What’s Driving the Chatbot Market Growth? | Key Players are Microsoft, Nuance Communications, LivePerson, Slack, SRI International, Astute Solutions, Bold360, Facebook, Google, Haptik, Helpshift, IBM, Kiwi, Inc.

Chatbot Market in customer service segment held around 42.8% share in 2017 owing to the high requirement of improving customer services for retention and extension of customers. The developments in AI technology are expected to make chatbots capable of understanding human emotions and enhancing the customer experience. For instance, in April 2018, TIM partnered with Microsoft, the tech giant for developing AI-based chatbots for optimizing customer service inquiry handling and technical assistance. Chatbots offer a personalized experience to customers, increasing their adoption in several industrial sectors such as healthcare, e-commerce, media and communication, education, and BFSI. For instance, BFSI invests around USD 150 million annually on customer engagements and service.

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The market growth is due to the utilization of chatbots for activities such as online marketing, promotions, and advertising. The main features accelerating the chatbot market growth are technological features, individuality, and customization. They provide customized marketing abilities such as sending personalized messages. For instance, in 2016, Sephora, the beauty and cosmetics service provider, launched Kik, a chatbot which asks for taking a quiz while offering insights for styling, enhancing the consumer experience.

Chatbot market in BFSI sector is adopting chatbots due to its benefits in banking. They also offer services such as analytics, fraud identification, and data capture to increase their market demand.
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

Chapter 3. Chatbot Market Industry Insights

3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2013 - 2024
3.4. Industry ecosystem analysis
3.5. Industry evolution
3.6. Industry architecture
3.7. Chatbot Vs virtual assistant
3.8. Market news
3.9. Regulatory landscape
3.9.1. General Data Protection Regulation (GDPR)
3.9.2. China Data Privacy Standard
3.9.3. California Online Privacy Protection Act (CalOPPA)
3.9.4. Personal Data Protection Act 2012
3.9.5. German Bundesdatenschutzgesetz (BDSG)
3.9.6. Federal Information Security Management Act (FISMA)
3.10. Technology & innovation landscape
3.10.1. Technological advancements in AI
3.10.2. Advancement and innovation in NLP
3.10.3. Pattern recognition and image detection
3.10.4. Predictive analytics
3.11. Industry impact forces
3.11.1. Growth drivers
3.11.1.1. Enhanced customer service
3.11.1.2. Emergence of messaging platforms
3.11.1.3. Reduction in chatbot development costs
3.11.1.4. Increasing usage of chatbots for marketing and sales
3.11.1.5. Capital investments in chatbot technology
3.11.1.6. Increasing use of chatbots in e-commerce sector
3.11.1.7. Advancements in AI, NLP and cloud computing technologies
3.11.2. Industry pitfalls & challenges
3.11.2.1. Lack of awareness among businesses
3.11.2.2. Security and privacy issues
3.11.2.3. Dialects, question formation and speech recognition
3.11.2.4. Not for every business
3.12. Growth potential analysis
3.13. Porter's analysis
3.14. PESTEL analysis

North America accounted for over 57% share of the global market in 2017. The U.S. and Canada led the market in North America and it is estimated to grow faster over the timeline due to its benefits understood by the regional enterprises. Asia Pacific is observed to be the fastest growing region in the global chatbot market. The demand is mainly due to the improving ICT network in the emerging economies including China and India. Furthermore, the rising smartphone penetration is a promising customer base for the chatterbot market in this region due to its use for messaging and interaction.

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Chatbots are either rule-based or machine learning-based. The rule-based chatbots accounted for about 85% of the market share in 2017 as they are cost-effective and are capable of handling basic customer queries. However, their inability to understand the context limits their applications for multiple functions. The AI-based chatbots are estimated to grow at 53% CAGR over the period. They have artificial neural connections stimulated for self-learning of new words or voice, which is growing their demand in the chatbot market.

Chatbot market in stand-alone interface of chatbots is forecast to grow at a CAGR of 29% between 2018 to 2024. Some of the factors responsible for its growing demand are easy installation and usage along with inbuilt graphical interface and audio contents including speech recognition. The web-based interface is growing faster due to its advantages such as extensive customer support, tailored user experience, and interaction with mass customer target via messaging platforms such as Facebook, Telegram, and Skype.

Chatbot Market is driven by the exponential growth of customer messaging platforms. The texting applications primarily include Facebook Messenger and WeChat that have inbuilt technology for e-commerce organizations and consumer interactions. Furthermore, the technological advancements in the areas of Artificial Intelligence (AI), machine learning, inference engine, cloud-based deployment, NLP, multilingual, and single search point are expected to foster the market growth. The growing competition in businesses is also fueling the market revenue as chatbots improvise the promotional and sales strategies by interacting with the customers regularly.

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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On-premise deployment model is popular in the market due to its benefits such as improved data management and security. It takes care of sensitive business data including employee’s identity number, contact details, supply chain management, and logistics, fostering its demand in the market. The cloud-based deployment model is expected to grow faster at a CAGR of 51% over the period. The rise in the cloud computing solution providers, such as IBM Watson and Microsoft Azure, is further increasing its demand in the chatbot market.

According to Global Market Insights, Chatbot Market size is anticipated to be over USD 1.34 billion by 2024 and is expected to grow at the growth rate of over 31% during the forecast period. The chatbot technology has given new insights to the business world in terms of customer engagement and interaction. Chatbot saves approximately USD 6 billion annually and nearly 34% employees utilize their free time in enhancing the work productivity. Currently, chatbots are majorly seen on websites and social media sites for solving customer queries.

The companies in the chatbot market are spending in the research and development, aimed at developing new and customized chatbots. The vendors in the market are Astute Solutions, Baidu, Botsify, Bold360, Chatfuel, ChatterOn, ChattyPeople, Facebook, Google Inc., Haptik Inc., Helpshift, IBM Watson, Imperson Ltd., Kiwi Inc., ManyChat, Microsoft Corporation, Nuance Communication Inc., LivePerson, Poncho, ReplyYes, Slack Technologies Inc., and SRI International.

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