A chatbot is a service which interacts with people through a chat interface. It is also known as a chatterbot, talkbot or Bot. Chatbot is a built-in module of high-level programming language which is designed to create a software that can engage in conversation. There are mainly two types of chatbots, one operates based on a set of rules. It can only respond to very specific commands. If the user doesn’t use the right command or words, the chatbot would not understand what the user means. The other type is the AI-powered chatbots. It understands the language and the command, human interaction and predict their needs, categorizes and stores the information received from each interaction.
The global chatbot market is driven by emergence and increasing demand of messaging platform over the forecast period. Messaging apps have emerged as a popular platform for e-commerce and consumer transactions. App fatigue and reduction in chatbot development cost is additional factors fueling the growth of the market. App fatigue is referred to consumers who are tired of installing, updating and learning how to use mobile apps, and to businesses that are tired of spending heavily on mobile app development, maintenance and marketing only to find out that very few people actually use them. Increasing adoption for AI-based chatbots solutions in various sectors is an ongoing trend observed. The market players are engaged in developing more convenient solutions for users to have easy access such as creating and tracking insurance claims, online banking, booking travel accommodations and flights and service support internally, can be a potential opportunity for market players over the forecast period.
The global chatbot market report has been segmented on the basis of enterprise type, application, platform, end-use vertical and region. On the basis of region, the global chatbot market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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