Bharat Book Bureau Provides the Treding Market Research Report on "Chatbot Market Analysis: By Application (Customer engagement and support, Data Privacy, etc.), By Deployment (Cloud and On-premises), By Verticals (Healthcare, BFSI, Telecom among others), By organization size (Small, medium-sized, and large enterprises), and By Geography (dominated by North America and Europe) - Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2026" under Media & Technology Category. The report offers a collection of superior market researach, market analysis, competitive intelligence and Market reports.
A Chatbot is an artificial intelligence (AI) driven computer program deployed for interaction. It is commonly known as a ‘conversational agent’ as it simulates human speech for interacting with its user. It enables this communication through texts, audio, or telephone. They can mimic real-life conversations and are therefore used in various sectors such as telecom, healthcare, banking, media, travel & tourism, etc. They play a key role in allowing companies to reach out to their customers to describe the key information of the organization or to resolve queries of the customers by being available 24*7. There has been a rise in its usage as they have multiple advantages that encourage investments in this industry, which in turn boosts its market growth. The market for Chatbots is expected to grow at a CAGR of 29.10%, with a value expecting to reach $16.85 billion by 2026.
The chatbot market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology, along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study.
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The participation share of different categories of primary participants is given below:
This report provides an overall understanding of the Chatbot market by carefully analyzing its stakeholders and various domains under it.
Based on Application
• Customer Engagement
• Customer Support
• Employee Engagement
• Data Privacy and Compliance
• Branding and Advertisement
• Personal Assistant
The Chatbot market based on application mainly comprises customer engagement and support under various verticals. It is an effective tool to engage customers and retain them. It’s also quite useful in collecting data, and also for advertising products and services. The fact that it can be used as a personal assistant is one of the main reasons for its popularity in the present times. These devices have improved the speech recognition considerably by also communicating in the native languages, which has therefore resulted in the wide usage of Chatbots in various applications.
Based on Deployment
The on-premise deployment model is the most popular one, and it held a dominant market share in 2019 and is expected to maintain this position over the forecast period. The on-premise model allows the companies to have a better user experience and security of data. It can also examine all the Chatbot interactions within the company.
Based on Verticals
• Development Sector
• Travel & Tourism
• Media & Entertainment
The banking sector has been one of the main users of chatbots for catering to such large customers and building its relations with them. The other sectors have also adopted Artificial Intelligence tools to focus on bringing customer satisfaction. It is also useful in the healthcare industry for people suffering from diseases such as Alzheimer's.
Based on Organization size
• Small and Medium-sized Enterprises
• Large Enterprises
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