Smart Advisors Market see growth of 35.2% CAGR reaching at USD 3,172.0 million by 2021
“Increasing penetration of websites and mobile applications is the major factor expected to drive the growth of the smart advisors market”
The smart advisors market size is estimated to be USD 703.3 million in 2016 and is projected to reach USD 3,172.0 million by 2021, at a CAGR of 35.2% from 2016 to 2021, due to the strong need to understand consumer behavior, adoption of cloud-based technology, and proliferating demand of intelligent customer engagement. Lack of awareness owing to relatively early presence in tech-adoption life cycle, high deployment cost as well as system integration complexities, and lack of expertise are the major restraining factors of the smart advisors market.
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“Websites segment is estimated to have the largest market share during the forecast period”
The websites segment is expected to lead the smart advisors usage market between 2016 and 2021, due to the increasing number of websites of various industries. It is very necessary for business organizations to take care of this concept of emotions on websites to increase their sales and eventually their market share. Hence, a strong need to understand the customer personality is driving the growth of smart advisors market.
“North America is expected to dominate the market during the forecast period”
With regards to the geographic analysis, North America is likely to benefit from its technological advancements, large number of devices, and industries.
Asia-Pacific (APAC) is expected to lead the smart advisors market by region between 2016 and 2021. The growth can be attributed to hyper urbanization and industrialization.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key industry personnel.
The break-up profile of primary discussion participants is given below:
- By Company Type: Tier-1 (42%), Tier-2 (33%), and Tier-3 (25%) companies
- By Designation: C-level (75%) and Manager Level (25%)
- By Region: North America (43%), Europe (29%), APAC (18%), and Rest of World (RoW) (10%)
The various key smart advisors vendors profiled in the report are as follows:
- Artificial Solutions (Sweden)
- IBM Watson (U.S.)
- Naunce Communications, Inc. (U.S.)
- eGain Corporation (U.S.)
- Creative Virtual Pvt. Ltd. (U.S.)
- Next IT Corporation (U.S.)
- CX Company (Netherlands)
- Speaktoit, Inc. (U.S.)
- 24/7 Customer, Inc. (U.S.)
- Codebaby (Idavatars), Inc. (U.S.)
Related Report:
Bot Services Market by Service (Framework and Platform) Deployment Channel (Websites Contact Center and Customer Service and Social Media) Mode (Text and Rich Media Audio and Video) End-User Vertical and Region - Global Forecast to 2022
“Increasing user engagement on social media channels is driving the growth of the bot services market.”
The global bot services market size is expected to grow from USD 458.4 million in 2017 to USD 1,783.9 million by 2022, at a Compound Annual Growth Rate (CAGR) of 31.2%. The proliferation of millennial across social media channels and the use of Artificial Intelligence (AI), Natural Language Processing (NLP), machine learning, and analytics tools in the bot ecosystem are the major factors driving the growth of the bot services market. However, the dependency on deployment platforms for bots may hinder the growth of the bot services market.
“The social media deployment channel is expected to record the highest growth rate in the bot services market during the forecast period.”
Among the deployment channels, the social media segment is a high-growth segment in the bot services market. Consumers across various social media platforms are increasing at an unprecedented rate. Social media platforms are easy communication channels for businesses to interact with their customers. Enterprises are widely implementing bot services on platforms, such as Facebook Messenger, Kik, Telegram, WeChat, Skype, and Twitter, to engage with customers and provide a personalized experience for different tasks.
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Posted by
Vinay Kudale
on Friday August 17 2018, 7:49 AM EDT.
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