LONDON--(BUSINESS WIRE)--The chatbot market is expected to grow by USD 1.11 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Chatbots help connect different kinds of marketing channels such as websites, SMS, and emails. In addition, chatbots integrated with conversational AI tools collect consumer data based on which a personalized experience is provided. The data also enables them to distinguish between different human emotions such as anger, confusion, fear, and joy which helps enterprises to improve their customer care relationship. These advantages of chatbots will encourage investments in the industry, which in turn, will boost market growth.
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As per Technavio, the integration of chatbots with communication channels will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Chatbot Market : Integration of Chatbots with Communication Channels
The rise of the internet, digitalization, and the adoption of mobile devices has changed the way people and companies interact. Any platform can be integrated with chatbots as they provide an omnichannel experience. For instance, Microsoft Bot Connector is a communication service that links bots with channels such as telecommunication applications, emails and others. Over the forecast period, as chatbots become monetized, there will be opportunities for the mass distribution of marketing and promotional materials using this channel. These factors will propel the growth of global chatbot market during the forecast period.
“Factors such as the increasing mobility of chatbots with use in smartphones, and growing popularity of live chat will have a positive impact on the growth of the chatbot market value during the forecast period,” says a senior analyst at Technavio.
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Chatbot Market: Segmentation Analysis
This market research report segments the chatbot market by end-user (retail, BFSI, travel and hospitality, government and others), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the chatbot market in 2019, followed by APAC, Europe, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the high awareness of AI and its potential, increase in demand for cost-effective and user-friendly chatbots, and growing participation of online shoppers in live chats.
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Some of the key topics covered in the report include:
End-user
- Retail
- BFSI
- Travel and hospitality
- Government
- Others
Geographic Segmentation
- APAC
- Europe
- MEA
- North America
- South America
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
