Chatbot Market By Global Industry Analysis and Key Players: Baidu, Botsify, Bold360, Chatfuel, ChatterOn, ChattyPeople, Facebook, Google Inc., Haptik Inc., Helpshift, IBM Watson, Imperson Ltd., Kiwi Inc., ManyChat, Microsoft Corporation

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.

The chatbot market can be expected to penetrate into medical assistance and patient care applications as well. In addition to the common uses of chatbots in booking appointments and making payments, other uses arising from the advent of technologies like AI, machine learning and NLP have been found. These include detection of medical conditions by knowing the symptoms, suggesting medicines & treatments along with other assistive healthcare features.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT 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

Technological advancement in communication is lately undergoing a once-in-a-decade paradigm shift. 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% by 2024.

With chatbots, enterprises are updating to the 24*7 communication option and customers are deriving more satisfaction with the informed, non-intrusive and direct resolution of their queries. For instance, in the healthcare industry, hospitals have engaged chatbots to automate the process of booking doctor appointments. While such a conversation can be handled by a chatbot powered with Natural Language Understanding and AI, it eases the workload of the contact center by as much as 30% and makes hospitals more efficient, in turn strengthening the adoption of chatbots and augmenting the chatbot market growth.

As evident from the wide range of applications for chatbot market, AI is not only beneficial to IT corporations anymore and many multinational companies are investing heavily into R&D. The sprinting AI industry is allowing the development of more efficient and intelligent bots capable to chat with thousands of customers at a time with 24 hrs. support and client-specific responses.

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