Albany, NY -- (SBWIRE) -- 01/15/2019 -- 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.
Browse The Press Release:
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.
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.
Get Table of Content @
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.