The global chatbot market is expected to cross $800 million by 2022

The market is likely to grow at an impressive CAGR of more than 28% during the period 2016−2022. It is expected to witness tremendous growth majorly due to high awareness about the benefits of bots and rise of innovative test cases for their implementation. Chatbots are termed to potentially offer as much as $10 billion savings during the forecast period in terms of reduced customer service costs in the US alone. The application-based bot market is likely to remain a dominant segment. Though the e-commerce industry is gaining momentum, the news and media segment will remain the largest end-user segment in terms of revenue.

View Report: https://www.arizton.com/reports/it-media/chatbot-market-global

Intense competition among vendors

The report profiles the leading vendors as well as emerging vendors. The report includes the product portfolios of the companies.
Major Vendors

Anboto Group
Creative Virtual
eGain Corp.
Inbenta
Nuance Communications Inc.

​Other prominent vendors included in the report are Haptik Inc., Viclone, Astute Solutions, Kasisto Inc., True Image Interactive, CX Company, Next IT Corp., H-Care, Synthetix Ltd., and Helpshift.

The open-source ecosystem is driving by innovation and adoption

Chatbots are the new age revolution, as more and more leading brands across the globe are advancing the technology and integrating them into their chat systems. For instance, Facebook and Telegram have already made a move and started creating their own chatbots and chatbot platforms. The open-source ecosystem is driving innovation and adoption of chatbots and with numerous advancements and tools, creating a chatbot is made an easy process. This is one of the latest trends that is going to boost the market.

The need for optimization of customer management costs, and progressive growth in natural language processing are among the leading factors driving the market growth. Increased prominence of messaging applications and application fatigue and higher development costs are among the other drivers for the market which are included in the report.

Application-based segment will be the market leader

AI-driven chatbots outperform rule-based ones, especially in offering personal touch and high-user engagement. The application-based chatbot segment will continue to dominate the global chatbot market during the forecast period. The adoption of chatbots by news and media end-users is majorly driven by the marginal utility of customers for live news feed connecting to engaging content.

The adoption of chatbots by news and media end-users is majorly driven by the marginal utility of customers for live news feed connecting to engaging content. While the user derives much value in this context driven by the convenience, it does not have to search for news and articles of its interest. The same can turn out to be a great opportunity for marketers with them standing agile to new developments and use them to derive marketing opportunities.

US to remain the most advanced market

The deployment of chatbots in North America region is driven by their high advantages over conventional personnel-driven customer engagement models. The adoption and proliferation of chatbot in the US is majorly driven by a high awareness of AI and its potential. An estimated 50% of small and medium business units engaged in e-commerce have indicated conformance to the revolutionary changes witnessed in the realm of customer services and digital marketing.

APAC, on the other hand, hosts key markets of China and India that collectively host one-third of the world’s population and one-fourth of the world’s internet user base and are key sources of internet traffic. Also, APAC remains as the largest market during the forecast period. As the chatbot markets in US and Europe are mature, in emerging economies, there is little presence of paid offerings.

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Source: https://www.arizton.com/reports/it-media/chatbot-market-global

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