Chatbot Market Top Key Industry Players: Baidu, Babylon Health, Google, Microsoft, Kik, Poncho, ReplyYes, LivePerson, Slack Technologies, and WeChat

Market Overview: -

Chatbot Market is anticipated to grow at a CAGR of over 31% from 2018 to 2024. The introduction of chatbot has opened new boundaries into the business world in terms of customer engagement and ease of interaction enabling the countries to connect with their customers globally. Chatbots also allow businesses to interact with their customers in two-way communication. It permits them to examine and measure interactions with consumers, taking their requirements into consideration, and optimizing customer experiences. Chatbots also aid in increasing customer retention rate by sending personalized messages and offering 24/7 availability, accelerating the market demand.

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The technological advancements in the field of AI had benefitted the chatbot industry as they have brought about a change from just being simple software with scripted answers to present day intelligent chatbots that are able to engage potential consumers. These chatbots have brought about various positive social impacts such as enhanced customer interaction with businesses, quick access to public data, and online payment of tax and bills. Moreover, the governmental agencies are also relying on chatbots to enhance customer experience. For instance, the Mississippi Department of Information Technology has been using a chatbot named Missi to resolve inquiries of 100 citizens daily relating to taxes and hunting licenses.

Top Key Players: -

The companies in the chatbot market are spending in the research and development, aimed at developing new and customized chatbots. The vendors in the market are Astute Solutions, Baidu, Botsify, Bold360, Chatfuel, ChatterOn, ChattyPeople, Facebook, Google Inc., Haptik Inc., Helpshift, IBM Watson, Imperson Ltd., Kiwi Inc., ManyChat, Microsoft Corporation, Nuance Communication Inc., LivePerson, Poncho, ReplyYes, Slack Technologies Inc., and SRI International.

Market share calculation in this report is not done based on companies covered in it. The calculation of chatbot market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

North America is projected to dominate the chatbot market by 2024 as chatbot solutions have gained prominence in different sectors such as BFSI e-commerce, gaming, and healthcare. Furthermore, the technological advancements in the AI and NLP technologies followed by the increased usage of computers, tablets, laptops, and mobiles are also driving the market growth.

Asia Pacific is growing the fastest in the market during the forecast timeline, generating revenues of approximately USD 350 million by 2024 due to the rising advent of messaging applications such as WeChat in China. Furthermore, the rapid investments by tech giants have also boosted the chatbot growth. For instance, in April 2018, Alibaba invested USD 600 million in SenseTime, China’s leading AI company. This funding will assist the company in increasing their technological innovation rate and expanding their new business opportunities.

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Partial Chapter of the Table of Content

Chapter 3. Chatbot Market Industry Insights

3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2013 - 2024
3.4. Industry ecosystem analysis
3.5. Industry evolution
3.6. Industry architecture
3.7. Chatbot Vs virtual assistant
3.8. Market news
3.9. Regulatory landscape
3.9.1. General Data Protection Regulation (GDPR)
3.9.2. China Data Privacy Standard
3.9.3. California Online Privacy Protection Act (CalOPPA)
3.9.4. Personal Data Protection Act 2012
3.9.5. German Bundesdatenschutzgesetz (BDSG)
3.9.6. Federal Information Security Management Act (FISMA)
3.10. Technology & innovation landscape
3.10.1. Technological advancements in AI
3.10.2. Advancement and innovation in NLP
3.10.3. Pattern recognition and image detection
3.10.4. Predictive analytics
3.11. Industry impact forces
3.11.1. Growth drivers
3.11.1.1. Enhanced customer service
3.11.1.2. Emergence of messaging platforms
3.11.1.3. Reduction in chatbot development costs
3.11.1.4. Increasing usage of chatbots for marketing and sales
3.11.1.5. Capital investments in chatbot technology
3.11.1.6. Increasing use of chatbots in e-commerce sector
3.11.1.7. Advancements in AI, NLP and cloud computing technologies
3.11.2. Industry pitfalls & challenges
3.11.2.1. Lack of awareness among businesses
3.11.2.2. Security and privacy issues
3.11.2.3. Dialects, question formation and speech recognition
3.11.2.4. Not for every business
3.12. Growth potential analysis
3.13. Porter's analysis
3.14. PESTEL analysis

Chapter 4. Competitive Landscape
4.1. Introduction
4.2. Company market share, 2017
4.3. Major market players, 2017
4.3.1. Baidu
4.3.2. Facebook
4.3.3. Google
4.3.4. IBM Watson
4.3.5. Nuance
4.3.6. LivePerson
4.3.7. Microsoft
4.4. Innovation leaders, 2017
4.4.1. Botsify
4.4.2. Bold360
4.4.3. Chatfuel.
4.4.4. ChattyPeople
4.4.5. Helpshift
4.4.6. ManyChat.
4.5. Other prominent vendors

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The rule-based segment dominates the chatbot market with a revenue of USD 218 million in 2017 anticipated to reach USD 869 million by 2024. However, the development of these chatbots is done following a rule-based approach and hence are unable to answer questions whose patter mismatches with the rules on which the bot is trained. The AI-based chatbots are projected to grow at the fastest rate of CAGR 52.8% over the forecast timeline. The rapid progresses in the field of NLP and machine-learning have also led to the development of AI-based chatbots which can offer personalized responses. For instance, in 2018, the Indian railways decided to use AI-based chatbots for handling passenger queries. These chatbots assist in improving traveler experience in an efficient manner by providing enhanced passenger safety, amenities, and better service delivery.

The customer service applications show strong interests in chatbots as these intelligent digital assistants are always accessible to solve customer queries in a cheap and efficient manner. They support businesses to save customer service expenses of over 30% by moving up response times and freeing up employees for more challenging work. Furthermore, around 56% of the companies operating in the technology and multimedia sectors are planning to invest in chatbots in the coming three to five years, saving approximately USD 8 billion yearly in customer supporting costs.

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