Chatbots Market Size to Reach USD 3892.1 Million by 2028 at a CAGR of 20% | Valuates Reports

BANGALORE, India, Sept. 14, 2022 /PRNewswire/ -- The Global Chatbots Market is Segmented by Type (Software, Services), by Application (Websites, Contact Centers, Mobile Platform, Social Media): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.

The global chatbots market size is projected to reach USD 3892.1 million by 2028, from USD 1079.9 million in 2021, at a cagr of 20.0% during 2022-2028.

Major Factors Driving the Growth of the Chatbots Market

The rising demand for chatbot software and services due to the increasing penetration of websites, social media platforms, and mobile applications will fuel the growth of the global chatbot market.

The demand for intelligent customer engagement, benefits such as time and cost savings along with the ability to offer personalized bots through AI integration will drive the market growth during the forecast period. 

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL CHATBOTS MARKET

Consumers look for businesses online and want one-tap solutions instead of relentless searching. Hence businesses are integrating websites with chatbots to provide a smooth customer experience thereby bolstering the growth of the chatbots market. Timely response and round-the-clock availability ensure that customers are able to get quick support and products are sold efficiently. Websites with chatbots lead to well-qualified leads and convert higher. Enterprises can get repeat customers and collect detailed user insights. 

Companies registered on social media platforms such as Facebook use chatbots to enhance customer service and collect relevant data and quality leads. The bots are also used for shopping recommendations and solving users' queries regarding products or services. The chatbots market will be impacted positively as the number of platforms and accounts using AI chatbots is going to increase tremendously in the coming years.

Intelligent natural language virtual assistants are playing a key role in improving the user experience in call centers. The bots are able to comprehend human speech and identify the intent behind the caller's inquiry without them having to speak in certain phrases or words. By establishing personalized interactions with customers and offering product recommendations based on past buying experience bots are expanding the growth prospects of the chatbots market. Furthermore, the AI-powered software helps push the prospects down the marketing funnel by guiding them through every aspect of the transaction. Chatbots predict customer behavior and send the right notifications to the right people every time. This provides an engaging shopping experience. 

Companies are using chatbots on their smartphone apps for reaching directly to the customer. The tool analyzes the messaging and recommends which product fits a user's needs. This ensures that people are able to make informed decisions quickly thereby bolstering the growth of the global chatbot market. Moreover, people can engage easily without any prior training and the inbuilt NLP systems analyze the queries for providing context-based accurate answers. 

Bots are essential for businesses as it allows them to reduce people-to-people interactions and cut labor costs. Apart from operational cost, massive savings comes from freeing up the time of workers doing routine tasks. Organizations are phasing out customer support staff gradually by bringing in chatbots thereby surging the demand for the global chatbot market. The entire interaction time on social media channels, phone calls, and messaging apps can be cut dramatically. 

Self-learning chatbots are on the rise as it has the capacity to engage customers on a whole other level. This includes technical support, sales management, and account management. The bots can adapt to the changing conditions in the environment and mimic natural human-like interactions through the use of NLP and ML algorithms. The self-learning capability will foster the growth of the global chatbot market. Several initiatives are being undertaken to introduce the self-learning feature. 

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CHATBOTS MARKET SHARE ANALYSIS

Based on type, the services segment will grow the highest in the chatbot market share due to growing adoption by businesses to save costs and automate repetitive tasks. 

Based on application, the website segment will maintain dominance in the chatbot market share due to rising integration with bots that help users in multiple ways like booking flights, scheduling appointments and ordering food, etc. 

Based on region, Asia-Pacific will be the most lucrative due to rapid industrialization, technologically driven innovations, and digitization in countries like China, Japan, Singapore, etc. 

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Key Players:

• Artificial Solutions
• IBM Watson
• Naunce Communications
• eGain Coporation
• Creative Virtual
• Next IT Corp.
• CX Company
• Speaktoit
• Customer
• Codebaby.

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-  The intelligent virtual assistant market size was valued at USD 3,442 Billion in 2019, and is projected to reach USD 44,255 Billion by 2027, growing at a CAGR of 37.7% from 2020 to 2027.

-  The global Digital Process Automation market size is projected to reach USD 11770 Million by 2027, from USD 6451.8 Million in 2020, at a CAGR of 8.5% during 2021-2027.

-  The global Metaverse market size is projected to reach USD 28 Billion by 2028, from 510 USD Million in 2022, at a CAGR of 95% during 2022-2028.

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