Global Chatbot Market Research Report: Forecast (2023-2028)

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Global Chatbot Market Size, Share, Price, Trends,
Growth, Report and Forecast 2023-2028
Forecast (2023-2028)
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Market Insights

• The Global Chatbot Market size was valued at USD
  5.2 Million in 2022 and is projected to grow at
  around 24.32 CAGR during the forecast period,
  i.e., 2023-28. The growth of the market is driven
  primarily by the mounting adoption of Chatbots by
  businesses across different industries to enhance
  interaction with their customers and solve their
  queries instantly, without the need for human
  intervention in noncritical situations. Besides,
  the growing demand for AI-based Chatbots, owing
  to their benefits like lower operational costs,
  quicker response time, robust customer
  relationships, etc., is also contributing to
  market growth.
• Sectors like E-commerce, retail, banking
  finance, healthcare, among various others, are
  among the prominent adopters of Chatbots,
  principally for establishing interactive
  conversations with customers and delivering
  enhanced engagement experiences. Continuous
  improvements in NLP (Natural Language Processing)
  and AI technologies have made chatbots more
  conversational improved at understanding user
  intent and, consequently, more effective in
  providing relevant responses.

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Global Chatbot Market Key Driver Rising Demand
for Consistent Customer Support at Low
Operational Costs
Chatbots are aiding several companies worldwide
in streamlining optimizing their customer
services and thus becoming a critical aspect in
delivering enhanced customer services. Industries
like retail, e-commerce, healthcare, finance,
among various others, are increasingly adopting
chatbots in order to resolve customer queries
instantly cost-effectively. As a result,
enterprises see them as a robust conversational
interface that offers dynamic engaging customer
experiences, i.e., driving the Global Chatbot
Market.
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Market Segmentation of the Industry

• By Application (Customer Support, Social Media,
  Marketing, Payments/Order Processing, Others)
• By Type (Artificial Intelligence-based,
  Rule-based),
• By Interface (Standalone, Web-Based, Third party/
  Messenger Based),
• By Verticals (BFSI, Retail Ecommerce,
  Healthcare, Travel Hospitality, Media
  Entertainment, Telecommunications, Others),
• By Technology (Machine Learning Deep Learning,
  Natural Language Processing, Automated Speech
  Recognition),
• By Deployment Model (On-Premise, Cloud),
• By Organization Size (Large Enterprises, Small
  Medium Enterprises),
• By Region (North America, South America, Europe,
  Middle East Africa, Asia-Pacific)

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Competitive Benchmarking
IBM, Nuance Communications, Google, Conversica,
AWS, OpenAI, Artificial Solutions, Microsoft,
Inbenta Technologies, AIVO, Meta, Kore.ai,
Chatfuel
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an extensive range of strategic reports on
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