Rising Demand for Consistent Customer Support at Low Operational Costs, Drives the Global Chatbot Industry- States the recently published report description by Markntel Advisors, a leading research, consulting, and data analytics firm. The report comprises the factors boosting the growth of the global chatbot industry. Chatbot facilitates the organization with streamlining and optimizing customer services, therefore adopted by several companies to provide better customer support experience. In addition to this, recently world-leading enterprise conversational AI software platform & solutions company, Kore.ai declared the collaboration with Ciklum to build advanced virtual assistants to meet the unique needs of their clients around use cases, such as customer experience, employee experience, enterprise automation, and personalized solutions based on user experience. This signifies the growing adoption of advanced chatbots by widespread companies, further boosting the industry growth.

Types of Chatbot:

• Rule-based chatbots
• Keyword recognition-based chatbots
• AI-powered Chatbots
• Hybrid Chatbots
• Voice chatbots
• Text Chatbots
• Rich Text chatbots

Benefits of Chatbot:

• Provide fast answers to customer inquiries
• Give personalized services and suggestion
• Offer self-service options
• Facilitates and operates 24*7
• Increase customer service quality

Global Chatbot Market Study: Growth Perspectives

The report comprises, “Global Chatbot Market Research Report: By Application (Customer Support, Social Media, Marketing, Payments/Order Processing, Others), By Type (Artificial Intelligence-based, Rule-based), By Interface (Standalone, Web-Based, Third party/ Messenger Based), By Verticals (BFSI, Retail & E-commerce, Healthcare, Travel & Hospitality, Media & Entertainment, Telecommunications, Others), By Technology (Machine Learning & Deep Learning, Natural Language Processing, Automated Speech Recognition), By Deployment Model (On-Premise, Cloud), By Organization Size (Large Enterprises, Small & Medium Enterprises), By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific) Forecast (2023-2028)”, According to the report, the Global Chatbot Market size was valued at USD 5.2 Million in 2022 and is projected to grow at around 24.32% CAGR during the forecast period, i.e., 2023-28. The growth of the market is attributed to the rising adoption of Chatbots by businesses across different industries to enhance interaction with their customers and solve their queries instantly, without the need for human intervention in noncritical situations.

Incorrect and Irrelevant Responses Discourage the Industry Growth

Sometimes, the user queries are complex which requires a higher level of language comprehension, this is the reason, the chatbots often struggle to accurately understand the context. This somewhere demotivates the companies to utilize chatbots for addressing customer queries. Additionally, the use of chatbots involves the processing and storage of user data, and concerns over data privacy and security, especially in finance and healthcare, are also considered one of the major barriers to the industry's growth.

Conclusion

The blog comprises Global market players in the Chatbot AI industry, with market product information. This blog entails details regarding the prominent factors behind the surging demand for futuristic growth and new opportunities that facilitate market development. Market players such as IBM, Nuance Communications, Google, Conversica, AWS, OpenAI, Artificial Solutions, Microsoft, Inbenta Technologies, AIVO, Meta, Kore.ai, Chatfuel, and other leading companies, facilitate revolutionizing the global market and promoting a secure future for the Chatbot AI market.

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