Chatbot Market is expected to expand at a CAGR of 22.5% during the forecast period 2021 – 2027
The global chatbot market size was USD 396.2 million in 2019. Based on our study, the market is projected to grow from USD 396.2 million in 2019 to USD 1,953.3 million in 2027 at a CAGR of 22.5% in the 2020-2027 period.
The global Chatbot Market Share growth is driven by the growing popularity of cloud computing and cloud-based solutions among various industry sectors and its potential to accelerate the development and adoption of innovative technology solutions and services for enhanced user experience & improved operational productivity.
The next-generation improvement to this virtual projection is called Chatbot Market, which includes new developments in the visual and hearing senses. Using real-time interaction and 3D projection of pictures of actual items has demonstrated a positive method. The media and entertainment sectors previously utilized education. In the market, real-world things and surroundings are combined with virtual reality in the form of photos, videos, and audio. Recently, there was a game called Pokémon-go that was built on the premise of Chatbot Market.
Driver: Rising investments in the market
Over the past few years, investments in the business have grown significantly. The Chatbot Market business is receiving significant investment from firms including Facebook Corporation, Intel Corporation, Qualcomm, Inc., Alphabet, Inc., Comcast Ventures, and Samsung Group. Additionally, a number of research organizations are investigating the AR application market for a range of goods and uses. Governments finance certain research institutes, while others are supported by private businesses and venture capitalists. Businesses in the consumer, healthcare, aerospace & military, retail, and marketing sectors all benefit.
COVID-19 Impact Analysis
Numerous governments and regulatory bodies have mandated that both public and commercial enterprises adopt new methods for working remotely and upholding social distance during the COVID-19 pandemic crisis. Since then, several firms’ new business continuity plans (BCPs) have been based on digital methods of conducting business. People are increasingly inclined to employ digital technologies due to the widespread usage of BYOD devices, the WFH trend, and the penetration of the internet into every corner of the world. This is driving the demand for measures to protect against the fallout from cyber-attacks.
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The Study Objectives of This Report Are:
- To analyze global status, future forecast, and growth opportunity.
- To present the market development in North America, Europe, China, Japan, Southeast Asia, India, and Central and South America.
- To strategically profile the key players and comprehensively analyze their development plans and strategies.
- To define, describe and forecast the Chatbot Market by type, global size, and key regions.
Major factors driving the growth of the Chatbot Market are:
Everyone can benefit from Chatbot Market because they are interactive and entertaining. Knowledge augmentation, tailored learning experiences, improved engagement, accessibility to online study material, ease of communication, and, most significantly, giving remote access are all advantages of learning app creation. These factors are expected to drive the growth of the Chatbot Market.
Top companies in the global Chatbot Market research report:
- Amazon Web ServicesInc. (US)
- Google LLC (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- SAP SE (Germany)
- Yellow Messenger (India)
- Labiba for Artificial Intelligence LLC (Dubai)
- Gupshup (US)
- SmartBots (US)
- Aivo (Argentina)
The market’s expansion is anticipated to be significantly influenced by the expanding usage of Chatbot Market in construction and architectural applications. Potential applications of AR technology include creating a 3D representation of a plan and bridging the gap between fantasy and reality. The education sector may potentially benefit from the usage of technology to improve student learning. With the use of 2D/3D models, books, and AR games, AR technology may help create an immersive experience that will help students acquire a variety of skill sets, which will ultimately fuel the expansion of the Chatbot Market.
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