Chatbot Market Report

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CHATBOT MARKET REPORT
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INTRODUCTION
Chatbot is a conversational software application
which is widely used for an online conversation
via text, or speech. It allows to practice a
conversation with a user in natural language.
Owing to their wide array of benefits, chatbots
are being used in various applications, including
customer service, request routing, or information
gathering.
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KEY INSIGHTS
MARKET SIZE 3.02 Bn
2022
FORECAST 24.58 Bn
2030
CAGR 21.5
2030
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REVENUE MARKET SHARE BY SEGMENTS 2022
Deployment
Component
Connectivity
Mobile Application 43.1
Software 71.3
Cloud 63.1
Organization
Industrial Verticals
Large Enterprises 67.4
Retail and E-Commerce 31.2
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GLOBAL CHATBOT MARKET REVENUE SHARE FOR 2022
North America 34.1
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DRIVERS
High integration of chatbot in various industrial
verticals, such as BFSI, telecommunication,
e-commerce, and others accrediting the growth
market across the world
RESTRAINTS
Drawbacks regarding the full understanding of
natural language by chatbot may hinder the growth
of market
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Author's Perspective

• Global Chatbot Market Report 2023 talks about
  crucial market insights with the help of segments
  and sub-segments analysis.

• Software component dominates the market of a
  chatbot as the software allows the incorporation
  of a natural language processor along with
  cloud-based deployment and AI facility.

• Distributors are using chatbot that allows to
  provide customers with 24/7 support and the
  ability to report queries from an interface on a
  company website, mobile app, or from any social
  media accounts like Facebook or WhatsApp.

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KEY PLAYERS
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