Chatbot Market Forecasts By Key Vendors: Baidu, Google, Microsoft Corporation, Facebook, IBM, Babylon Health, Kik, LivePerson, Slack, WeChat, Nuance Communications, Helpshift

Market Overview: -

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.

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The chatbot market growth is attributed to the evolving usage of chatbots for content marketing activities such as digital marketing and advertising. The technological capabilities, individuality, and customization are the main features accelerating market growth. Chatbots assist the businesses to interact and engage with customers. They offer personalized marketing capabilities, such as sending individualized messages, to meet the rising consumer requirements. For instance, in 2016, Sephora launched a chatbot on the messaging application Kik, which asks the users on the platform to take a quiz while giving the chatbot insights regarding the ways to precisely style their look, enhancing the customer experience.

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.

Customer service application accounts for the largest industry share of 43% in 2017 in the chatbot market followed by social media, order processing, and marketing applications. Customer service is the major criteria for businesses to survive in the competitive market. The advent of chatbots allows businesses to offer enhanced customer service by offering 24/7 customer support, real-time query handing, and educating the customers about new products and services. For instance, in April 2018, TIM, an Italian ICT group partnered with Microsoft to develop AI-based chatbots, which will benefit both the company and its customers in the long term by optimizing customer service inquiries handling and technical assistance, thereby resulting in an improved customer experience.

Most enterprises use on-premise chatbot platforms which allow them to have total control of the chatbot experience and can securely manage and examine all chatbot interactions within the enterprise environment. The cloud model provides built-in services offering easy to configure chatbots. The companies design, develop, and deliver highly intelligent chatbots for use in numerous communication channels, increasing their demand.

Chatbot Market was estimated to be over USD 250 million in 2017 and USD 1.34 billion by 2024, to grow at a CAGR of over 31% from 2018 to 2024.

Industry Growth drivers -

• Enhanced customer service

• Emergence of messaging platforms

• Reduction in chatbot development costs

• Increasing usage of chatbots for marketing and sales
• Capital investments in chatbot technology

• Increasing use of chatbots in e-commerce sector

• Advancements in AI, NLP and cloud computing technologies

The AI-based chatbot market is growing at a CAGR of 53% as they provide highly conversational experiences through text and voice, which can be customized for use on various web browsers, mobile devices, and varied chat platforms. Furthermore, increasing collaboration in the AI-based companies also drives the market growth. For instance, in March 2018, Haptik, a leading AI-based chatbot platform partnered with Amazon Web Services to deliver solutions for Indian customers. This will enable the company to expand its AI-based market in India.

In 2017, the on-premise deployment model holds approximately 83% in the chatbots market, offering users enhanced data security solutions and protecting customers’ personal and confidential business information, increasing its market demand.

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.

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North America held the majority of the share in the chatbot market as various tech companies in this country, such as IBM, Google, and CX Company, are investing huge funds in R&D to implement new technologies and provide an improved user experience. These players are engaged in strategic partnerships and acquisitions to retain a huge market share and expand their presence worldwide.

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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Some of the major vendors operating in the chatbot market include Baidu, Babylon Health, Google, Inc., Microsoft Corporation, Kik, Poncho, ReplyYes, LivePerson, Slack Technologies, Inc., WeChat, SRI International, Nuance Communication Inc., ManyChat, Kiwi Inc., Imperson Ltd., IBM, Helpshift, Haptik Inc., Facebook, ChattyPeople and ChatterOn.

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.

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