Chatbot market projected to reach $36.3 billion by 2032 due to demand for automation in customer support
From GlobeNewswire: 2024-11-27 09:00:00
The Chatbot Market was valued at USD 5.1 billion in 2023 and is projected to reach USD 36.3 billion by 2032, growing at a CAGR of 24.4%. The rising demand for automation in customer support, advancements in AI, and adoption of digital communication channels are driving market growth. Major players like Microsoft and IBM are investing heavily in AI and NLP to enhance chatbot capabilities.
Businesses are increasingly using AI-driven chatbots to provide personalized solutions and improve customer experience. Chatbots are being utilized on mobile platforms to reach wider audiences effectively, reducing operational costs and increasing efficiency. While chatbots enhance customer interaction and satisfaction, challenges remain in handling emotionally complex requests and ensuring data privacy and security.
The Chatbot Market report lists major players like Intercom, Zendesk, and LivePerson. Chatbots are used by various companies like Bank of America, Starbucks, and Amazon for customer service, order placement, and engagement. The customer services segment dominates the market, focusing on sales and automation to save costs. Payment processing segment is expected to grow at the highest CAGR, transforming financial transactions and improving customer support efficiency. The Chatbot Market is in high demand due to the need for advanced payment systems and improved customer experience. It is segmented by component, type, deployment mode, organization size, application, and end-use vertical. North America holds 40% of the market share, with companies like Microsoft, Google, and Amazon leading in innovation. The Asia-Pacific region is expected to grow rapidly, driven by digitalization and AI adoption in countries like China and India.
IBM introduces the new Watson Assistant platform, offering AI-driven solutions for customer inquiries. The market analysis includes segmentation by component, type, deployment mode, organization size, application, and end-use vertical. The report also covers recent developments, statistical insights, and a regional analysis.
SNS Insider provides consulting services for Go-To Market Assessment, Total Addressable Market Assessment, and Competitive Benchmarking. They aim to provide clients with accurate market data and insights to make informed decisions in a changing environment. Their research techniques include surveys, video talks, and focus groups globally. 1. The stock market saw a sharp decline today, with the S&P 500 dropping by 3%. This comes after several weeks of volatility and uncertainty in the market, as investors remain concerned about the impact of rising inflation on corporate earnings.
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