Chatbot Market Outlook to 2024 By Complete Analysis On Emerging Players - Haptik Inc., Helpshift, IBM Watson, Imperson Ltd., Kiwi Inc., ManyChat, Microsoft Corporation

Market Study Report Adds report on Global Chatbot market evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2018-2024. The market size in terms of revenue (USD MN) is calculated for the study period along with the details of the factors affecting the market growth (drivers and restraints).

Chatbot Market is projected to surpass USD 1.34 billion by 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.

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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.

This report focuses on the top Manufacturers and players in global market are given bellow:-

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.
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 standalone segment held approximately 50% shares in the market in 2017 and is anticipated to dominate the market. They operate on a single computer integrated with the system interface and can control certain functions of the computer such as retrieving documents or playing media. These chatbots offer benefits such as ease of installation and reduced installation prices. The web-based chatbots are growing fast as the chatbot operators are personalizing the content and have control over the personality and behavior of the chatbot, increasing their demand in the market.

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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.

Chatbot Market Size By Type
Rule-Based, AI-Based

By Interface
Standalone, Web-Based, Third-Party

By Application
Customer Service, Social Media, Payment/Order Processing, Marketing
By Deployment Model

On-Premise, Cloud

By End-Use

BFSI, Media and Entertainment, Healthcare, E-Commerce, Retail, Travel and Tourism

Analysis Report, Regional Outlook

U.S., Canada, Mexico, France, UK, Poland, Italy, Spain, Austria, Germany, Sweden, Russia, China, India, Japan, South Korea, Australia, Indonesia, Philippines, Saudi Arabia, Iran, UAE, Egypt, Nigeria, Kenya, Morocco, South Africa, Brazil, Argentina, Columbia, Chile, Venezuela

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