chatbot market

Chatbot Market to account to US$ 9475.1 Million by 2027 with CAGR of 27.9%

Nuance Communications, Inc., IBM Corporation, Inbenta Technologies Inc., Artificial Solutions and Creative Virtual Ltd.– Prominent Market Participants In Chatbot Market

The growing digitization and increasing number of active internet users are creating an increasing demand for advanced chatbot solutions. The companies related to various industries are adopting Chatbots in place of live agents with improving the overall efficiency, reducing the operational cost and providing the enhanced personalized assistance to the customers. Chatbots are gaining popularity for digital marketing, and digital marketers are focusing on implementing Chatbots to engage customers on social media platforms and gain essential insights rewarding the consumer preferences and behavior. The chatbot has evolved with advancements in technologies and integration of AI, natural language processing and automatic voice recognition. Chatbots are gaining popularity across various sectors and are being used at contact centers, websites, mobile platforms, and Social media websites.

The global Chatbot market is profoundly captured by several established companies as well as smaller tier2 companies across the globe. These companies are facilitating to meet the continually increasing demand for advanced Chatbot from their respective clients. Some prominent market players operating in the chatbot market include Nuance Communications, Inc., IBM Corporation, Inbenta Technologies Inc., and Creative Virtual Ltd. among others.

The players present in chatbot market mainly concentrate towards the partnership, collaborations, agreements, and other activities for the deployment of new technological solutions across the world permit the company to maintain its brand name globally. Most of the market initiative was observed in the Europe region, which has a high potential for chatbot market-related services. Few of the important market initiatives and acquisitions from the industry are mentioned below:

Year News Region
2019 Artificial Solutions signed a partnership agreement with Deloitte. According to the agreement the Deloitte professionals would be able to use Artificial Solutions’ conversational AI platform, Teneo to cater the increasing demand of natural language applications Europe
2019 Creative Virtual strengthened its partnership with Innovita Partners Limited. The two companies would work together in Singapore, South Africa and India. The partnership would allow Creative Virtual to focus in its core strengths and get benefited from synergy Europe
2019 MEDITECH announced a strategic partnership with Nuance with the aim of delivering AI-powered virtual assistants for Healthcare sector. Meditech Expanse would be integrated with Naunce’s Dragon medical virtual assistant to enhance the physician and patient experience North America
2018 Creative Virtual and Transcom entered into a partnership with the aim of offering virtual agent and chatbot solutions. Under the partnership Transcom would be able to offer full suite of Creative Virtual’s products, with Trancom being responsible for designing, , deploying building, testing and maintaining a virtual agent solution for the client Europe
2018 Alphanumeric Systems, Inc. announced a strategic partnership with Inbenta Technologies with the aim of bringing Natural language processing, Ai-poewered chatbots and semantic technologies to broader customer support audience. The partnership includes implementation of AI solutions at multiple, enterprise-class service desks North America


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