In a recent published report, Kenneth Research has updated the market report for Chatbots Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Chatbots Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Chatbots are an artificial conversational character which interacts with human via both verbal and non-verbal communication gateways. Chatbots can work on phones as well as computers and are mostly accessed through internet. All the functions performed by Chatbots are based on an artificial intelligence system. Chatbots are believed to emerge as major channel for commerce and digital communication over next few years.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
Chatbot Market Demand, Growth, revenue
The global Chatbots market was valued at USD 88.5 Million in 2015 and is anticipated to witness a substantial compound annual growth rate (CAGR) of 35.08% over the period 2016-2023. Regionally, the global Chatbots market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and Rest of World (Row). Globally, web-based chatbots are gaining traction among the enterprises due to its advanced connectivity and user-friendly interfaces. Expansion of social networking websites across the globe are escalating the demand for chatbots. The demand for chatbots has been particularly seen in large enterprises owing to its efficiency.
North America Chatbots market is likely to escalate owing to adoption of Chatbots by some of the big organizations such as Facebook Inc. In addition to that emergence of new Chatbots providing start-ups in the U.S. is also expected to expand North America Chatbots market in future. In 2016, demand from U.S. market expanded 19.65% Y-O-Y, making it one the biggest markets for chatbot implementation in North America followed by Canada.
Further, Europe is also expected to witness a significant demand of Chatbots from the rapidly growing outsourcing industry in the region. A great demand and opportunity in Europe is expected to arise from Germany, U.K. & France by 2023; new players and existing established market players would see a spiked demand in these three countries in Europe. In addition to that, Asia-Pacific Chatbots market is envisioned to witness a robust growth sparked by increasing expansion of messaging applications in countries such as India, Malaysia, South Korea, Japan, Indonesia and China.
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“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
Key Players
Global Chatbots market includes some of the top players such as Facebook Inc., Amazon Web Services, Inc., Yahoo Inc., Pandorabots, Inc., Microsoft Corp., ChattyPeople, Chatfuel, Motion AI, Inc., Pypestream Inc., PullString Inc. and others.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Growth Drivers and challenges
Rising inclination of enterprises towards increasing customer experience along with reducing operational costs and working efficiency is expected to garner the growth of global Chatbots market over the forecast period i.e. 2016-2023. In addition to that increasing digital transformation is also envisioned to bolster the global Chatbots market over next 4-5 years. However, lack of awareness and large dependency on humans for customer interaction are
Demand Analysis & Market Segmentation
By Type
Stand Alone
Web Based
By End Use
Large Enterprise
Small and Medium Sized Enterprise
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Download Sample of This Strategic Report-
https://www.kennethresearch.com/sample-request-10075226
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