Chatbot Market Trends, Growth & Forecast with Companies - Astute Solutions, Bold360, Facebook, Google, Haptik, Helpshift, IBM, Kiwi, Inc., Microsoft, Nuance Communications, LivePerson, Reply, Slack, SRI International

The standalone segment dominated chatbot market in 2017, with a market share of around 50% and is estimated to show similar growth patterns in the upcoming years. The chatbots with standalone interface run on a single computer unified with the system interface. This integration allows control over functions of the computer such as playing media or retrieving documents. These chatbots provide benefits such as effortless installation at low cost, which is expected to provide impetus to the growth of chatbot market growth over 2017-2024.

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AI-based chatbots are projected to showcase the fastest growth in the coming years with an anticipated CAGR of more than 52.8% over 2018-2024. AI-based chatbots facilitate enhanced customer interaction by offering personalized responses. Moreover, considerable advances made in the field of NLP and machine learning has enabled various functions such as online payment of tax & bills, quick access to public data, and others.

The Major Key Players in the Market are as follows:
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. Reply
13. Slack
14. SRI International

These intelligent chatbots are major milestone achieved by chatbot market and are being increasingly deployed across various verticals. The same can be evidenced by Mississippi Department of Information Technology's recent deployment of a chatbot named Missi. The chatbot is capable of addressing tax and hunting license-related queries of up to 100 citizens daily.

The e-commerce segment accounted for almost 35% of chatbot market share in 2017. The e-commerce sector leverages chatbots to perform tasks such as customer's purchases, provide product recommendations, and offer customer support. Chatbots support in enhancing shopping experience by minimizing waiting time, offering 24/7 support, and retaining shoppers by sending messages. For example, Starbucks chatbot accessible on the Starbucks application helps customers to directly place an order by voice commands or text messaging. This has resulted in enhancement of customer purchasing experience and as well as conservation of purchase time.

A prevalent chatbot industry forecast report has predicted that Asia Pacific market is projected to grow with the fastest pace over 2018-2024. Asia Pacific chatbot market may be pegged at almost $350 million by 2024. The regional growth can be attributed to the introduction of several messaging applications such as WeChat in China. Moreover, expanding investments by tech giants have improved chatbot industry outlook.

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For example, in April 2018, Alibaba reportedly invested $600 million in SenseTime, which is a leading AI company in China. The investment was intended to assist the company in advancing their technological innovation rate and pursuing new business opportunities. The presence of such a favorable business scenario in the region is likely to augment chatbot market trends.

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