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Chatbot Market Size

Report ID: GMI2643
Published Date: Jun 2018
Report Format: PDF

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Chatbot Market Size

Chatbot Market size surpassed USD 250 million in 2017 and is anticipated to grow at a CAGR of over 31% between 2018 and 2024. The market growth is attributed to growing popularity of these platforms among enterprises as they allow users to create bots effortlessly by providing a user-friendly interface.

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The rising implementation of AI and machine learning algorithms, which employ computational methods for learning, understanding, and delivering human language content to develop user-interactive online applications will augment the market demand.

Chatbot Market Report Attributes
Report Attribute	Details
Base Year:	2017
Chatbot Market Size in 2017:	250 Million (USD)
Forecast Period:	2018 to 2024
Forecast Period 2018 to 2024 CAGR:	31%
2024 Value Projection:	1.34 Billion (USD)
Historical Data for:	2013 to 2017
No. of Pages:	350
Tables, Charts & Figures:	314
Segments covered:	Application, Interface, End-Use, Type, Deployment Model and Region
Growth Drivers:	Enhanced customer service Emergence of messaging platforms Reduction in chatbot development costs Increasing usage of chatbots for marketing and sales Capital investments in chatbot technology Increasing use of chatbots in e-commerce sector Advancements in AI, NLP and cloud computing technologies
Pitfalls & Challenges:	Lack of awareness among businesses Security and privacy issues Dialects, question formation and speech recognition Not for every business

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Another factor accelerating the chatbot market revenue is the growing investments in technology to develop new innovative solutions. Market players, including both startups and established companies, are investing heavily in Natural Language Processing (NLP) technology to develop platforms. These investments enhance marketing & promotions through the chatbot platform, increasing customer service, transactions, and purchases.

Authors: Preeti Wadhwani, Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of chatbot surpassed USD 250 million in 2017.

The industry share of chatbot is anticipated to grow at a CAGR of over 31% between 2018 and 2024.

Healthcare institutions need to be online round-the-clock, to that end, they employ chatbots to provide 24/7 assistance to patients, carry out insurance claims and billing processes, and help in inventory management.

Increasing investments in AI and machine learning by technological players is making chatbots more sophisticated and fostering their adoption across the healthcare, education, retail, BFSI, and travel industries.

Chatbots would likely witness immense use throughout Latin America due to growing smartphone penetration. Brazil would likely lead the charge owing to large-scale deployment of AI-powered systems in its BFSI sector.