Chatbots Market Size to Reach 2.28593 Billion by 2025 | Valuates Reports

BANGALORE, India, May 7, 2020 /PRNewswire/ -- The Global Chatbots Market Size is projected to rise from USD 2.28593 Billion in 2018 to USD 9.17249 Billion by 2025, at a compound annual growth rate (CAGR) of 21.95%.

Consumer loyalty and retention is one of the key areas of focus in all industries, and the chatbot can be an efficient way to increase consumer engagement and, thereby, loyalty.

Industries have started to deploy chatbots powered by Artificial Intelligence (AI) into their operations to engage clients and give them seamless experiences. Talkbots serve as an important tool for attracting, maintaining, and engaging new customers due to their ability to engage customers, gather new data, and shorten sales life cycles.

The chatbot market report offers in-depth insights into demand forecasts, industry dynamics, and micro and macro indicators. This report also provides insights into the factors that drive and limit the demand of the talkbots market. In addition, the report highlights and offers an outlook on current industry trends, potential developments in the Chatbots Industry, which will affect demand over the forecast period.

The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt, and will affect the Chatbots market significantly in 2020. The report covers the impact of COVID-19

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TRENDS INFLUENCING THE CHATBOTS MARKET SIZE

• Primary market growth drivers include technological innovation coupled with increasing consumer demand for self-service and 24/7 customer care at lower operating costs.
• Chatbots are proving to be a powerful agent capable of delivering 24/7 services while reducing overall operational costs. In addition, AI-powered talkbots have advantages, such as automating routine tasks leading to improved process performance, providing multi-language support, and offering better self-service experiences. Chatbots are expected to play a key role in the coming years when it comes to customer support systems, due to their ability to personalize the experience without any interruption.
• Machine learning systems are now being used to assess trades performed on Wall Street and to predict how consumers are going to click on different advertisements. Besides being revenue generators, chatbots may also act as study bots, or to save companies money for lead generation and brand recognition. This feature of the chatbot is expected to increase the market size during the forecast period.
• Insurance firms represent some of the early adopters of chatbot services focused on AI. Insurance firms use location-based technology to automatically start the claims process, using chatbots, along with visual resources such as live chat, to inform consumers about changes to requests, inspections, and documentation claims, as well as update them on claim status. These implementations of chatbots among various insurance organizations are expected to increase the talkbots market size.
• While the adoption of chatbots solutions among different industries is growing, challenges related to efficient use and limited knowledge of the benefits offered by AI-powered chatbots solutions limit the growth of chatbot solutions among developing regions.

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