Chatbots Market Expected to Reach 3,172 . 0 Million USD by 2021

The major drivers for upsurge in demand for chatbot software and services include increasing penetration of websites and mobile applications, proliferating demand of intelligent customer engagement, strong need to understand consumer behavior, and adoption of cloud-based technology

Chatbots software is likely to hold the largest market share in the chatbots market

Enhanced technological features in chatbots software such as Natural Language Processor (NLP), multilingual, interference engine, metrics, cloud-based deployment, Application Programing Interface (API), mobile platform compatibility, analytics, multichannel, and single point of search is expected to spur the market growth. In addition to that, the software is widely used on the users’ smartphone, websites, social media, and call centers to answer all the queries, which would fuel the software segment growth in the coming years

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Mobile platform segment is expected to grow at the highest CAGR during the forecast period

The market for mobile platform would witness a major growth because of the rise in the adoption of chatbots, which is propelled by the increasing penetration of smart phones as well as tablets across the globe. In addition to that, the smart mobile advisors provide help to the organization in real time monitoring of customer behavior, trends, and interaction. It also tracks mobile services, such as geo-location, enabling rich, targeted communications based on location and event.

North America is expected to hold the largest market share in the chatbots market

As per the geographic analysis, North America is likely to benefit from its technological advancements and followed by high usage of mobile, tablets, and computers. The adoption of chatbots across North America is estimated to rise at a significant rate due to client-centric approaches, provision of 24/7 customer engagement, operational efficiencies, cost containment, and sustainability benefits and the changing business dynamics. This eventually increases the penetration of chatbots deployment in this region.

The major vendors covered in the chatbots market for this study include Artificial Solutions (Stockholm, Sweden), IBM Watson (U.S.), Naunce Communications Inc. (U.S.), eGain Coporation (U.S.), Creative Virtual Pvt. Ltd. (U.K.), Next IT Corp. (U.S.) CX Company (Netherlands), Speaktoit Inc. (U.S.), 24/7 Customer Inc. (U.S.), and Codebaby (Idavatars), Inc. (U.S.).

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