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What's Driving the Chatbot Market Trends? Bold, Chatfuel, ChatterOn, ChattyPeople, Facebook, Google, Haptik., Helpshift, IBM, Imperson Ltd., Kiwi, ManyChat, Microsoft

03-31-2020 09:02 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Chatbot Market

Chatbot Market

chatbot market in customer service is the highest contributing segment with a 42.52% share. This can be derived from the significance of customer service in retaining existing and attracting new potential customers, with the growth of industries like healthcare and BFSI dependent on consumer feedback and brand visibility. Chatbots enable personalized services, less waiting time, uninterrupted customer support and a feedback channel to a large number of customers, guaranteeing consumer satisfaction aimed at by these industries. Reportedly, the banking sector spends almost USD 150 million annually on customer service and the increasing use of bots for automated service will bolster the overall chatbot industry.

In the trending era of artificial intelligence, chatbot market is witnessing extraordinary growth owing to the prevalence of messaging platforms, virtual assistants and the efforts of various businesses to deliver prompt customer service. Built using AI and machine learning technologies, today's chatbots are characterized by the ability to respond differently to varied keywords, even learn and adapt their own responses to suit diverse situations.

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The 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.

Reportedly, ShopBot users are three times more likely to search specific products than those just browsing through the website. Similar AI powered bots have been implemented worldwide across other online stores, travel & hotel booking establishments, personal care businesses and even fast-food chains through website windows and inbuilt chatbot features of Facebook Messenger, WeChat and other messaging platforms. Application of these assistive chatbots has delivered improved engagement and is driving the sales numbers in variety of industries, further boosting the chatbot market.

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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 industry is slated to witness a CAGR of 31% from 2018 to 2024

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