North America Chatbot Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

North America Chatbot Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The North America Chatbot Market is expected to register a CAGR of 24.6% over the forecast period from 2021 - 2026.

• The market is set to display impressive growth during the forecast period with some key trends emerging, such as growing adoption of customer care services in enterprises to reduce operational cost, a significant rise in messaging services, and development in Natural language processing (NLP) and AI technologies.
• Highly conversational chatbot apps allow enterprises to create frictionless journeys for their customers, as they interact over a wide variety of digital channels and devices. Some development chatbot platforms enable enterprises to capture and analyze entire conversations to understand the voice of the customer.
• The best AI chatbot systems enable enterprises to streamline business process and increase productivity allowing organizations to do more without increasing headcount. For example, robotic process automation (RPA) and other AI assets are increasingly integrated into chatbots to deliver “zero intervention” solutions for high-volume processes.
• The covid-19 pandemic has positively affected the North American Chatbot market. Due to the lockdown announced by the government in North America, the adoption of chatbots to solve the huge burden of queries in various verticals such as healthcare, BFSI, retail & e-commerce, among others has increased. In addition, the chatbot helped various organizations set up stable remote work conditions. This led to the increased demand for chatbots and growth in the overall market.

• The use of chatbots is simplifying operations and guiding customers into performing a variety of financial operations in a conversational way and with complete safety. From checking an account, reporting lost cards or making payments, to renewing a policy or managing a refund, the customer can manage simple tasks autonomously.
• The rising popularity of live chats as an effective method of customer engagement and the increasing adoption of chatbot technologies to provide enhanced customer service is opening several new opportunities for market vendors.
• Several companies are taking strategic measures to adopt the conversational AI technology. For instance, Bank of America launched a chat bot that sends users notifications, informs them about their balances, makes recommendations for saving money, and provides updates to credit reports, and so on.
• Moreover, in September 2021, Finn AI, the AI-powered chatbot platform for banks and credit unions, has announced that its conversational AI chatbot is now available as a premium Client Application on Genesys AppFoundry.

• United States has been one of the most prominent adopters of Chatbots inin large private organizations as well as public institutions. Moreover, Innovation and technology is the topic that receives the most attention in policy papers in United States with regard to artificial intelligence (AI), as it is the primary topic of 115 AI policy products in 2019 and 2020.
• The interface played a key role in United States Joe Biden's victory as the president. It was fuelled by an extensive digital campaign, which relied on conversational AI deployed as a chatbot via Facebook Messenger and designed by Amplify.ai.
• It also helped the US government to avoid any kind of scams over different websites. For instance, in February 2021, A team in the Technology Transformation Services (TTS) at the U.S. General Services Administration (GSA) implemented AI with a Chatbot by using a question-answer format . It provided a more straight-forward setup than one involving processing free-form text entered by users.

The The North America Chatbot market is highly fragmented and consists of a significant number of global and regional players. These players account for a considerable share in the market and focus on expanding their client base across the globe. These players focus on the research and development activities, strategic alliances, and other organic & inorganic growth strategies to stay in the market landscape over the forecast period.

• August 2021 - Conversational AI platform provider Yellow.ai announced the have recieved a USD 78.15 million series C round funding led by WestBridge Capital with participation from Sapphire Ventures, Salesforce Ventures, and Lightspeed Venture Partners, bringing the company’s total funding to more than USD 102.15 million.

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