The Global Chatbot Market Size was valued at USD 5.39 Billion in 2023 and the Worldwide Chatbot Market Size is Expected to reach USD 42.83 Billion by 2033, According to a research report published by Spherical Insights & Consulting. Companies Covered: OpenAI, Salesforce, ServiceNow, Kore.ai, Inbenta, Creative Virtual, Google, Microsoft, IBM, Haptik, Solvvy, Aivo, Personetics, Freshworks, AWS, Oracle, SAP, Meta, Artificial Solutions, Avaamo, and other key Vendors.
New York, United States, March 13, 2024 (GLOBE NEWSWIRE) — The Global Chatbot Market Size is to Grow from USD 5.39 Billion in 2023 to USD 42.83 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 23.03% during the projected period.
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The software program can resemble the human conversation through voice or text it is called chatbot. To understand the quarries or questions and commands from individuals AI technology is used. These chatbot can manage the conversations improving customers service efficiency, it will help to cut down times and improve the productivity of work. In that chat development NLP techniques are used so it can be interpreted. In the companies, sales and marketing teams are working under pressure to increase sales and increasing the revenue of the company. So, when the sales person is not available so the chat bot can answer the queries of customers. Thu, nowadays companies are focusing on the effectively customer services and developed experience for customers by providing the right information within a minute. On May 2023, Microsoft introduced Jugalbandi, a new chatbot on WhatsApp designed for Indian farmers and other rural users. The multilingual Jugalbandi AI chatbot uses GPT models via the Azure OpenAI service to make it easier for users to access government schemes. The Jugalbandi bot uses ChatGPT-like generative AI technology to provide users with responses in over 22 officially recognized Indian languages. However, when individuals are asks a quarriers and sometimes chatbot is inattentive. It’s a barrier for the chatbot market expansion.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the “Global Chatbot Market Size, Share, and COVID-19 Impact Analysis, By Type (Standalone, Web-Based, Messenger-Based), By Communication (Text, Audio/Video), By Usage (Websites, Social Media, Mobile Platform), By End User (BFSI, Retail, e-commerce, Government, Travel, Hospitality, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The standalone segment dominates the market with the largest revenue share over the projection timeframe.
Based on the type, the global chatbot market is segmented into standalone, web-based, and messenger-based. Among these, the standalone segment is dominating the market with the largest revenue share over the projection timeframe. Standalone means work independently, standalone chatbot adapted to meet particular needs for the organization these was programmed to understand the queries and give the solution.
The audio/video segment is witnessing significant CAGR growth through the projection timeframe
On the basis of communication, the global chatbot market is segmented into a text, and audio/video. Among these, the audio/video segment is witnessing significant CAGR growth over the projection timeframe. The audio/video bots are direct answer the customer inquiries, setting reminders and playing games/ music. These bots are helpful who used technology eyes-free and hands-free companies are increase revenue via audio/video-based bots.
The social media segment is expected to hold the largest share of the global chatbot market during the projection timeframe.
Based on the usage, the global chatbot market is classified into websites, social media, and mobile platform. Among these, the social media segment is expected to hold the largest share of the chatbot market during the projection timeframe. Nowadays the social media is increasing with this customer assistance the with the functionalities such as natural language processing (NLP), ML and deep learning so the companies are improving the social media operations.
The e-commerce segment accounted for the largest revenue share over the projection timeframe.
On the basis of end user, the global chatbot market is segmented into BFSI, retail, e-commerce, government, travel, hospitality, others. Among these, the e-commerce segment dominates the market with the largest revenue share over the projection timeframe….
Read More: Global Chatbot Market Size To Exceed USD 42.83 Billion By 2033