Chatbot Market to reach $1.34bn by 2024 Chatbot Market

Chatbot Market to grow at 31% CAGR from
2018 to 2024: Global Market Insights Inc.
Chatbot Market to exceed USD 1.34 billion by 2024; driven by advancements in AI,
NLP and cloud computing technologies. The chatbot market growth is attributed to
the evolving usage of chatbots for content marketing activities such as digital
marketing and advertising. The technological capabilities, individuality, and
customization are the main features accelerating market growth. Chatbots assist the
businesses to interact and engage with customers. They offer personalized
marketing capabilities, such as sending individualized messages, to meet the rising
consumer requirements. For instance, in 2016, Sephora launched a chatbot on the
messaging application Kik, which asks the users on the platform to take a quiz while
giving the chatbot insights regarding the ways to precisely style their look, enhancing
the customer experience.
The chatbot market is benefiting from the investments made by the leading
investors, who back several chatbot startup firms. These funds are used by the
startups for developing NLP technology and chatbot platforms. For instance, in 2017,
Pypestream raised USD 15 million in funding to bring about developments in its
chatbot platform. These investments enhance marketing and promotions through the
chatbot platform, increasing customer service, transactions, and purchases.
However, the lack of awareness about the benefits of chatbots amongst businesses
and security issues concerned with chatbots may hinder its market growth.
Chatbot Market
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