Chatbot Market is Estimated to Witness High Growth Owing to Opportunity in Improving Customer Experi
Author : Sneha Biswal | Published On : 22 Jan 2024
Chatbots are AI-powered computer programs that interact with people through text or voice conversations. They can intelligently understand customer queries, engage with them proactively and respond in a friendly conversational manner. Chatbots help businesses optimize their customer support while reducing costs. They can quickly answer common queries 24/7, freeing human support agents to focus on more complex issues. The global chatbot market is seeing growing demand from industries like banking, healthcare, retail and ecommerce.
Market Opportunity:
Improving Customer Experience
Chatbots have huge potential to enhance customer experience by providing convenient, personalized and quick support around the clock. They can seamlessly handle simple inquiries, product lookups, order status checks and allow customers self-service capabilities. This improves satisfaction levels as customers enjoy a smooth and engaging interaction. With advanced natural language processing and dialogue management capabilities, modern chatbots mimic human conversations to resolve issues efficiently. Their round-the-clock availability meets changing consumer demand for on-demand support through preferred digital channels like messaging apps and websites. As customer expectations rise, chatbots can help businesses strengthen relationships through superior responsive assistance.
Porter’s Analysis
Threat of new entrants: Low as it requires significant investment and expertise to develop chatbot AI.
Bargaining power of buyers: High as there are many players offering chatbots.
Bargaining power of suppliers: Low as large players can develop technology in-house.
Threat of new substitutes: Medium as other technologies like virtual assistants are emerging.
Competitive rivalry: High as major players are improving chatbot capabilities through constant innovation.
SWOT Analysis
Strengths: Chatbots provide 24/7 customer support and improve customer experience.
Weaknesses: Dependency on network connectivity and limited capabilities.
Opportunities: Scope for deploying across industries and integrating with other technologies.
Threats: Data privacy and security issues.
Key Takeaways
The Global Chatbot Market Size is expected to witness high growth. The global chatbot market is estimated to be valued at US$ 6.04 Billion in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
North America dominates the chatbot market currently due to high tech adoption. Asia Pacific is expected to grow at the fastest pace due to increasing internet penetration and customer demand.
Key players operating in the Chatbot Market are Jacobs, Atkins, ETA Engineering, WSP and AECOM. Regional analysis shows North America has the largest market share currently due to strong presence of major players. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to rapid digitalization and economic growth in countries like China and India.
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