Small & Medium Enterprises to Witness Fastest Growth in North America Chatbot Market through 2024
Technological
advancements in artificial intelligence, natural language processing and 24*7
customer support to drive North America chatbot market until 2024
According
to TechSci Research report, “North America Chatbot Market By Component, By Deployment Model, By Enterprise
Size, By End-user, By Country, Competition, Forecast & Opportunities, 2024”, North America chatbot market is forecast
to grow at a CAGR of over 34% during the forecast period, on the back of growing adoption of cloud
based chatbot. Owing to increasing demand for self-service and increased
customer retention, there is rising demand for chatbot to enhance customer’s
experience, thereby positively influencing the market. Moreover, factors such
as 24*7 customer support and instant customer’s response is anticipated to drive
North America chatbot market during forecast period.
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In terms of enterprise size, the market can be
segmented into small & medium enterprises and large enterprise. Large
enterprise is one of the major segments of the market, as large enterprises
have more budget and resources to invest. However, small & medium
enterprises are expected to emerge as the fastest growing enterprise size owing
to the increased focus towards customer retention.
International Business Machines Corporation,
Nuance Communications, Inc., Google LLC, Microsoft Corporation and Amazon.com
Inc. are the major players operating in North America chatbot market. The companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their share. In November 2018, Microsoft
signed an agreement to acquire Xoxco Inc, a software product design and
development company since 2008 with capabilities in areas such as
conversational AI and chatbot development, to increase its focus on chatbot.
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“Cloud based deployment model leads the North America chatbot market and
is expected to continue its dominance throughout the forecast period as well.
Moreover, it is expected to be the fastest growing deployment model owing to
the benefits such as reduced IT staffing/administration, increased flexibility
and on demand scalability and reduced total cost of ownership.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“North America Chatbot Market By Component, By
Deployment Model, By Enterprise Size, By End-user, By Country, Competition,
Forecast & Opportunities, 2024” has evaluated the future growth potential of North
America chatbot market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in North America chatbot
market.
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