Market Size of North America Chatbot Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 26.60 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Chatbot Market Analysis
The North America Chatbot Market is expected to register a CAGR of 26.6% over the forecast period. Chatbots are software applications that utilize artificial intelligence and natural language processing to understand human needs and guide them to the desired outcome with as minimal work by the end-user as possible. It acts as a virtual assistant for customer experience touchpoints. Bots interpret the user intent, process their requests, and give prompt relevant answers.
- The market is set to display impressive growth during the forecast period with some key trends emerging, such as the growing adoption of customer care services in enterprises to reduce operational costs, a significant rise in messaging services, and development in Natural language processing (NLP) and AI technologies.
- Highly conversational chatbot apps allow enterprises to create frictionless customer journeys as they interact over various digital channels and devices. Some development chatbot platforms enable enterprises to capture and analyze entire conversations to understand the voice of the customer.
- The best AI chatbot systems enable enterprises to streamline business processes and increase productivity allowing organizations to do more without increasing headcount. For example, robotic process automation (RPA) and other AI assets are increasingly integrated into chatbots to deliver 'zero intervention' solutions for high-volume processes.
- The covid-19 pandemic has positively affected the North American Chatbot market. Due to the lockdown announced by the government in North America, the adoption of chatbots to solve the huge burden of queries in various verticals such as healthcare, BFSI, retail & e-commerce, among others, has increased. In addition, the chatbot helped multiple organizations set up stable remote work conditions. This led to the increased demand for chatbots and growth in the overall market.
- Moreover, by using Conversational AI chatbots, the chances of miscommunication and errors reduce, thus, leading to improved accuracy and better results. Bots can communicate through voice and text and can be deployed across applications, websites, and messaging channels, such as Whatsapp, Facebook Messenger, or Twitter.
