Chatbot Market By Type, Interface, Application and Top Key Players: Astute Solutions, Facebook, Haptik, IBM, Kiwi, Inc., Nuance Communications, Reply, SRI International, Bold360, Slack

Chatbot Market is anticipated to grow at a CAGR of over 31% from 2018 to 2024, and to exceed USD 1.34 billion by 2024. Chatbot market is driven by the rapid proliferation of messaging platforms. The messaging applications that mainly include Facebook Messenger, WeChat, and Slack have in-built chatbots that are the popular hubs for e-commerce businesses and consumer interactions.

Reportedly, ShopBot users are three times more likely to search specific products than those just browsing through the website. Similar AI powered bots have been implemented worldwide across other online stores, travel & hotel booking establishments, personal care businesses and even fast-food chains through website windows and inbuilt chatbot features of Facebook Messenger, WeChat and other messaging platforms. Application of these assistive chatbots has delivered improved engagement and is driving the sales numbers in variety of industries, further boosting the chatbot market.

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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.

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

1. Bold360
2. Google
3. Helpshift
4. imperson
5. Microsoft
6. LivePerson
7. Slack
8. ManyChat

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

The standalone interface segment dominates the chatbot market due to the benefits they offer such as ease-of-usage and installation at reduced costs. The web-based chatbot is growing at a fast pace at a CAGR of 36.9% during the forecast period and is mainly beneficial for the companies selling products directly through their websites. The chatbots make an effective point-of-contact tool delivering better customer experience and improved business margins.

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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. 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.

Chapter 1. Methodology & Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope
1.1.5. Definition
1.1.6. Methodology and research parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary

Chapter 2. Executive Summary
2.1. Chatbot industry 360º synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Application trends
2.1.4. Interface trends
2.1.5. End-use trends
2.1.6. Type trends
2.1.7. Deployment model trends

According to a report on chatbot market published by Global Market Insights, Inc., customer service is the highest contributing segment with a 42.52% share. This can be derived from the significance of customer service in retaining existing and attracting new potential customers, with the growth of industries like healthcare and BFSI dependent on consumer feedback and brand visibility. Chatbots enable personalized services, less waiting time, uninterrupted customer support and a feedback channel to a large number of customers, guaranteeing consumer satisfaction aimed at by these industries. Reportedly, the banking sector spends almost USD 150 million annually on customer service and the increasing use of bots for automated service will bolster the overall chatbot market.

Browse key industry insights spread across 350 pages with 262 market data tables & 43 figures & charts from the report, Chatbot Market in detail along with the table of contents:

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North America held around 57% of share in the global chatbot market. Chatbots have gained importance in numerous applications such as e-commerce-based internet gaming, customer service, and call centers. Various technological advancements, such as IoT, AI, and APIs, are growing at a rapid rate. Chatbots are integrated along with these technologies offering improved operations.

Moreover, the changing business dynamics, 24/7 customer service availability, cost efficiency, and client-centric approaches are the factors accelerating the market growth. The U.S. dominates the market in North America and Canada and it is anticipated to grow at the fastest rate over the forecast period.

Asia Pacific is anticipated to show the highest growth rate of 36% over the forecast timeline. As chatbots have turned into a necessity for mainstream industries, their usage has increased rapidly. Furthermore, there is an increase in the usage of mobile applications for travel, shopping, social networking, and education.

The increasing demand for smartphones and the tremendous use of messenger apps has supplemented the proliferation of chatbot market, especially in countries like India and China which have defined Asia-Pacific as the fastest growing region in the segment. With the growing preference towards faster customer service and acceptance of AI based tools in business operations throughout the region as well as globally, the global chatbot market is slated to witness a CAGR of 31% from 2018 to 2024.

Some of the major vendors operating in the chatbot market include Astute Solutions, Bold360, Chatfuel, Chatter, Chatty Solutions, Facebook, Google, Haptik, Helpshift, IBM, imperson, Kiwi, Inc., ManyChat, Microsoft, Nuance Communications, LivePerson, Reply, Slack, and SRI International.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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