Chatbot Market

Fatpos Global has released a report titled “Chatbot Market - Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” which is anticipated to reach USD 112 billion by 2030. According to a study by Fatpos Global, the market is anticipated to portray a CAGR of 30.58% between 2020 and 2030. According to the report, the size of the market is forecasted to grow as chatbots continue to minimize operational costs to businesses. Chatbot marketing, payments, processing, and operation are various segments in which chatbots can function—but services have the largest market share in chatbots businesses. Improved technology combined with growing consumer demand for self-service facilities and 24*7 customer supports at a reduced cost of operation are the main growth drivers for the sector. In addition, the initiatives aimed at building self-learning chatbots are designed to provide a more human conversational experience, increase the use of chatbots between various industries, and increase customer commitment through various channels, thus creating many opportunities for international vendors.

The market report on the global Chatbot market includes in-depth insights as:

• The estimated value of the market was USD 18 billion in the year 2020.
• Region-wise, the market in the Asia Pacific, which held the largest market share of XX.X% in the year 2019, emerged as a key market for Chatbot Market.
• Based on Deployment, the Cloud segment emerged as a key segment in the global Chatbot Market.
• Based on application Type, the Customer Engagement and Retention segment emerged as a key segment in the global Chatbot Market.
• Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.

“Surging demand of Chatbot from numerous end-user industries is the key factor contributing to the market growth. Chatbots are a promising agent which can offer 24x7 while improving profitability overall. AI chatbots also bring incentives, such as automation of routine tasks that boost efficiency levels, support in several languages, and better self customer service. In addition, they can also be used to assist various languages. Due to the opportunity to customize the experience without disturbance, customer support systems are anticipated to fuel growth in the coming years.”, said a lead analyst at Fatpos Global.

A chatbot is essentially an artificial intelligence program that communicates to a person to solve a problem or answer a certain question. This decreases running time and increases performance, which encourages business growth. It helps the customer through messages, websites, mobile apps, and phones. In addition, chatbots through BFSI are introduced to provide enhanced user experience, connect with customers instead of consultants, quickly answer questions, relieve workloads, and so on.        

Global Chatbot market is segmented by application type into Customer Engagement and Retention, Branding and Advertisement, Customer Support, Data Privacy and Compliance, Personal Assistant, Onboarding and Employee Engagement, and others. One of the key focus areas of different vertical products is customer engagement and retention. These verticals have begun using chatbots powered by Artificial Intelligence (AI) to reach their clients and provide them with seamless experiences during their journey. Since they can engage consumers, gather new information, and reduce sales life cycles, chatbots are an efficient way of enabling verticals to capture, retain and engage new customers. The presence and retention of customers are therefore expected to become a critical field for implementing chatbot solutions.

Key Players 

Some of the key players operating in the global Chatbot market are IBM Corporation(US), Google (US), Amazon Web Services(US), Chatfuel (US), Yellow Messenger (India), Contus (India), Inbenta Technologies (US), Nuance Communications (US), Passage AI (US), Conversica, SmartBots (US), Botsify (Pakistan), Yekaliva (India), Other Prominent Players

Get Valuable Insights into Global Chatbot Market

In the new report, Fatpos Global thrives to present an unbiased analysis of the global Chatbot market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented deployment into Cloud-based and on-premises, by application type into Customer Engagement and Retention, Branding and Advertisement, Customer Support, Data Privacy and Compliance, Personal Assistant, Onboarding and Employee Engagement, and others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.