Press release
Chatbot Market - Overview, Growth Enablers, Segmentation, Competitive Dynamics Upto 2024
OverviewA chatbot is artificial intelligent chat robot designed to interact with human via textual or auditory conversation methods particularly over the internet. It is a computer software design that allows conversation between human and machine using artificial intelligence. It is designed and programmed to support animation and text or speech recognition to provide virtual user interaction.
Chatbots use natural language processing to stimulate a conversation with user leading to better customer engagement in applications such as e-commerce, retail and healthcare. Chatbots are accessible on various platforms such as hypertext markup language (HTML) pages, social networking websites, smartphones and computers. They are able to interact with human in various languages and are available in various graphical design format based on the end user application such as cartoon character, animal, child or 3D animated creature.
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Growth Enablers
The global chatbot market has been experiencing growth in recent years due to rapid development in artificial intelligence software market, innovation, digitalization, technology development and availability of messaging-as-OS platform. The other additional factors contributing to the growth of global chatbot market are consumer’s reluctance to install apps and availability of new interactive interfacing model with online services. However, the complexity and cost of software is hindering the market growth. Also, the lack of skilled resources, privacy and security are restraining the growth of global chatbot market. The chatbot are being trained and designed to retain and learn from past interaction and conversation between bussiness and individuals. This is expected to provide opportunities of expanding chatbot market and its use in various applications ranging from media publications to personalized assistance.
Segmentation
Chatbots are used in healthcare, retail, banking financial services and insurance (BFSI) sectors for applications such as dialog systems, e-commerce customer service, internet gaming and call centers. Chatbots also offer specialized services such as Chatfuel a web based Chatbot is used for telegram services, Digit chatbot for banking, to allow users to interact with their bank accounts and Pana Chatbot is used as an online travel agency. Ultimately, chatbot would change the way customers apply for jobs and become the integral part of human like digital ecosystem.
The global chatbot market is segmented on the basis of end use adoption, by type and geography. On the basis of end use adoption, the global Chatbot market is segmented into large sized enterprises and small and medium sized enterprises (SME’s). In terms of type, the global chatbot market is segmented into stand-alone chatbots and web-based chatbots.
Stand-alone chatbots enable control of the functions of user’s computer such as retrieving documents or playing media files. Web-based chatbots usually run on a remote server and the control of personality, behavior and hosting is with end user. Moreover, on the basis of geography the global Chatbot market is segmented into North America, Europe, Middle East and Africa, Asia Pacific and Latin America.
Competitive Dynamics
Aspect Software is a leading chatbot manufacturer. The integration of Aspect Software, Inc. with Facebook Messenger support the creation of chatbot in various languages using natural language processing and can be easily deployed on SMS and Twitter messaging platform. Some of the leading companies operating in the global chatbot market with the most significant developments include Microsoft Corporation, Apple Inc., Amazon.com, Inc., Artificial Solutions Ltd., eGain Communications Corporation, Anboto Group, Creative virtual Ltd., Aspect Software, Inc., and Inbenta Technologies Inc.
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