The North American Chatbot market is anticipated to grow at a CAGR during the forecast period (2022-2028). 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. Moreover, product innovation, strategic collaborations, and business expansion by key players is also the factor driving the growth of the market. For instance, in November 2020, for the development of an AI Chinese-speaking chatbot for people suffering from diabetes, Microsoft Corp. collaborated with Novo Nordisk. Lack of awareness about chatbots in under developing countries may hamper the market growth.

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 North American 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. Based on component, it is classified into solutions and services. 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.

Based on the demographic viewpoint, the North American chatbot market has been segmented into the US and Canada. The US is likely to hold a major share in the North American market over the forecast period due to its high spending on the R&D activities for technology advancements, and the presence of major players for the chatbot providers. Canada holds a significant share in the North American chatbot market. 

Further, Amazon Web Services (AWS), Botsify Inc., Google LLC., IBM Corp., Microsoft Corp., MindMeld Inc. (Cisco), Nuance Communication, Inc. Oracle, [24]7.ai, Inc., among others are some of the prominent players functioning in the North American Chatbot market. New product launches & developments, partnerships, agreements, and acquisitions are some of the growth strategies adopted by the players to sustain in the highly competitive market. 

RESEARCH METHODOLOGY

The market study of the North American 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 break down 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 provider companies, and its application such as customer care, branding & advertisement, employee engagement, and on-boarding, among others, research institutes and universities, other related companies, and government organizations for the 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 a 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.

Market Segmentation:

1. North American Chatbot Market Research and Analysis by Deployment Model

2. North American Chatbot Market Research and Analysis by Component

3. North American Chatbot Market Research and Analysis by Verticals

4. North American Chatbot Market Research and Analysis by Application

The Report covers:

• Comprehensive research methodology of the North American 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 North American chatbot market.
• Insights about market determinants that are stimulating the North American chatbot market.
• Detailed and extensive market segments with regional distribution of forecast revenues.
• Extensive profiles and recent developments of the market players.