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Research details developments in the chatbot market to hit $3,172.0 million to 2021

Chatbot Market is growing at a compound annual growth rate of 35.2% from 2017 to 2021 and projected to reach $3,172.0 million by 2021.

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The Chatbots / Smart Advisors Market size is estimated to be $703.3 million in 2016 and is projected to reach $3,172.0 million by 2021, at a CAGR of 35.2% from 2016 to 2021, due to the strong need to understand consumer behavior, adoption of cloud-based technology, and proliferating demand of intelligent customer engagement. Lack of awareness owing to relatively early presence in tech-adoption life cycle, high deployment cost as well as system integration complexities, and lack of expertise are the major restraining factors of the chatbots market.

The various key chatbots vendors profiled in the report are as follows:

  1. Artificial Solutions (Sweden)
  2. IBM Watson (U.S.)
  3. Naunce Communications, Inc. (U.S.)
  4. eGain Corporation (U.S.)
  5. Creative Virtual Pvt. Ltd. (U.S.)
  6. Next IT Corporation (U.S.)
  7. CX Company (Netherlands)
  8. Speaktoit, Inc. (U.S.)
  9. 24/7 Customer, Inc. (U.S.)
  10. Codebaby (Idavatars), Inc. (U.S.)

The websites segment is expected to lead the smart advisors usage market between 2016 and 2021, due to the increasing number of websites of various industries. It is very necessary for business organizations to take care of this concept of emotions on websites to increase their sales and eventually their market share.

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Hence, a strong need to understand the customer personality is driving the growth of chatbots market.

Table of Contents

  • 1 Introduction
  • 2 Objectives of the Study
  • 3 Market Definition
  • 4 Market Scope
  • 5 Markets Covered
  • 6 Years Considered for the Study
  • 7 Currency
  • 8 Limitations
  • 9 Stakeholders
  • 10 Research Methodology

 

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With regards to the geographic analysis, North America is likely to benefit from its technological advancements, large number of devices, and industries.

Asia-Pacific (APAC) is expected to lead the smart advisors market by region between 2016 and 2021. The growth can be attributed to hyper urbanization and industrialization.

Browse complete report on Chatbots Market by Type (Software, and Services), Usage (Websites, Contact Centers, Social Media, and Mobile Platform), Deployment Type (On-Premises, and On-Cloud), Industry Verticals (Healthcare, Retail, Education), End User - Global Forecast to 2021 with 155 pages,

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In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The

 

Break-up profile of primary discussion participants is given below:

  1. By Company Type: Tier-1 (42%), Tier-2 (33%), and Tier-3 (25%) companies
  2. By Designation: C-level (75%) and Manager Level (25%)
  3. By Region: North America (43%), Europe (29%), APAC (18%), and Rest of World (RoW) (10%)

Research Coverage:

chatbots market on the basis of type, usage, industry verticals, deployment type, end users, and regions. The research report categorizes the chatbots market to forecast the revenues and analyze the trends in each of the following sub segments.

Reasons to access this report:

From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the smart advisors market; high-growth regions; and market drivers, restraints, and opportunities.

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