The Chatbot market is projected to reach a valuation of US$ 2,020.2 million by 2027, growing at a compound annual growth rate (CAGR) of 28.3% from 2019 to 2027. This exponential growth is driven by the burgeoning E-commerce sector as well as the deployment of virtual personal assistants like Siri, Alexa, Google Assistant, and Cortana. In spite of the advancements made in natural language processing, conversational AI remains challenging to develop and can struggle with multi-modal scenarios, personas, and different use cases with limited labelled training data.

Key players in the market include IBM Corporation, Microsoft, AWS, Oracle, Acuvate, Google, Artificial Solutions, Botsify Inc, Creative Virtual Ltd., Aivo, eGain Corporation, Inbenta Technologies Inc., Next IT Corp., Nuance Communications, Inc. and others. Challenging the industry is the lack of accuracy in users’ voice authentication as well as the risk of AI “going rogue” without proper supervision.

Future trends include personalized buying experiences powered by chatbots as well as increased use of mobile phones and social media for consumer engagement. With the help of detailed industry forecasts and data, and on-demand custom reports available from companies like Coherent Market Insights, businesses can use the report to better understand their market and develop business plans for their specific fields. With an ever-increasing competitive landscape, understanding the nuances of the chatbot market is vital for any business.