Business

Chatbot Market Expanding at a CAGR of 24.32% during 2023-28

Global Chatbot Market Overview:

MarkNtel Advisors has recently published a detailed research report on the Global Chatbot Market. The report is specifically tailored to offer valuable insights and support for clients navigating this dynamic market. It focuses on key objectives such as predicting trends, gaining a profound understanding of market perspectives, identifying strategic investment opportunities, and evaluating potential business partners.

Chatbot Market Insights and Analysis

The Global Chatbot Market size is valued at around USD 5.2 Million in 2022 and is estimated to grow at a CAGR of around 24.32% during the forecast period, i.e., 2023-28. Our comprehensive report provides a thorough examination of market players, opportunities, and valuable insights, equipping our clients with the indispensable information needed to make well-informed decisions within this dynamically evolving environment.

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Insights into Dominant Segments in the Chatbot Market

By analysing each Segments, including

-By Type

Artificial Intelligence-based
Rule-based

Of both, AI-powered chatbots are projected to acquire a significant Chatbot Market share during 2023-28. These bots utilize AI & machine learning algorithms to understand natural language and engage in more sophisticated interactions with users. They gather more data & user feedback, which makes them smarter and more accurate in understanding user intent. In addition, they also use NLP to understand & interpret human language, which allows them to process user queries, extract meaning, and provide appropriate responses.

Unlike rule-based bots that can only provide basic information, AI-based chatbots are better equipped to handle complex queries & multi-step interactions. They can maintain context throughout a conversation by remembering previous interactions and using them to provide more personalized & relevant responses, which makes them suitable for various industries & use cases. In addition, they analyze user behavior, preferences, & history and then offer them personalized recommendations & tailored solutions, thereby enhancing their engagement & satisfaction. Hence, these aspects indicate the widening popularity & acceptance of AI-based bots, which, gradually, shall provide a significant boost to the global Chatbot Market in the years to come.

-By Application

Customer Support
Social Media
Marketing
Payments/Order Processing
Others

-By Interface

Standalone
Web-Based
Third party/ Messenger Based

-By Verticals

BFSI
Retail & Ecommerce
Healthcare
Travel & Hospitality
Media & Entertainment
Telecommunications
Others

-By Technology

Machine Learning & Deep Learning
Natural Language Processing
Automated Speech Recognition

-By Deployment Model

On-Premise
Cloud

-By Organization Size

Large Enterprises
Small & Medium Enterprises

Explore Our Comprehensive Study: https://www.marknteladvisors.com/research-library/global-chatbot-market.html

Chatbot Market Geographical Reach:

The Chatbot Market Geographical Reach assesses the distribution and prominence of consumption, highlighting regions that dominate in terms of market size, volume, and promising future growth prospects.

-By Region

North America
South America
Europe
Middle East & Africa
Asia-Pacific

Clients can concentrate their investments on the segments that present the most favourable prospects. This strategic methodology empowers clients to fine-tune their investment portfolio and attain enduring growth within the Chatbot market.

Current Landscape of Chatbot Market

The key players profiled in the research report are

IBM
Nuance Communications
Google
Conversica
AWS
OpenAI
Artificial Solutions
Microsoft
Inbenta Technologies
AIVO
Meta
ai
Chatfuel
Passage AI

In light of the ongoing rapid transformations within the Chatbot market, retaining a strategic advantage is paramount for both businesses and investors. At MarkNtel Advisors, we exactly identify and study every notable player, taking into account their recent product launches, mergers, acquisitions, and collaborations. This thorough analysis assists our clients in making more accurate projections and staying competitive in the market.

Chatbot Market Future Prospects

The outlook for Chatbot appears favourable in terms of both revenue share and sales, as evidenced by the market trends. Anticipating continued robust growth over the next five years, market participants are expected to further bolster their portfolios by harnessing technological advancements within the industry. Adding to the market’s attractiveness is the widespread application of the product/service across various end-users, allowing market players to establish a solid presence across continents.

Customization of Reports Available – https://www.marknteladvisors.com/query/request-customization/global-chatbot-market.html

Global Chatbots Industry Recent Developments:

On 18 July 2023, Meta & Microsoft introduced the next generation of their open-source large language model, Llama2, specifically developed for researchers so that they could perfect it, and is available to any business for download or through Microsoft’s Azure cloud service in a special partnership with the Windows maker.
On 7 June 2023, Conversica, Inc., the leading provider of AI-powered conversation automation solutions for enterprise revenue teams, announced a partnership with Salesforce to combine its Generative AI-driven conversational platform with Salesforce Marketing Cloud, aiming to digital marketing automation to a new level by using Generative AI as part of an active dialogue.
On 19 May 2023, Kore.ai, the world-leading enterprise conversational AI software platform & solutions company, announced a partnership with Ciklum, a leading Global digital solutions company, to help advance enterprise adoption of AI-powered virtual assistants. Ciklum will leverage the Kore.ai platform to build advanced virtual assistants to meet the unique needs of their clients around use cases, such as customer experience, employee experience, enterprise automation, and personalized solutions based on user experience.
On 21 March 2023, Google unveiled Bard, an AI chatbot designed to compete with OpenAI’s ChatGPT & Microsoft’s chatbot in their Bing search engine, aiming to solidify its presence in the AI chatbot space while maintaining its dominance in the search engine market.
On 14 March 2023, OpenAI introduced GPT-4, the latest milestone in the company’s effort to scale up deep learning. GPT-4 is a large multimodal model (accepting image & text inputs, emitting text outputs) that exhibits human-level performance on various professional and academic benchmarks.

Frequently Asked Questions

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