Chatbot Market Revenue To Surge To US$ 2,166.28 Million By 2024: Zion Market Research

According to the recent research report, the global chatbot market stood at US$ 369.79 million in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this chatbot market is expected to reach US$ 2,166.28 million by the end of the forecast period. The main products available in this chatbot market are rule-based Chatbots and smart machine Chatbots.

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New York, NY, Nov. 02, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Chatbot Market by Type (Support, Skills, and Assistant), by End-User (Healthcare, Retail, BFSI, Travel & Hospitality, E-commerce, Media & Entertainment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024’’. According to the report, global chatbot market stood at US$ 369.79 million in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this chatbot market is expected to reach US$ 2,166.28 million by the end of the forecast period. The main products available in this chatbot market are rule-based Chatbots and smart machine Chatbots.

With the presence of a large pool of participants, the global chatbot market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). 24/7 Customer Inc., CX Company, Creative Virtual Pvt. Ltd, eGain Corporation, IBM Watson, Codebaby, Speaktoit Inc, Next IT Corporation, Artificial Solutions, and Nuance Communications Inc are some of the key vendors of chatbot across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development states the chatbot market study.

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Citing an instance, in a major event that can generate massive returns for chatbot business, on October 1, 2018, Gi Group became the first recruitment firm to use chatbot for the purpose of recruiting the candidates. For the record, during a week nearly 200 applicants used recruitment chatbot while 50 of them entered contact details into it.

Growing Trend Of AI In Various Industries To Drive Chatbot Market Size

“Large investments along with acceptance of AI in private and government sectors are expected to propel the expansion of chatbot market over the coming years,” says the author of this chatbot market study. Apart from this, the mammoth requirement of high performing Chatbots along with the immense popularity of online messaging applications are likely to enhance the earnings of the chatbot market in the forthcoming years. In addition, rampant use of Chatbots for the purpose of digital marketing along with the easy implementation of AI-based tools in myriad business verticals and industrial products is projected to procure large chunk of revenue for chatbot market.

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The slow rate of acceptance, high installation costs, and lack of expertise pertaining to the services, however, can resist the growth of chatbot market in the years to come. Nevertheless, growing need for patient engagement activities along with the real-time response to queries expected by tech-savvy customers is anticipated to generate lucrative avenues for chatbot industry in the near future. This, in turn, will normalize the impact of barriers on the chatbot market, reports the study.

Massive Product Adoption To Help North America Maintain Dominance

Regionally, North America has been leading the worldwide chatbot market and is anticipated to continue on the dominant position in the years to come, states the chatbot market study. Large-scale adoption of Chatbots in public as well as government organizations is the main factor behind the dominance of the North America chatbot market. Presence of big multinational firms in North America is another significant factor that is supporting the development of this regional chatbot market. In addition, the increase in research and development activities in the field of artificial intelligence based Chatbots to enhance customer services is one of the major factors driving the growth of chatbot market in North America.  Reportedly, myriad firms in countries such as U.S. and Canada are implementing a fast, cost-effective, advanced, and secure process for customer interaction that is likely to further enhance the business scope.

This review is based on a report by Zion Market Research, titled Chatbot Market by Type (Support, Skills, and Assistant), by End-User (Healthcare, Retail, BFSI, Travel & Hospitality, E-commerce, Media & Entertainment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024.”- https://www.zionmarketresearch.com/report/chatbot-market

The global chatbot market is segmented as follows:

By Type

  • Support chatbot
  • Skills chatbot
  • Assistant chatbot

By End-User

  • BFSI
  • Healthcare
  • E-commerce
  • Retail 
  • Travel and Hospitality
  • Media & entertainment
  • Others

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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