The US chatbot market is projected to grow at a modest CAGR during the forecast period (2022-2028). The key aspect that drives the growth of the market in the US includes the increasing use of virtual assistance such as chatbots in various verticals such as healthcare, travel & hospitality, media & entertainment, BFSI, and others. Among all these sectors, the BFSI industry is one of the largest growing industry in the US, the demand for chatbots in BFSI sector has increasing rapidly owing to the increasing demand to improve customer relationship management (CRM). Chatbots in banking/insurance sectors serves their customer basic facilities such as balance inquiry, loan queries, bank account details, and build customer relation through intellectual analytics. The developments in mobile applications coupled with chatbot connectivity features is expected to drive the market during the forecast period. The presence of major market players in the US and their contribution towards market growth by developing chatbot with advanced AI and MLP technologies is also the key factor driving the market growth. 

The US chatbot market is segmented based on deployment model, component, verticals, and application. Based on the deployment model, the global chatbot market is bifurcated into on-premises, and cloud-based. Among these, the cloud-based segment is projected to hold a significant share in the global chatbot market during the forecast period. On the basis of component, it is classified into solutions and services. The service segment is anticipated to generate high revenue owing to the various services coupled with chatbots such as real-time analysis, multilingual capabilities, among others. Similarly, based on verticals, the market is categorized into healthcare, travel & hospitality, media & entertainment, telecommunication, banking & financial services, retail & e-commerce, and others. The retail & e-commerce segment is projected to be the fastest growing during the forecast period, and the BFSI segment is expected to show lucrative growth. Whereas, based on application, the global chatbot market is further segregated into customer care, branding & advertisement, data privacy & compliance, employee engagement & on-boarding, payment processing, and others.

Further, Amazon Web Services (AWS), Botsify Inc., Conversica, Inc., CogniCor Technologies Inc., Google LLC., Creative Virtual Ltd., IBM Corp., Inbenta Technologies Inc., Microsoft Corp, Nuance Communication, Inc., Oracle, among others are some of the prominent players functioning in the US chatbot market. New product launches & developments, partnerships, agreements, and acquisitions are some of the growth strategies adopted by the players in order to sustain in the highly competitive market. 

RESEARCH METHODOLOGY

The market study of the US chatbot market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.

Secondary sources include:

• Financial reports of companies involved in the market.

• Whitepapers, research-papers, and news blogs

• Company websites and their product catalog

The report is intended for chatbot companies, plastic companies, building and construction companies, transportation companies, chemical companies, research institutes and universities, other related companies, and government organizations for overall market analysis and competitive analysis. The report provides an in-depth analysis of the market size and growth opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.

Market Segmentation:

1. US Chatbot Market Research and Analysis by Deployment Model

2. US Chatbot Market Research and Analysis by Component

3. US Chatbot Market Research and Analysis by Verticals

4. US Chatbot Market Research and Analysis by Application

The Report covers:

• Comprehensive research methodology of the US chatbot market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the US chatbot market.
• Insights about market determinants which are stimulating the US chatbot market.
• Detailed and extensive market segments with regional distribution of forecast revenues.
• Extensive profiles and recent developments of the market players.