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Chatbot Market Growth Potential, Competitive Share & Forecast, 2024, Key Playrs Players: Astute Solutions, Bold360, Facebook, Google, Haptik, Helpshift, IBM, Kiwi, Inc., Microsoft, Nuance Communications, LivePerson, Slack, SRI International

02-13-2019 08:19 AM CET | IT, New Media & Software

Press release from: Global Market Insights, Inc.

Chatbot Market

Chatbot Market

Global Chatbot Market is at present being dominated by rule based and machine learning-based chatbots. While simple rule based chatbots are economic and effectively handle basic customer queries, their drawback is that they do not understand intent and context of a conversation. On the other hand, chatbots that are using pattern recognition, data analysis and predictive analytics as the three pillars for development are being more readily employed in businesses as all it takes for the chatbot to learn and enhance its data processing speed is continuous exposition and data feeding. This might explain why rule based chatbots, in 2017, despite having accounted for substantial market share, are forecast to remain modestly profit-oriented over 2018-2024. However, AI based chatbots, not surprisingly, are anticipated to record a CAGR of 53% during the same period.

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The growth of chatbot market bears evidence of this stupendous transformation, the impact of which is felt across the information technology domain. As artificial intelligence quickly spins out of the domain of academic research and enters mainstream business communication, an anticipated 80% of businesses expected to use some form of a chatbot. Driven by this extensive demand, chatbot market share will register a CAGR of 31% over 2018-2024.

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

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. For instance, in 2017, Pypestream raised USD 15 million in funding to bring about developments in its chatbot platform. 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.

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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. The e-commerce segment is expected to benefit the most from the chatbot market. Due to the rapid development and growth of AI, chatbots are anticipated to get more sophisticated with time. This has increased the acceptance of chatbots in the e-commerce sector. The usage of chatbots in the BFSI sector is growing rapidly due to the factors such as automated fraud prevention, assistance to customers in making improved financial decisions, and improved customer experience. For instance, in 2016, Bank of America launched a chatbot named Erica available for the customers in the bank’s mobile application. This chatbot enabled customers to perform various tasks such as making transactions and checking balances to improve customer satisfaction.

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.

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.

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:

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.

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 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 highly competitive as both startups and multinational firms are continuously involved in R&D activities to develop advanced technologies, driving the market growth. Some of the major vendors operating in the industry 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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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.

Contact Us

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688

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