Health Chatbots is fastest growing segment fueling the growth of Chatbot Market

 

Chatbot market

The global Chatbot Market is estimated to be valued at US$ 6.04 Bn in 2023 and is expected to exhibit a CAGR of 25.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Chatbots refer to software systems designed to conduct conversations through auditory or textual methods. They are increasingly being used by companies to handle simple customer queries and perform various other tasks through natural language conversations. Chatbots help provide 24x7 customer support and allow businesses to automate response delivery at a lower cost compared to hiring human agents.

 

Market key trends:

One of the major trends driving the growth of chatbot market is increasing integration of artificial intelligence. AI technologies such as machine learning and natural language processing are allowing chatbots to become more human-like and accurate in understanding user queries. As chatbots get powered by advanced AI, they are expected to handle more complex conversations and tasks over the forecast period. Businesses are increasingly investing in AI-driven chatbots to automate customer support and enhance consumer experience through personalized interactions. 

Segment Analysis

The global chatbot market is segmented by type, component, deployment mode, application, and end-user. Based on type, the market is segmented into stand-alone chatbots and web-based chatbots. The web-based chatbots segment is dominating the market as they can be easily integrated with websites and apps, rendering them more accessible.

 

Based on component, the market is segmented into software and services. The software segment dominated the market in 2022 owing to the high demand for automated solutions to enhance customer experiences.

 

Key Takeaways

 

The Global Chatbot Market Demand is expected to witness high growth, exhibiting CAGR of 25.7% over the forecast period, due to increasing demand for enhanced customer experiences.

 

Regional Analysis: North America dominated the global chatbot market in 2022, accounting for over 30% share owing to the strong presence of key players in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period, growing at a CAGR of around 28%, due to rapid digitalization and increasing adoption of AI technologies in countries like China and India.

 

Key players operating in the chatbot market are Facebook, Inc., Kiwi, Inc., Astute Solutions, Google, Inc., Pandorabots, Inc., Haptik, Inc., Yahoo Inc., Helpshift, ToyTalk (PullString Inc.), Imperson Ltd., Slack Technologies, Inc., Kasisto Inc., and Microsoft Corporation. Key players are focusing on expanding their product portfolios and partnerships to strengthen their market presence. For instance, in 2022, Kasisto partnered with Converge to enhance banking experiences through virtual assistants.

 

The global chatbot market size was valued at US$ 6.04 billion in 2023 and is expected to reach over US$ 30 billion by 2030, expanding at a compound annual growth rate (CAGR) of 25.7% during the forecast period.

Get More Insights

https://www.newsstatix.com/chatbot-market-size-share-growth-outlook-2023/

Comments

Post a Comment

Popular posts from this blog

Uninterruptible Power Supply Market Poised for Significant Growth Accelerated by Adoption of Renewable Energy Sources

Image
  Uninterruptible Power Supply Market  An uninterruptible power supply (UPS) is a power supply system designed to provide emergency power to a load when the input power source fails. UPS systems provide transient voltage protection from power surges and spikes and consistent power even under brownout conditions. They are most commonly used in data centers, telecommunication systems, medical equipment, industrial processes that require continuous operation, and other critical applications where power disruptions cannot be tolerated. The global uninterruptible power supply market is estimated to be valued at US$ 9.95 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The uninterruptible power supply market is expected to witness significant growth over the forecast period. This is mainly attributed to the rising focus on improving power reliability acro
Read more

Yacht Charter Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Recreational Boating

Image
  Yacht Charter Market Yacht charter is the business of renting or leasing yachts and sailing boats for pleasure and touring. Yachts are primarily used for entertainment of guests, luxury experience, and recreational enjoyment. Large yachts come equipped with various amenities such as ocean-view staterooms, gourmet galley kitchens, lavish lounges and sundecks. Some of the popular uses include dinners, parties, family trips, weekend getaways, and corporate events. The global yacht charter market is estimated to be valued at US$ 68809.83 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The global yacht charter market is witnessing high growth owing to the rising popularity of luxury yachts among high-net-worth individuals as a preferred leisure activity. Yacht charters allow individuals to experience the luxury lifestyle without the steep costs associ
Read more

The Global Switchgear Market Growth Accelerated By Increased Demand For Switchgear From Renewable Energy Sector

Image
Switchgear Market   Switchgear equipment are devices consisting of circuit breakers, fuses or any other associated equipment used for operating, isolating, protecting and managing electricity distribution in an electrical power system. These equipment are used in transmission and distribution systems to control the flow of power and limit electrical currents. They protect circuits and equipment in the system by limiting electrical currents to safe levels in the event of a short circuit or any sudden overloading. The growing demand for ensured power supply across manufacturing industries and commercial spaces has been driving increased adoption of switchgear.   The global switchgear market is estimated to be valued at US$ 127.13 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: One of the key drivers for the growth of the switchgear market has be
Read more