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Chatbots Market Growing at a CAGR of 35.2% During 2016 to 2021

“Increasing penetration of websites and mobile applications is the major factor expected to drive the growth of the chatbots market”

The smart advisors/ mobile applications market size is estimated to be USD 703.3 million in 2016 and is projected to reach USD 3,172.0 million by 2021, at a CAGR of 35.2% from 2016 to 2021, due to the strong need to understand consumer behavior, adoption of cloud-based technology, and proliferating demand of intelligent customer engagement. Lack of awareness owing to relatively early presence in tech-adoption life cycle, high deployment cost as well as system integration complexities, and lack of expertise are the major restraining factors of the chatbots market.

“Websites segment is estimated to have the largest market share during the forecast period”

The websites segment is expected to lead the smart advisors usage market between 2016 and 2021, due to the increasing number of websites of various industries. It is very necessary for business organizations to take care of this concept of emotions on websites to increase their sales and eventually their market share.

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Hence, a strong need to understand the customer personality is driving the growth of chatbots market.

“North America is expected to dominate the market during the forecast period”

With regards to the geographic analysis, North America is likely to benefit from its technological advancements, large number of devices, and industries.

Asia-Pacific (APAC) is expected to lead the smart advisors market by region between 2016 and 2021. The growth can be attributed to hyper urbanization and industrialization.

Companies mentioned in report:

  • Artificial Solutions (Sweden)
  • IBM Watson (U.S.)
  • Naunce Communications, Inc. (U.S.)
  • eGain Corporation (U.S.)
  • Creative Virtual Pvt. Ltd. (U.S.)
  • Next IT Corporation (U.S.)
  • CX Company (Netherlands)
  • Speaktoit, Inc. (U.S.)
  • 24/7 Customer, Inc. (U.S.)
  • Codebaby (Idavatars), Inc. (U.S.)

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