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The global chatbot industry is being driven by the increased demand for chatbot solutions across industry verticals such retail, BFSI, and healthcare, among others. This can be attributed to the growing focus of the market players on enhancing customer experience and providing them expeditious and user-friendly service. Additionally, the rapid technological advancements such as the integration of novel technologies in the chatbot interface are also expected to support the market growth in the forecast years. Furthermore, the growing development of voice-assisted chatbots is also expected to spearhead the market in the coming years.
The growing focus of the leading players to develop the chatbot software by applying advanced technological solutions to enhance user experience is expected to catalyse the industry growth in the forecast period. For instance, in May 2021, IBM Corporation (NYSE: IBM) announced its new hybrid cloud and AI platform at the Think conference, which allows businesses to automate customer usage and interaction. Also, the cloud technology would help in the storage and maintenance of the customer data with IBM Cloud Pak. Meanwhile, in May 2021, Artificial Solutions International AB (OTCMKTS: ASAIF), another leading chatbot creator, announced the expansion of their Conversational AI platform to 86 languages, with the addition of 2 more languages, namely, Korean and Albanian. This platform provides customer assistance in 86 languages globally, making it the most comprehensive conversational AI language solution in the market. Such developments are expected to positively impact the growth of the chatbot industry in the forecast period.
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The major players in the global chatbot market are 7.ai, Inc, Aivo LLC, Artificial Solutions International AB, Botsify Inc., Creative Virtual Private Limited, Inbenta Technologies Inc., IBM Corporation, and eGain Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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