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Chatbot Market to Reach US$0.94 Billion by 2024 at a CAGR of 27.8%; Rising Advancements in Artificial Intelligence to Boost Demand - TMR
[October 10, 2018]

Chatbot Market to Reach US$0.94 Billion by 2024 at a CAGR of 27.8%; Rising Advancements in Artificial Intelligence to Boost Demand - TMR


ALBANY, New York, October 10, 2018 /PRNewswire/ --

As per TMR, the global chatbot market is projected to attain a valuation of US$0.94 bn by the end of 2024 progressing from US$0.11 bn earned in 2015. The market is expected to rise at excellent CAGR of 27.8% by volume during the forecast period between 2016 and 2024.

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The global chatbot market is highly consolidated, as a few players in the market hold 90% of share in the market, as observed by Transparency Market Research. The leading players in the market are Microsoft, Facebook, and Google. There are also several other players in the market that contribute to the complete development of the chatbot market. To name some of them are Kasisto Inc., Haptik, Inc., Pandorabots, Inc., Helpshift, Kiwi, Inc., ToyTalk (PullString Inc.), Microsoft Corporation, and Slack Technologies, Inc. various other messaging applications such as WeChat, Twitter, and Skype are widely used for communication. Competition is severe among the players and is highly dependent on the services they offer to their customers.    

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On the basis of enterprise size, large enterprise is projected to dominate the market in terms of revenue, as this is expected to generate US$0.62 bn by the end of forecast period. Large enterprises widely use chatbot to introduce business process automation activities and for digital marketing applications. On the regional front, the global chatbot market is projected to lead by North America, as it has a larger share in the global market. Over the forecast period, North America is projected to continue its dominance. In addition, Asia Pacific is anticipated to exhibit highly promising CAGR during the forecast tenure.

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Increasing Use of Chatbot across Various Business to Boost Market Growth  

The rising technological advancements and constant developments in the function of the artificial intelligence (AI) have triggered the demand for the chatbot. Furthermore, artificial intelligence has also progressed the way in which chatbot responded i.e. now chatbot is smart communication platform used for customer interaction from a simple answering machine. The use of chatbot has greatly benefited various organizations and has enhanced their marketing strategies with an effective use chatbot.  In addition, application of artificial intelligence in consumer electronics has also expanded the lient base with the assistance of chatbot.  In the last few years, advancements in digital technology have also benefitted numerous business houses in expanding their market reach by developing digital marketing strategies. In this, voice and messaging services were used widely. Therefore, by considering the above-mentioned factors, the chatbot market is expected to rise significantly across the globe in the next few years.  



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Lack of Expertise to Hamper Growth of Chatbot Market  


Despite the growing use of chatbot in various business, there are certain factors that may hamper the growth of chatbot market.  One of the major factors is lack of expertise and little awareness about the use of chatbot and its benefits. In addition, to develop a tech-savvy surrounding involves high cost for deployment, security, management, and have integration complexities that might discourage individuals to use chatbot facility. Thus, these factors are responsible for deterring the market growth across various economies. However, by confronting these issues and resolving these issues might minimize these restraints and create high growth opportunities for the market in the near future.

The information presented in this review is based on a TMR report, titled "Chatbot Market (Platform - Web-based, Mobile, and Standalone; Enterprise Size - Small and Medium Enterprises and Large Enterprises) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."

Browse Research Release - https://www.transparencymarketresearch.com/pressrelease/chatbot-market.htm

Global Chatbot Market has been segmented as presented below: 

Global Chatbot Market, by Platform 

  • Web-based
  • Mobile
  • Stand-alone

Global Chatbot Market, by Enterprise Size 

  • Small and Medium Enterprises
  • Large Enterprises

Global Chatbot Market: Geography 

  • North America 
    • U.S.
    • Canada
  • Europe 
    • U.K.
    • Italy
    • Spain
    • France
    • Germany
    • Rest Of Europe
  • Asia Pacific Excluding Japan 
    • China
    • India
    • ASEAN
    • Rest Of Asia Pacific
    • Japan
  • Latin America 
    • Brazil
    • Mexico
    • Rest of South America
  • Middle East & Africa (MEA) 
    • GCC
    • South Africa
    • Rest of MEA

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About Us 

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.

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SOURCE Transparency Market Research


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