Chatbots automate conversations between consumers and businesses making them useful for many mundane and repetitive tasks. Chatbots allow 24/7 customer assistance, real-time support and quick response times. They are integrated with other AI technologies like machine learning and natural language processing to personalize user experiences. The global Chatbot Market is estimated to be valued at US$ 6.04 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of conversational interfaces using chatbots has accelerated in the past few years driven by businesses looking to transform customer experiences. Chatbots are being deployed across industries like BFSI, retail, healthcare, travel and more to handle basic customer queries and transactions. Integration of chatbots with virtual assistants like Amazon Alexa and Google Assistant has expanded their reach beyond mobile apps and websites. Advancements in NLP and deep learning are allowing chatbots to understand complex questions better and mimic human conversations at a higher level. This is encouraging more businesses to leverage chatbots for customer support, marketing and sales applications.
Segment Analysis
Chatbot market can be segmented into vertical, type, application and geography. By vertical, customers service chatbot segment dominates the market currently accounting for over 30% share due to increasing demand of enterprises to enhance customer experience and service levels. By application, marketing and sales segment holds significant share and is expected to witness highest growth during the forecast period driven by need to analyze customer behavior and boost sales.
Key Takeaways
The global Chatbot Market Growth is expected to witness high growth during the forecast period 2023 to 2030. The market size for 2024 is estimated to be US$ 6.04 Billion with a CAGR of around 6.3% during the forecast period.
Regional analysis: North America region currently leads the global market and is expected to continue its dominance during the forecast period. This is due to early adoption of advanced technologies like AI and presence of key players in the region. Asia Pacific region is also projected to grow at fastest pace attributed to increasing penetration of internet, smartphones and focus of regional enterprises to enhance customer engagement using chatbots.
Key players operating in the Chatbot market are Jacobs, Atkins, ETA Engineering, WSP and AECOM. Jacobs leads the market with over 15% market share powered by its expertise in AI and ability to develop customized chatbot solutions across industries. WSP is also a leading player known for its industry specific chatbots for utilities, transportation and building sector.
For more insights, read- https://www.newsanalyticspro.com/chatbot-market-trends-size-and-share-analysis/
For more details on the report, Read- https://careersplay.com/chai-chickpeas-nourishing-journey-through-the-colors-of-vegan-indian-cuisine
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