Chatbots Market Analysis, Size, share, growth, Global demand & prospect Outlook 2021

Chatbots are an artificial conversational character which interacts with human via both verbal and non-verbal communication gateways. Chatbots can work on phones as well as computers and are mostly accessed through internet. All the functions performed by Chatbots are based on an artificial intelligence system. Chatbots are believed to emerge as major channel for commerce and digital communication over next few years.North America Chatbots market is likely to escalate owing to adoption of Chatbots by some of the big organizations such as Facebook Inc. In addition to that emergence of new Chatbots providing start-ups in the U.S. is also expected to expand North America Chatbots market in future. Further, Europe is also expected to witness a significant demand of Chatbots from the rapidly growing outsourcing industry in the region. In addition to that, Asia-Pacific Chatbots market is envisioned to witness a robust growth sparked by increasing expansion of messaging applications in countries such as India, Malaysia, South Korea, Japan, Indonesia and China.  

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Scope and Regional Forecast of the Chatbots Market:

The global Chatbots market was valued at USD 88.5 Million in 2015 and is anticipated to witness a substantial compound annual growth rate (CAGR) over the forecast period i.e. 2015-2021. Regionally, the global Chatbots market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and Rest of World (Row). 

Market Size and Growth
North America (U.S., Canada)
Latin America (Mexico, Brazil, Rest of Latin America)
Western and Eastern Europe (Germany, Italy, Spain, France, U.K, Benelux, Hungary, Rest Of Western Europe, Russia Poland, Rest of Eastern Europe)
Asia-Pacific (China, India, Singapore, Japan, Australia & New Zealand & Rest of Asia)
Middle East and North Africa (MENA)
Rest of World

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Growth Drivers and challenges

Rising inclination of enterprises towards increasing customer experience along with reducing operational costs and working efficiency is expected to garner the growth of global Chatbots market over the forecast period i.e. 2015-2021.

In addition to that increasing digital transformation is also envisioned to bolster the global Chatbots market over next 4-5 years.

However, lack of awareness and large dependency on humans for customer interaction are anticipated to restrain the global Chatbots market in future.