Adoption of Cloud-Technology to Propel Global Chatbot Market in Coming Years
Published On : Nov 29, 2018 | Category : IT & Telecom
The global chatbot market is developing at a high pace with the emergence of artificial intelligence in this field. The increasing use of chatbot for enhancing the consumer experience is projected to support the market growth in the near future. As per the research study by Transparency Market Research, in 2015, the global chatbot market stood at US$113.0 mn and is predicted to reach a value of US$994.5 mn by the end of 2024. The market is expected to register a whopping 27.80% CAGR between 2016 and 2024.
Increasing Use of Social Media Platforms to Propel Chatbot Market
The rise in the demand for automated patient management tools in the healthcare sector and the rising adoption of cloud-based technology are predicted to support the development of the market in the next few years. The rise in the need for understanding the consumer behavior and the rise in the penetration of mobile applications are further projected to ensure the market growth in the coming few years. In addition to this, the rising number of social media platforms is another key factor that is anticipated to ensure the market growth in the near future.
On the other hand, the high cost of deployment and the rising complexities for system integration are expected to hamper the growth of the market in the near future. Moreover, the lack of awareness among people related to the early existence in the tech-adoption lifecycle are further anticipated to curtail the development of the overall market in the next few years. Nevertheless, the technological advancements and the rise in the demand for digital shopping experience is estimated to ensure rapid growth of the chatbot market across the globe.
North America to Observe High Growth in Chatbot Market in Near Future
Geographically, North America is expected to account for a huge share of the chatbot market over the next few years. The rise in the demand from the U.S. and the rising investments by the leading players in this region are projected to ensure the growth of the North America in the coming few years. The chatbot market across Asia Pacific is anticipated to witness a high growth and is projected to register a promising growth in the next few years. The development of the ICT infrastructure in the developing economies and the increasing contribution from China and India are further likely to accelerate the growth in the next few years.
The global chatbot market displays a stiff competition with a high level of consolidation among the leading players that are operating across the globe. The prominent players in the market are focusing on inventions and technological advancements, which is predicted to provide several growth opportunities for the market payers over the next few years. The expansion of product portfolio and the collaborations and acquisitions are some of the main strategies that are being adopted by the market players so as to maintain their position in the coming years. The key players engaged in the chatbot market include Microsoft Corporation, Kasisto Inc., Yahoo Inc., Haptik, Inc., Facebook, Inc., Astute Solutions, Google, Inc., ToyTalk (PullString Inc.), Slack Technologies, Inc., Pandorabots, Inc., Kiwi, Inc., Imperson Ltd., and Helpshift.