On May 25, 2018, the European Union has introduced a new law The General Data Protection Regulation (GDPR), a regulation on data protection for European Union citizens. It also applies to the transfer of personal data outside of the EU area. GDPR gives users control over their personal information and whether they want to share or keep their data private. At the beginning of a conversation, the chatbot should provide users with a clear-cut, transparent, distinguishable, and easily accessible form to understand what data is collected, and how it will be used by the bot and organization.
According to the report, Voice Experiences Become Mainstream
is one of the primary growth factors for the market. Increase in social media penetration owing to the rise in internet connectivity is expected to drive the demand for the chatbot market.
is also expected to contribute significantly to the Chatbot market. Overall, Healthcare
applications of Chatbot, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Organization Size, such as Large Enterprises, is boosting the Chatbot market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
AMAs Analyst on the Global Chatbot market identified that the demand is rising in many different parts of the world as "Technological Advancements in AI and NLP Chatbots
". Furthermore, some recent industry insights like "On November 19, 2019, Artificial Solutions, the leading specialist in enterprise-strength Conversational AI, has announced Teneo Connectors, a new resource in the company’s development platform that allows chatbots to harness the power of back-office technology to deliver even greater intelligence and capabilities." is constantly making the industry dynamic.
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global Chatbot market according to Type, Application, and regions o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key drivers & trends of the market
**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2018 currency rates.
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Chatbot market and other related sub-markets covered in the study.
o Key & emerging players in the market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall Chatbot market size is calculated using market estimation process, the Chatbot market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Chatbot market size has been validated using both top-down and bottom-up approaches.