According to recent research by ResearchAndMarkets.com, the global chatbot market size is projected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period.
According to the website, the chatbot market is driven by advancement in technology coupled with rising customer demands for self-services and 24/7 customer assistance at lower operational costs.
However, lack of awareness about the outcomes of the use of chatbot technology with various applications to restrict the growth of the chatbot market will also pose potential waves.
Services segment to grow at a higher CAGR during the forecast period
The chatbot market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are managed services and professional services.
The growth of this segment can be attributed to the increasing deployment of chatbot software and platforms, which leads to increasing demand for pre- and post-deployment services, as these solutions require training due to technical complexities. — ResearchAndMarkets.com
Retail and eCommerce vertical to grow at the highest CAGR during the forecast period
The chatbot market by vertical was segmented into Banking, Financial Services and Insurance (BFSI), media and entertainment, retail and eCommerce, travel and hospitality, telecom, healthcare and life sciences.
The retail and eCommerce segment is projected to grow at the highest CAGR during the forecast period, owing to the increasing demand to provide customers with seamless omnichannel experience and turn them into regular customers, the website says.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Factors such as flexible economic conditions, industrialization- and globalization-motivated policies of the governments, as well as expanding digitalization, will support the growth of the chatbot market in the region.
For more information about the report, visit https://www.researchandmarkets.com/r/9ydj32