According to Technavio’s latest market research study, the global chatbot market is expected to grow at a CAGR of more than 37% during the forecast period, 2017-2021.
This market research report by Technavio provides an in-depth analysis of the global chatbot market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the end-user type
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The top three revenue contributing end-user segments are discussed below
Global chatbot market for the BFSI sector: The BFSI sector was one of the early adopters of chatbots owing to the increased importance given to consumer engagement in this industry segment. The BFSI sector mostly uses chatbots for supporting mobile apps, which is one of the major factors responsible for the market’s dominance in this sector.
“Chatbot providers are now developing chatbots for mobile devices with text and voice control features to enable an easy self-service mobile experience. Nina mobile chatbot by Nuance Communications, for instance, eliminates the need for customers to visit the website to get their queries answered,” says Ishmeet Kaur, a lead analyst at Technavio for research on enterprise application.
Global chatbot market for governmental organizations: The need to address traffic updates by industries such as aviation, healthcare, railways, and tourism on their websites is the major driving force behind the adoption of chatbots in this sector.
Global chatbot market for the retail and e-commerce industry: The deployment of a chatbot will help customers shop online and will secure loyalty to the brand, driving revenues by serving information with repeat purchase activity. The adoption of chatbots in the retail and e-commerce sector is projected to experience an upsurge owing to the growth of the major e-commerce platforms such as Amazon, Alibaba, Flipkart, Snapdeal, and Walmart.
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The top vendors operating in the global chatbot market are:
- Anboto
- Creative Virtual
- eGain
- Inbenta
- Nuance
Other prominent vendors in the market include CX Company, Ecreation, GetAbby, H-care, Next IT, Synthetix, and Viclone.
A more detailed analysis is available in the Technavio market study titled, ‘Global Chatbot Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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