The global chatbot market is expected to gain a tremendous momentum owing to the rapid developments made in the field of artificial intelligence over the last few years. Large end-user enterprises are benefitting from the easy implementation of high-end artificial intelligence in common consumer electronics, which is allowing them to attain a wider consumer base than before.
On the flip side, there are several key hosting issues associated with chatbots, including chatbot monitoring, management, integration, and security and are yet to be resolved despite technological advancements. The inability of hosts to offer appropriate solutions for these facilities is deterring several enterprises from capitalizing the growth of the global chatbot market.
According to a report by Transparency Market Research (TMR), the opportunity in the market was pegged at US$113.0 mn in 2015 and is poised to reach US$994.5 mn by 2024, expanding at a noteworthy CAGR of 27.8% between 2016 and 2024.
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Proliferation of Chatbot-as-a-service to Offer Immense Growth Potential
The global chatbot market is receiving a significant boost from the proliferation of online messaging applications and the overall rising scope of applications found for chatbots across various industries. The increasing adoption of chatbot-as-a-service is anticipated to become a key area of opportunities for companies operating in the market. The rising and seemingly irreplaceable involvement of cloud-based services across the majority of industry verticals is creating an imperative need for incorporating it within the global chatbot market.
Higher Pace of Technological Advancements to Fuel Growth of North America
North America will continue to account for the dominant share in revenue pie until 2024, with the U.S. being the leading contributor. Due to rapid technological advancements, the region is estimated to lead the market in terms of growth rate in demand as well during the forecast period. Asia Pacific is likely to exhibit a significant growth in its demand for chatbot, due to the robust growth of the ICT infrastructure within its emerging economies such as India and China. The rising penetration of smartphones is another factor augmenting the growth of the region.