Chatbot Market to reach US$994.5 Million by 2024 - TMR
Albany, NY -- (SBWIRE) -- 11/26/2018 -- The global chatbot market depicts the presence of a highly competitive vendor landscape, says Transparency Market Research on the basis of a newly published report. Such a high spirit of competition mainly exists owing to the presence of technology-driven companies such as Google, Facebook, and Microsoft. In fact, these three companies held more than 90% of the share in the global chatbot market in recent times. However, several other companies such as Pandorabots, Inc., Slack Technologies, Inc., Astute Solutions, and Kasisto Inc., are tightening the competitiveness by bringing forth smart innovations to their services. Many players are also participating in important mergers and acquisitions in the form of key strategies to expand their presence in the global chatbot market.
As per expert analysts, this market is projected to attain a valuation of US$0.94 bn by the end of 2024. This is a decent increase from an initial revenue of US$0.11 bn that was registered in 2015. Such a growth is envisaged to occur through a meteoric and whopping CAGR of 27.8% during the forecast period from 2016 to 2024.
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Region-wise, the global chatbot market is segregated into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Of these, North America holds a leading position thanks to the presence of a strong technological infrastructure. A large presence of business automation and associated activities carried out for digital marketing applications in this region is also making North America attract notable revenue in the market.
Impressive Development in AI Technology Fuels Growth in the Market
Widespread advancements occurring in the field of artificial intelligence is primarily responsible for driving growth in the global chatbot market. This is mainly due to the implementation of more sophisticated and mature chatbot processes that are intensely smart to deal with engaging customers. With a rising demand of automation in several domains, the use of chatbots to achieve online efficiency in terms of dealing with customer enquiries and customer retention is increasing. This is expected to make the global chatbot market depict a highly positive growth curve in the near future. Most businesses are making use of chatbot services in a plethora of ways, thus expanding the boundaries of their capacities and capabilities.
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In addition, application of AI in consumer electronics has also led towards the creation of a large client base that demands the assistance of technologies like chatbot services. In recent times, extensive progress in digital technology has made many businesses start utilizing numerous digital marketing strategies. As voice and messaging services, which are a part of chatbot technology, come under these strategies, this market is expected to grow with leaps and bounds in the near future.
High Costs of Developing Chatbots Dampens Growth in the Market
However, the global chatbot market is being highly restrained thanks to the lack of expertise needed to develop the relevant services in many regions. Moreover, many businesses are still unaware of the benefits of the chatbot technology, thereby hindering its growth. In addition, to develop these technologies, a high cost issue exists. This could make it difficult for small-scale businesses and new entrants to grow in the market.