Chatbot Market By Type, Application and Key Industry Players: Astute Solutions, Bold360, Facebook, Google, Haptik, Helpshift, IBM, Kiwi, Inc., Microsoft, Nuance Communications, LivePerson, Slack, 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.

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. Chatbots also allow businesses to interact with their customers in two-way communication.

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The chatbot market is benefiting from the investments made by the leading investors, who back several chatbot startup firms. These funds are used by the startups for developing NLP technology and chatbot platforms. These investments enhance marketing and promotions through the chatbot platform, increasing customer service, transactions, and purchases. However, the lack of awareness about the benefits of chatbots amongst businesses and security issues concerned with chatbots may hinder its market growth.

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.

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.

The e-commerce segment held about 35% of the market in 2017 because they assist in completing buyer’s purchases, offer product recommendations, and provide customer support in enhancing their market growth. They aid in improving shopping experience by reducing waiting time, provide 24/7 support, and retain customers by sending messages. For instance, Starbucks chatbot available on the Starbucks application allows customers to easily place an order by text messaging or voice commands through chatbots, increasing customer buying experience and saving purchase time.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & analysis:

1. Astute Solutions
2. Bold360
3. Facebook
4. Google
5. Haptik
6. Helpshift
7. IBM
8. Kiwi, Inc.
9. Microsoft
10. Nuance Communications
11. LivePerson
12. Slack
13. SRI International

Chatbot Market, By Application

o Customer service
o Social media
o Payment/Order processing
o Marketing

Chatbot Market, By Interface

o Standalone
o Web-based
o Third-party

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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.

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.

Some of the major vendors operating in the chatbot market include Astute Solutions, Botsify, Bold360, Chatfuel, ChatterOn, ChattyPeople, Facebook, Google, Haptik Inc., Helpshift, IBM, Imperson Ltd., Kiwi Inc., ManyChat, Microsoft, Nuance Communications, LivePerson, Poncho, ReplyYes, Slack, and SRI International.

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