â??Global Chatbot Market Trends, Applications, Analysis, Growth, and Forecast: 2017 to 2026â??, offers in-depth insights, revenue details, and other vital information regarding the global chatbot market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global chatbot market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global chatbot market has been segmented on the basis of enterprise type, application, platform, end-use vertical and region.
A chatbot also known as a chatterbot, talkbot or Bot is a service which interacts with people through a chat interface. One can have a conversation with chatbot similar to human interaction such as asking questions by using voice or even by typing. The chatbot would respond to questions in a conversational style. Chatbot is a built-in module of high-level programming language which is designed to create a software that can engage in conversation. Initially a Chatbot starts off with no knowledge of how to communicate. Each time a user enters a statement, the library saves the text that they entered and the text that the statement was in response to. As chatbot receives more input the number of responses that it can reply and the accuracy of each response in relation to the input statement increase. The program selects the closest matching response by searching for the closest matching known statement that matches the input, it then chooses a response from the selection of known responses to that statement.
Moreover, increasing adoption for chatbots solutions in various sectors is an ongoing trend observed, which is expected to support market growth in the near future. The market players are engaged in developing more convenient solutions for users to have easy access such as creating and tracking insurance claims, personal online banking, booking travel accommodations and flights, service support internally, on channels such as slack and other management software, and providing broader mental health access can be a potential opportunity for market players over the forecast period.
Currently, the market in North America dominates the global chatbot market in terms of revenue due to increasing deployment of chatbots in various business verticals. The market in Asia Pacific is projected to have fastest growth with highest CAGR, owing to growing number of small and medium enterprise in the region.