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The chatbots market size is projected to reach $3,172.0 million by 2021 at a CAGR of 35.2% from 2016 to 2021 according to new research report

The smart advisors/chatbots 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.

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“Increasing penetration of websites and mobile applications is the major factor expected to drive the growth of the chatbots market”

The smart advisors/chatbots market is driven by 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.

Browse 64 market data tables and 51 figures spread through 155 pages and in-depth TOC 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"…arket-report.html .

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.)

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This research study is obliging for following audience:

  1. System design and development vendors
  2. System integrators/migration service providers
  3. Consultants/consultancies/advisory firms
  4. Support and maintenance service providers
  5. Network service providers
  6. Chatbots product and solution provider companies
  7. Academic and research institutes
  8. Government associations

 “Websites segment is estimated to have the largest market share during the forecast period”

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.

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

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“North America is expected to dominate the market during the forecast period”

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.

Research Coverage: The report segments the 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 subsegments.

In addition to this, product portfolio analysis, value chain analysis, strategic benchmarking, and technology roadmap are some of the other analysis included in the report.

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

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

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

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.

The report provides insights on the following pointers:

  • Market Penetration: Comprehensive information on smart advisors offered by the top players in the global chatbots market
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the chatbots market
  • Market Development: Comprehensive information about lucrative emerging markets – the report analyzes and the markets for chatbots across various regions
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global chatbots market
  • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the global chatbots market

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