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
Request for a sample of this research report @ www.gminsights.com/request-sample/detail/2643
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
8. Kiwi, Inc.,
10. Nuance Communications
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.
Make an inquiry for buying this report @ www.gminsights.com/inquiry-before-buying/2643
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.
Browse Related Reports: https://www.openpr.com/news/1566950/Worldwide-IoT-Infrastructure-Market-Trends-Revenue-By-Top-Companies-Cisco-Amazon-Accenture-Honeywell-IBM-Intel-Corporation-Microsoft-NXP-Semiconductors-Oracle-PTC-SAP-Schneider-Electric-Verizon.html
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.
Corporate Sales, USA
Global Market Insights, Inc.
Toll Free: 1-888-689-0688
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release 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 here
News-ID: 1583512 • Views: 190
More Releases from Global Market Insights, Inc.
Global sodium metasilicate pentahydrate market size by 2025 | Top Companies are …
Global Market Insights, Inc., says that sodium metasilicate pentahydrate market may exceed USD 875 million by 2025. Sodium metasilicate pentahydrate market is expected to accrue momentous proceeds from the cement industry. The product is used as a connecting agent in the making of refractory cement & can enable properties such as chemical and heat resistance and hardness. It has also found application in the cosmetic, textile, ceramics, chemical production, and
Vinyl ester market Growth in Europe, Impact Covid19 and Top key players like Swa …
Vinyl ester market to be fueled by increasing deployment of wind energy facilities, Europe to emerge as a pivotal revenue pocket. In 2017, Europe marked a growth of 25% in the wind power plant capacity annual installation as compared to 2016. Whereas wind energy was the second-largest source of power generation power in the year 2016 in Europe. Nations worldwide are actively aligning their focus toward the deployment of wind
Biaxially Oriented Polypropylene (BOPP) Market Size, Share by key players like B …
Biaxially oriented polypropylene (BOPP) market size to reach USD 20 billion by 2024. Growing focus on superior packaging for the protection of delicate good, foods, medicines, and others will favor BOPP business growth in the coming years. Rapid proliferation of e-commerce platforms along with changing consumer spending trends will drive biaxially oriented polypropylene (BOPP) market outlook. In a world of constantly-changing lifestyles, consumers expect products to be shatter-proof, lightweight, aesthetically appealing,
Titanium Dioxide Market to see 7%+ CAGR over 2021-2026 | Key Players are Tronox …
Titanium Dioxide Market growth will be driven by rising expansion activities in the paints & coatings sector and proliferating application in paper & pulp industry. For years, titanium dioxide (TiO₂) has been used in the manufacturing of numerous consumer products across various industries. The product finds applications in paints, adhesives, coatings, paper, rubber, printing inks, textiles, coated fabrics, ceramics, roofing materials, floor coverings, and cosmetics. Surging in product demand across
More Releases for Chatbot
Chatbot Market to See Strong Investment Opportunity
The "Global Chatbot Market Is Set For A Rapid Growth And Is Expected To Reach Around USD 2,166.28 Million by 2024", report intends to offer a resourceful means to assess the Chatbot Market and entails the all-inclusive analysis and upfront statistics with regards to the market. This new report is committed fulfilling the requirements of the clients by giving them thorough insights into the market. The Chatbot Market report, titled
42Gears Introduces Self Service ‘DeepThought’ Chatbot
42Gears Mobility Systems, a leading Unified Endpoint Management solution provider positioned as a Visionary in the Gartner Magic Quadrant 2018, announces that it has launched a Self Service Chatbot for enterprise end users. 42Gears has extended its ‘DeepThought’ engine, a virtual assistant chatbot, to function as a self-service portal for end users. The Self Service chatbot allows end users to perform actions on their enrolled devices, which would otherwise have
Bookbotby.ai launches Hotel specific Chatbot
bookbotby.ai announces general availability of its multi-tenant hotel chatbot. Since February this year the hotel focussed chatbot was available in beta and during this period more than 50 hotels and banquet halls deployed the bot on their websites. James Prince, product lead at Bookbotby says “during the beta program the bot answered 1000+ guest interactions a day and generated 3000 ++ transactions for the 50 early hotels who deployed the
Chatbot : Opportunities to Reach better Target Audience
Chatbots is a computer program which conducts a discussion via auditory or documented methods. These programs are often designed to influentially simulate how a human would behave as a conversational partner, thereby passing the Turing test. Chatbots are basically used in dialog systems for various practical purposes including customer service or information acquisition. Some chatterbots use sophisticated natural language processing systems, but many simpler systems scan for keywords within the
Hidden Brains Launches Chatbot Development Services
Hidden Brains, India-based leading Enterprise Solutions Company launched Chatbot Development services for its clients across 107 countries across the globe. With core focus on capitalizing on emerging technologies, Hidden Brains team has taken step in exploring chatbot and its real-world implementation across different industries. Launch of Chatbot development services is expected to drive growth, improve customer experiences, and increase agility/productivity of business. Chatbots can assist customers in factual
Chatbot Market 2017 And Its Huge Success
Chatbots Market research report helps to get access to industry data and upcoming trends which will give you avenues to know about the market. This report gives opportunities to go through with industry analysis, share and forecast, Providing brief description about the market size its competitors and product identification. In this report, the global Chatbots market is valued at USD XX million in 2016 and is expected to reach USD