![]() Mindsay is a France-based customer service automation startup operating in the chatbox market. This acquisition gives Laiye powerful, low-code, and no-code technology to automate customer service and back-office processes. In April 2022, Laiye, a China-based intelligent automation software provider, acquired Mindsay for an undisclosed amount. It is the new technique of creating chatbots that can be scaled in hours and does not require any training data, allowing anyone with no coding knowledge or training to construct a fully functional chatbot. For instance, in November 2021, ZeroShotBot, a US-based chatbot company, launched a new disruptive conversational AI technology that democratizes chatbots for both large and small organizations. Major companies operating in the catboat market are focused on developing new technological solutions to strengthen their position in the market. ![]() Technological advancements have emerged as a key trend gaining popularity in the chatbot market. Therefore, the rising adoption of smartphone users is driving the growth of the chatbot market. ![]() For instance, according to the National Health Authority of India, a government agency in India, there were 1.18 billion mobile connections, 600 million smartphones, and 700 million Internet users in India in 2021, with a quarter-on-quarter increase of 25 million. On mobile phones, chatbots can provide virtual assistance for various needs of the user. Chatbots can simulate a conversation with the user in natural language through websites, messaging applications, or mobile apps. A smartphone is an electric device that provides a connection to a cellular network. The rising adoption of smartphone users is expected to propel the growth of the chatbot market going forward. The chatbot market size is expected to grow to $18.11 billion in 2027 at a CAGR of 27.2%. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. ![]() The global chatbot market size grew from $5.44 billion in 2022 to $6.92 billion in 2023 at a compound annual growth rate (CAGR) of 27.1%. This chatbot market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The chatbot market research report is one of a series of new reports from The Business Research Company that provides chatbot market statistics, including chatbot industry global market size, regional shares, competitors with a chatbot market share, detailed chatbot market segments, market trends and opportunities, and any further data you may need to thrive in the chatbot industry. It is employed in BFSI, healthcare, IT and telecommunication, retail, travel and hospitality, and other end-users. The different components include solutions and services, and involve various platforms such as standalone, web-based, messenger-based/third party, which are deployed on-premise or cloud. They help companies engage with their customers through sending automated texts and replies based on specific triggers and keywords in the customer's response. Text bots are defined as software tools that can perform conversational and automated tasks. The main types of chatbots are text, voice, and hybrid. It can range from simple one-line programs that respond to a simple question to sophisticated digital assistants that learn and adapt as they collect and process data to create increasingly personalized experiences. A chatbot is a computer program that simulates and interprets written or spoken human dialogue, allowing users to interact with digital gadgets in the same way they would interact with actual people.
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