The global chatbot market is expected to be driven by the giant strides made in the field of artificial intelligence over the past decade. It becoming easier to implement high-end artificial intelligence in common consumer electronics, Chatbot: Revolving around Artificial Intelligence to Escalate Human-Machine Interaction Articles thereby allowing players in the global chatbot market to attain a far greater consumer pool than before. The global chatbot market is also being augmented by the increasing use of online messaging as well as the rise in the overall number of applications where chatbots can prove to be beneficial. However, the Related to AI tools global chatbot market is currently being restrained by the high minimum requirements still needed to host chatbots effectively.
The global chatbot market in 2015 was valued at US$113.0 mn. It is predicted to expand at an incredibly high CAGR of 27.8% in terms of revenue, within a forecast period from 2016 to 2024. By the end of 2024, the global chatbot market is expected to reach US$994.5 mn. Large enterprises are expected to grab the lion’s share in the global chatbot market and are expected to generate a revenue of US$626.3 mn for the market by the end of 2024.
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Large Enterprises Make Best Use of Current Chatbot Features
The global scenario of the chatbot market can be simplified by segmenting it into two generalized segments according to the size of the enterprises that make use of them. With small and medium enterprises bundled as one, they are dwarfed by the high utility of chatbots by large enterprises. There is an intense scope of use of chatbots within the many promotional activities and customer engagements that large enterprises perform on a regular basis. The use of chatbots can allow these enterprises to boost their overall rate of promotion and reach across the consumer pool. In terms of revenue, large enterprises are easily expected to retain the lead in the global chatbot market over the coming years. Large enterprises also benefit from the scope of business process automation that advanced chatbots bring to the table, which can further increase their social media involvement and help market their products better.