Global Chatbot Market Envisioned to Generate a Revenue of

New York, USA, Oct. 04, 2022 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global chatbot market is anticipated to generate a revenue of $19,570 million and grow at a CAGR of 28.7% throughout the estimated timeframe from 2020 to 2027.

As per our analysts, with the rising adoption of advanced chatbots by market players to handle queries and support customers, the global chatbot market is expected to observe remarkable growth during the analysis period. Besides, the increasing strategic collaboration, product innovation, and business expansions of tech giants are further expected to fortify the growth of the market over the forecast timeframe. Moreover, the rapidly growing adoption of self-learning chatbots to deliver a more humanlike conversational experience is predicted to bolster the growth of the market during the estimated timeframe. However, the lack of awareness and other challenges such as the complex management of chatbots may hamper the growth of the market over the forecast timeframe.

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Segments of the Chatbot Market

The report has divided the market into segments based on component type, deployment, usage, end-user, and region.

Component Type: Solution Sub-Segment to be Most Profitable

The solution sub-segment is predicted to garner a revenue of $10,763.8 million during the analysis period. The increasing technological developments coupled with the growing customer demand for self-services are expected to amplify the growth of the market sub-segment during the forecast timeframe.

Deployment: Cloud Sub-Segment to be Most Productive

The cloud sub-segment is expected to generate a revenue of $11,298.0 million throughout the estimated period. This is mainly because the cloud-based chatbots handle various confidential business information such as employees’ social security numbers, client contact details, and many others. Furthermore, the growing popularity of…