Conversational Marketing Software Market Report

Market Insights

The Global Conversational Marketing Software Market is expected to grow from USD 499.8 million in 2020 to USD 2,923.5 million by 2026 at a CAGR of 34.2% during the forecast period.

Figure: Global Conversational Marketing Software Market Size, 2020-2026 (USD Million)

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What is a conversational marketing software?

A conversational marketing software, also known as messenger marketing software, is a customer-focused personalized communication tool between the service provider and the customer. It not only responds to the customer’s queries but also drives engagement by listening to their feedback and recommending them new products or solutions based on their requirements. Below given are some more uses of conversational marketing software -

• With the evolution of artificial intelligence and chatbots, the software can record and process every user activity.
• It can also be integrated with other systems such as customer relationship management (CRM), order management, and various marketing tools to generate more accurate responses.
• The conversational marketing software enables companies to conduct more personalized and feedback-focused marketing to thousands of customers simultaneously, resulting in their greater satisfaction and loyalty, faster sales cycle, growth in customer base and increased revenue.

Key Players

Key players operating in the global conversational marketing software market are-

• Drift (The U.S),
• Slaask (The U.S),
• Verloop (India),
• Automat (Canada),
• iAdvize (UK),
• Intercom (The U.S),
• Liveworld (The U.S),
• Saleswhale (The U.S),
• Whisbi (Spain), and
• Conversica (The U.S).

Market Dynamics

The conversational marketing software market is continuously growing due to the new marketing strategies to engage with every potential customer and solve their queries instantly.

• Continuous innovations in sales and marketing platforms also act as major driving factors for conversational marketing software.
• The evolution of AI and chatbots offers new opportunities for growth to the market.
• Regulations, such as GDPR and CCPA have put many restrictions related to the sharing of customer data across various sales channels, which restrains the growth of the market.

Segment Analysis

End User Trends

The conversational marketing software is gaining wide popularity among enterprises of all sizes.

• Businesses are using the software to minimize manual tasks, engage with every customer automatically, and give them a personalized service experience to gain their loyalty.
• Many companies in the sector of IT and eCommerce adopted the software at a large scale and other industries are also expected to massively use the software in the upcoming years.

Regional Trends

Among regions, North America is the largest adopter of conversational marketing software.

• The region is known in the world for its innovative technologies, automation, and analytical solutions.
• The market in the Asia Pacific is expected to witness the highest CAGR owing to the presence of a large number of small- and medium-sized businesses increasing spending on various digital marketing tools.

COVID-19 Impact on Global Conversational Marketing Software Market

During the COVID-19 pandemic in 2020, there has been greater adoption of automation tools including conversational marketing software to ease the job of people working from home and support businesses through digital channels. The eCommerce businesses showed rapid growth during the lockdown and increasingly adopted conversational marketing software tools to enhance their marketing sales performances.

Critical Questions Answered in the Report

• What are the key trends in the global conversational marketing software market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global conversational marketing software market?
• What are the key strategies adopted by the major vendors to lead in the global conversational marketing software market?
• What is the market share of the top vendors?

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Target Audience

The following is a list of the customers that the Conversational Marketing Software market aims to convert the most:

• Conversational Marketing Software Vendors
• Enterprises
• Marketing Firms
• System Integrators
• Value Added Resellers
• Website Developers

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