Key players in the global conversational marketing & sales platform market include Drift, Snaps, Verloop, iAdvize, LiveWorld, Automat, Intercom, HubSpot, Conversica, Saleswhale, Exceed.ai, Whisbi, and WhatsHelp.
A conversational marketing platform is a suite of tools primarily in the form of a chatbot. It helps a company to nurture leads by providing a one-to-one customer experience. A conversational marketing and sales platform also known as messenger marketing software, helps in engaging potential customers with personalized, one-on-one conversations for specific product recommendations or offers. Built-in artificial intelligence technology such as chatbot can help sales departments to develop intelligent response flows that guides customers through helpful conversations at various critical touchpoints on the basis of user activity and other details. Conversational marketing platforms also aid in providing a higher standard of customer service and simplifying the overall buying process for potential customers around the world at any time of day. This type of software is a one-to-one approach to marketing that companies use to shorten their sales cycle.
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Various applications of the conversational marketing & sales platform are revenue generation, customer management, and order management. The introduction of conversational marketing and sales platforms now permits brands to communicate with hundreds or thousands of leads at any one time. Hence, it is crucial to make these services interactive as they have direct involvement with customers.
Advancements in technology along with interactive engagement of customers with the operator increases productivity and enables growth of the operator’s business, which is a major factor responsible for driving the market. The shift to advanced marketing and sales platforms is enhancing business communication, and chatbots are quickly becoming a backbone of digital marketing. More and more consumers now prefer to interact with companies via messaging, whether it is a query or to receive support. Businesses have now realized the immense opportunities that conversational marketing & sales platform provide.
The large amount of data involved in a conversational marketing & sales platform have led to many challenges such as cyber security and data risk. Moreover, adapting to the changing trends of technology and deploying such platforms leads to huge expenditure which could hamper the market growth during the forecast period.
The global conversational marketing & sales platform market can be segmented based on component, application, end-user, enterprise size, and region. In terms of component, the market can be divided into software (on-premise and cloud (public cloud and private cloud; and hybrid)), hardware (virtual, on-premise, and managed); and services (managed services and professional services (maintenance, integration, and installation)). Based on application, the conversational marketing & sales platform market can be classified into management, monitoring, test, and communication. In terms of end-user, the market can be segregated into aviation, healthcare, transportation, oil & gas, power & utilities, automotive, government, telecom & IT, chemical, and others. Based on enterprise size, the conversational marketing & sales platform market can be split into small & medium enterprises (SMEs) and large enterprises.
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In terms of region, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is a rapidly expanding region of the conversational marketing & sales platform market, due to the adoption of innovative technologies such as analytics, automation and virtualization technologies. This can also be ascribed to rise in the number of enterprises and presence of a large number of vendors providing conversational marketing & sales platform in the region. The market in Asia Pacific is expected to expand at a robust pace as many cloud service providers and telecom operators are adopting such platform-enabled solutions.