Chatbots Market Expected to Reach USD 5.4 million, Globally, By Top Key Players: Facebook, Artificial Solutions, Speaktoit Inc., Howdy Talla & IBM

Chatbots are also popular by alias such as Talbots, Bot, chatterbot or interactive agents. It is basically a computer program that has the ability to converse like humans. It does so through conversation via auditory or textual methods. They have been intelligently designed to reciprocate like a normal human being would during a conversation.

Market Outlook

The global chatbots market is projected to touch USD 6 billion by 2023 at a CAGR of 37% from 2016 to 2023. The increased usage of online messaging on social media networking sites and adoption of cloud technologies can drive market growth. Chatbots enabled in the ecommerce sector to ease shopping needs of customers can spur the market. The use of these applications in suggesting personal recommendations can work favorably in its adoption rate.

Voice recognition integrated in chatbots which can complete tasks without coming in touch with the device for small and medium enterprises (SMEs) will fuel market growth. The future potential of blockchain technology for boosting the security and performance of digital personal assistants is going to positively impact market growth.

The growth of this market can be attributed to many factors. One of the major ones amongst them is the progress of the artificial intelligence industry. The chatbots market has gained much recognition due to artificial intelligence.

The development of this market is also fueled by other drivers like high usage of online messaging applications. The use of social media has risen dramatically over the last decade which further fosters the growth of the market. Major adoption of cloud – based systems can also be termed as a crucial growth driver.

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Segmentation

The worldwide chatbots market is segmented into five equal parts. They include, deployment, industry verticals, usage, types & regions.

On the basis of deployment, the market is fragmented into on cloud & on premise. Out of the two, on-cloud grabs the larger share in the market.

On account of industry verticals, the market is divided into retail, government, travel & hospitality, e-commerce & BSFI. BSFI stands for banking, financial services & insurance. The BSFI division holds the largest market share & will lead the industry in future as well.

The usage section is further separated into social media, websites & mobile platform.

The types portion is bifurcated into services & software.

Geographically, the market is spread across, North America, Europe, Asia Pacific & Rest of the World.

Regional

Geographically, the global chatbots market is segmented into Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).

The APAC region can exhibit the highest growth rate for the chatbots market thanks to rapid investments in machine learning and artificial intelligence. Seamless performance of these bots combined with their capacity a large volume of customers can fuel regional market growth. Automation in the healthcare sector which is made possible with bots can augur favorably for the chatbots market in the region. Higher comprehension of patient information, recommendations of medicines, scheduling doctor appointments, and provision of health information to patients are benefits of bots.

North America can account for a respectable market share till 2023 due to technological breakthroughs and adoption of tablets, smartphones, and computers. Customer-centric approaches of organizations, provision of 24/7 services, and operational efficiency and superior performance amid changing market conditions are likely to boost regional market growth.

Competitive Outlook

Prominent names include Facebook, Inc., Nuance Communications Inc., Artificial Solutions, Codebaby (Idavatars), Inc., WeChat, Talla, Semantic Machines, Howdy, Speaktoit Inc., NEXT IT Corp., CX Company, DigitalGenius, 24/7 Customer Inc., IBM, Egain Corporation, Creative Virtual Pvt. Ltd., and others.

Industry News

Google launched Dialogflow, a platform capable of assisting developers in writing chatbot programs wihich can be compatible with the Hangouts Chat application. The application had over 5 million users and the integration of bots can boost user engagement.

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LIST OF FIGURES

FIGURE 1 RESEARCH TYPE

FIGURE 2 CHATBOTS MARKET, BY TYPE (%)

FIGURE 3 CHATBOTS MARKET, BY DEPLOYMENT (%)

FIGURE 4 CHATBOTS MARKET, BY USAGE (%)

FIGURE 5 CHATBOTS MARKET, BY INDUSTRY VERTICALS (%)

FIGURE 6 CHATBOTS MARKET, BY REGIONS (%)

FIGURE 7 NORTH AMERICA CHATBOT MARKET, BY TYPE (%)

FIGURE 8 NORTH AMERICA CHATBOTS MARKET, BY DEPLOYMENT (%)

FIGURE 9 NORTH AMERICA CHATBOTS MARKET, BY USAGE (%)

FIGURE 10 NORTH AMERICA CHATBOT MARKET, BY INDUSTRY VERTICALS (%)

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