Pune, India, December 02, 2021 (GLOBE NEWSWIRE) – The world Chatbot market The size is expected to experience amazing growth showing a CAGR of 22.5% between 2020 and 2027. Additionally, the market was worth $ 396.2 million in 2019 and is expected to reach $ 1,953.3 million by 2027. Fortune Business Insights, publishes this information in its latest report, titled Chatbot Market Size, Share and COVID-19 Impact Analysis, By Component (Platform / Software Development Kit & Services), By Deployment (Cloud & On-Premises), By Application (Website, Data Centers) contact, social media and mobile app), by industry (banking, financial services and insurance (BFSI), retail and e-commerce, information technology (IT) and telecommunications, media and entertainment, healthcare and others and regional forecasts, 2020-2027. “The increasing adoption of technologies such as artificial intelligence (AI) system by SMEs and the development of innovative products are expected to be the driving factors for the growth of the market during the forecast period.
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List of companies operating in the market:
- Amazon Web Services, Inc. (US)
- Google LLC (United States)
- IBM Corporation (United States)
- Microsoft Corporation (United States)
- SAP SE (Germany)
- Yellow Messenger (India)
- Labiba for Artificial Intelligence LLC (Dubai)
- Gupshup (United States)
- SmartBots (US)
- Aivo (Argentina)
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A chatbot is a type of computer program that is a simulated interpretation of a human conversation using voice or text assistance, or sometimes both. In addition to this, it involves the adoption of technologies such as artificial intelligence (AI) which can be used through several interactive applications. In the 1960s, Joseph Weizenbaum, a professor at MIT, developed the world’s very first chatbot, Eliza, which answered a few basic questions. However, with the evolution of technology, a remarkable development of chatbots is observed today and is strongly adopted by large companies to gain competitive advantage and maintain efficient customer interaction.
What does the report include?
The market report comprises a detailed quantitative and qualitative analysis of several factors such as major drivers and restraints that will affect the growth of the market. In addition to this, the report provides information on regional analysis which covers various regions, which are contributing to the market growth. Further, it understands the competitive landscape that involves leading companies and the adoption of strategies by them to innovate new products, announce partnerships and collaborate which will contribute to the market growth between 2019 and 2026. Further , the research analyst has adopted several of the research methodologies such as PESTEL and SWOT analysis to extract information on current trends and industry developments that will drive the growth of the market in the years to come.
Conductors and restraints:
Technological innovation to promote growth
The emergence of technologies such as artificial intelligence (AI) and machine learning are increasing the demand for advanced chatbots. Additionally, cloud-based chatbots help businesses maximize customer interaction and overall productivity. The increasing adoption of these advanced software applications by enterprises is expected to drive the growth of the global chatbot market in the coming years. For example, according to a report from Oracle Corporation, around 80% of large and small businesses are currently using or planning to adopt advanced services by the end of 2020.
Businesses Helping Out Amid COVID-19 The COVID-19 pandemic has brought several businesses to a standstill across the world. Government agencies with the help of companies are trying to revive the lame economy by offering several economic packages. However, the widespread chaos has put a silver lining in healthcare chatbots. The COVID-19 pandemic has increased demand for chatbots as two technology companies, Infermedica and LiveChat Software came forward to launch this technology which identifies symptoms of the coronavirus in patients and further advises patients to seek medical assistance.
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Presence of major players in North America to support growth
Among the regions, the North America market was worth $ 156.7 million in 2019 and is expected to hold the highest global chatbot market revenue during the forecast period. This is due to factors such as the presence of large companies such as IBM Corporation, Amazon Web Inc., and Microsoft Corporation, among others. In addition, the high investment by companies in developing advanced robots to facilitate their business operations will help the market growth in the region. Europe, on the other hand, is expected to experience steady market growth in the coming years. This is attributable to factors such as increased investment by government and private actors to adopt these services to ensure effective customer engagement activities between 2020 and 2027.
Orbita Raises $ 9 Million For Its Growing Demand Conversational AI Chatbot Platform
In May 2020, Orbita, a Boston-based AI-based conversational chatbot solutions provider for healthcare, announced that it had raised more than $ 9 million in a round of funding led by Philips Health Technology. Ventures and HealthX Ventures. According to the company, its powerful platform effectively helps clinical companies create and manage HIPAA-compliant virtual assistance for consumers, while increasing engagement and effectively lowering the cost of care. The adoption of strategies such as product expansion offerings, new product launches and collaboration by companies will bode well for the global market during the forecast period.
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