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The global chatbot market size is expected to witness stellar growth while exhibiting a CAGR of 22.5% between 2020 and 2027. This is ascribable to factors such as increasing focus on automation by the companies and growing demand for cloud-based AI conversational chatbots. Fortune Business Insights, publish this information in its latest report, titled “Chatbot Market Size, Share & COVID-19 Impact Analysis, By Component (Platform/Software Development Kit and Services), By Deployment (Cloud and On-premises), By Application (Website, Contact Centers, Social Media and Mobile Application), By Industry (Banking, Financial Services and Insurance (BFSI), Retail and ecommerce, Information Technology (IT) and Telecom, Media and Entertainment, Healthcare and Others and Regional Forecast, 2020-2027.” The report observes that the market was worth USD 396.2 million in 2019 and is likely to generate USD 1,953.3 million by 2027.
Solvvy Launching Next-Gen Chatbot Platform to Favor Growth
The emergence of automation is turning out to be extremely beneficial for companies to streamline their operations and enable a customer-centric approach. According to Fortune Business Insights, the global chatbot market comprises several companies striving to consolidate their position in their fiercely competitive landscape. Among the companies, Solvvy, a leading conversational chatbot solution provider, is turning out to be a harbinger of growth for the market. In June 2020, the company introduced its new Conversational Concierge, a next-generation platform. According to the company, the platform is designed efficiently to enable popular brands to deliver personalized, intelligent, and on-brand support to its customers across various channels. Mahesh Ram, the CEO of Solvvy, says, “Today, there are several conversational chatbots that claim to adopt AI, however, they lack the Natural Language Processing and AI power of Solvvy.”
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/chatbot-market-104673
Increasing Adoption of Cloud-based Conversational Bots to Propel Demand
Cloud-based conversational bots assists the user to interact with online web services by providing interactive text, graphics, audio, and several efficient task modules. In addition to this, they enable a responsive interaction between businesses and customers that aids in improving productivity. Furthermore, they help in improving user satisfaction, while drastically reducing personnel costs for the company. Moreover, adoption of artificial intelligence (AI) application in chatbots is enabling the companies to provide 24*7 services for its customers that in turn is strengthening the relationship of the organization with its consumers. For instance, IBM Watson Assistant is an example of an efficient and intelligent cloud-based chatbot service that delivers interactive and robust experience for the customers through the API endpoints. Therefore, increasing adoption of cloud-based conversational bots is expected to contribute to the market growth in the forthcoming years.
Product Expansion Strategies by the Companies to Surge Demand
According to Fortune Business Insights, companies such as Amazon Web Services, SAP SE, and Microsoft Corporation, among others are striving to gain the majority of global market revenue and maintain a stronghold during the forecast period. The companies are adopting strategies such as novel product launches, partnerships, and merger and acquisition that will contribute to the growth of the market between 2020 and 2027.
List of the Companies Proliferating in the Market:
Further Report Findings:
Table of Segmentation:
ATTRIBUTE | DETAILS |
Study Period | 2016-2027 |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Period | 2018 |
Unit | Value (USD million) |
Segmentation | Component; Deployment; Application; Industry and Region |
By Component |
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By Deployment |
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By Application |
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By Industry |
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By Region |
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