AI based Chatbot Market Globally Growing at Healthy CAGR of 26.5% by 2026


Posted December 10, 2019 by shivkumar2121

The global AI based chatbots market was valued at USD 450.5 million in 2018 and is expected to reach USD 2,970.4 million in 2026, growing at a CAGR of 26.5% during the forecast period.

 
AI based chatbots are defined as a computer program which is used for simulating human conversation over voice commands or text chats or both. Chatbot also is known as chatterbot features artificial intelligence (AI) which can be embedded into the program for further usage via messaging service.

The global AI based chatbots market was valued at USD 450.5 million in 2018 and is expected to reach USD 2,970.4 million in 2026, growing at a CAGR of 26.5% during the forecast period.

Global artificial intelligence-based chatbots industry is primarily driven by tremendous competitiveness of modern business structure which focuses intensively on imparting efficiency and reducing the operational time. AI based chatbots allow businesses to respond faster to customer needs of any sort. Moreover, the technological advancement in technology has enabled multiple industry verticals to progress from traditional platforms onto digital ones with enhanced customer interaction.

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Key Players
The major players operating in the global AI based chatbots market are Amazon Web Services, Inc. (Amazon Lex) (U.S.), Dialogflow (Google) (U.S.), Bold360 AI (U.S.), Chatfuel (U.S.), Botsify (Germany), IBM Corporation (U.S.), eGain Corporation (U.K.), Nuance Communications (U.S.), Creative Virtual Ltd. (U.S.) and Artificial Solutions Inc. (U.S.) among others.

By Solution Type: Text, Voice, Hybrid

By Application: Customer Service, Social Media, Payment/Order Processing, Marketing

By End-use Industry: Banking & Finance Industry, Media & Entertainment, Healthcare, E-commerce, Retail, Travel and Tourism, Others.

North America region is by far the largest contributor to the growth of global AI based chatbots market which contributed more than 45% market share globally. However, the Asia Pacific region is anticipated to showcase the highest growth rate during the forecast period owing to intensifying investments from global industry players.

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Issued By Poonam
Country United States
Categories Marketing , News , Technology
Tags ai based chatbots market
Last Updated December 10, 2019