The North American chatbot market is anticipated to grow at a CAGR of 25.8% during the forecast period (2021-2027). The market is set to display impressive growth during the forecast period with some key trends emerging, such as growing adoption of customer care services in enterprises to reduce operational cost, a significant rise in messaging services, and development in Natural language processing (NLP) and AI technologies. Moreover, product innovation, strategic collaborations, and business expansion by key players is also the factor driving the growth of the market. For instance, in November 2020, for the development of an AI Chinese-speaking chatbot for people suffering from diabetes, Microsoft Corp. collaborated with Novo Nordisk. Lack of awareness about chatbots in under developing countries may hamper the market growth.
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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 various organizations set up stable remote work conditions. This led to the increased demand for chatbots and growth in the overall market.
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North America Chatbot Market Segmentation
By Deployment Model
- On-Premises
- Cloud-based
By Component
- Solution
- Services
By Verticals
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Telecommunication
- Banking & Financial Service and Insurance (BFSI)
- Retail and E-commerce
- Others
By Application
- Customer Care
- Branding & Advertisement
- Data Privacy and Compliance
- Employee Engagement and On-boarding
- Payment Processing
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
