interfaces. Expansion of social networking websites across the globe are escalating the demand for chatbots. The demand for chatbots has been particularly seen in large enterprises owing to its efficiency. 

North America Chatbots market is likely to escalate owing to adoption of Chatbots by some of the big organizations such as Facebook Inc. In addition to that emergence of new Chatbots providing start-ups in the U.S. is also expected to expand North America Chatbots market in future. In 2016, demand from U.S. market expanded 19.65% Y-O-Y, making it one the biggest markets for chatbot implementation in North America followed by Canada. Further, Europe is also expected to witness a significant demand of Chatbots from the rapidly growing outsourcing industry in the region. A great demand and opportunity in Europe is expected to arise from Germany, U.K. & France by 2023; new players and existing established market players would see a spiked demand in these three countries in Europe. In addition to that, Asia-Pacific Chatbots market is envisioned to witness a robust growth sparked by increasing expansion of messaging applications in countries such as India, Malaysia, South Korea, Japan, Indonesia and China.  

Growth Drivers and challenges

Rising inclination of enterprises towards increasing customer experience along with reducing operational costs and working efficiency is expected to garner the growth of global Chatbots market over the forecast period i.e. 2015-2021. In addition to that increasing digital transformation is also envisioned to bolster the global Chatbots market over next 4-5 years. However, lack of awareness and large dependency on humans for customer interaction are anticipated to restrain the global Chatbots market in future.

Demand Analysis & Market Segmentation

By Type

  • Stand Alone
  • Web Based

By End Use

  • Large Enterprise
  • Small and Medium Sized Enterprise

Key Players

Global Chatbots market includes some of the top players such as Facebook Inc.,, Microsoft, Amazon, Yahoo Inc. etc.

Scope and Context

Overview of the Parent Market

Analyst View

Market Size and Growth

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil, Rest of Latin America)
  • Western and Eastern Europe (Germany, Italy, Spain, France, U.K, Benelux, Hungary, Rest Of Western Europe, Russia Poland, Rest of Eastern Europe)
  • Asia-Pacific (China, India, Singapore, Japan, Australia & New Zealand & Rest of Asia)
  • Middle East and North Africa (MENA)
  • Rest of World

Segmentation

  • By Type
  • By End Use
  • By Region

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

 

                         Key Answers Captured in Report?

Which geography would have better demand for product/services?
What are the strategies adopted by big players in the regional market?
Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
What is the current & expected market size in next five years?
What is the market feasibility for long term investment?
What opportunity the country would offer for existing and new players in the market?
What is risk involved for suppliers in the geography?
What factors would drive the demand for the product/service in near future?
What is the impact analysis of various factors in the market growth?
What are the recent trends in the regional market and how successful they are?

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