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.

Browse 3 market data Tables and 33 Figures spread through 110 Pages and an in-depth TOC on “North America Chatbot Market”

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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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