Chatbots Market was worth USD 864.9 million in 2017 and is projected to reach USD 3146.4 million by 2023 growing at a CAGR of 24.1% over the period 2018 - 2023. The scope of the report is limited to type including solution and service, deployment including on-premise and cloud, and end-user verticals such as BFSI, healthcare, IT and telecommunication, retail, utilities, government, and others. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The study also emphasizes the benefits of chatbots in accordance with diverse application and future prospect of the same.
The evolution and utilization of artificial intelligence applications are skyrocketing owing to its numerous benefits offered and rising consumer base. The top messaging applications by users are WhatsApp, Facebook Messenger, Skype, and Slack. The rising number of messengers across the globe, the demand for chatbots which is capable of imitating human conversation and solving various tasks are on the rise. Numerous companies and startups are investing in the technology to ease their businesses and tackle customer’s queries. For instance, Chinese WeChat bots are increasingly used to make medical appointments, transfer money to friends, check in for a flight, and medical appointments. Voice recognition coupled with artificial intelligence is high on demand which can perform the tasks mentioned above without coming contact with the device which can also be helpful for SMEs thereby propelling the market growth over the forecast period. Furthermore, the industry players are betting on blockchain technology with chatbots which can enhance the potential and performance of these bots resulting in high consumer interaction with consumer acquisition.
Rising Utilization of Mobile and Website Applications
In today’s era, users are more relied on mobile and website application from booking an appointment to procuring information. Companies are betting on chatbots to enhance the consumer interface and experience by integrating with Facebook Messenger or WhatsApp. For instance, Goibibo, an India based travel company seamlessly integrated chatbots to WhatsApp messaging application wherein if a person books a flight through the company, user receives an automated WhatsApp message to confirm the seat allocation and meals preference further. Once the user selects the option, the preferred option(s) are registered in the system without logging into the application.
Cloud to be the Fastest Growing
The chatbots service based on the cloud offers high flexibility and scalability to the operations. Furthermore, the deployment on the cloud provides data access and instant analytics that can be used to take the crucial business decision(s). Currently, cloud services are preferred over on-premise hosting owing to reduced cost as some companies offer pay as you go service wherein the integrator pays only for their fair usage which is expected to propel the market growth over the next six years.
Asia Pacific to Witness the Highest Growth
In Asia Pacific region, there are numerous startups investing in the chatbots and machine learning technology. Additionally, small and mid-sized enterprises are rapidly integrating the usage of chatbots offering seamless performance, handling a large number of consumers, and enhancing the customer engagement techniques. The number of companies in the region adopting chatbots is increasing owing to rising demand for artificial intelligence thereby fuelling the market growth.
Key Developments in Chatbots Market
- May 2018: eGain launched Solve, a solution for Amazon Connect based on Amazon Web Services (AWS) cloud infrastructure which is expected to enhance the consumer experience and mitigate the latency.
Chatbots Market major companies include
- eGain Corporation
- Nuance Communications
- Creative Virtual Ltd.
- Artificial Solutions
- Next IT Corp
- ChattyPeople Chatbot
- Chatfuel, amongst others.
Reasons to Purchase Chatbots Market Report
- The future prospect of the chatbots market and opportunities
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Regional analysis of the market
- Identify the latest developments, market shares and strategies employed by the major market players
- 3-month analyst support along with the Market Estimate sheet (in Excel)
Customization of the Report
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
4. Chatbots Market Dynamics
4.1 Chatbots Market Overview
4.2 Industry Value Chain
4.3 Factors Driving the Market
4.3.1 Rising Utilization of Mobile and Website Applications
4.3.2 Understanding Consumer Behavior
4.4 Factors Restraining the Market
4.4.1 Lack of Awareness and Integration Complexities
4.5 Industry Attractiveness – Porter's Five Industry Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products or Services
4.5.5 Competitive Rivalry among Existing Competitors
4.6 Technology Snapshot
5. Global Chatbots Market Segmentation
5.1 Chatbots Market By Type
5.2 Chatbots Market By Deployment
5.3 Chatbots Market By End-User Vertical
5.3.3 IT and Telecommunication
5.3.7 Others (Hospitality, Education)
5.4 Chatbots Market By Geography
5.4.1 North America Chatbots Market Size (2018-2023)
5.4.2 Europe Chatbots Market Size (2018-2023)
5.4.3 Asia-Pacific Chatbots Market Size (2018-2023)
5.4.4 Latin America Chatbots Market Size (2018-2023)
5.4.5 Middle East & Africa Chatbots Market Size (2018-2023)
6. Competitive Intelligence – Company Profiles
6.1 IBM Corporation
6.2 eGain Corporation
6.3 Nuance Communications
6.4 Creative Virtual Ltd.
6.5 Artificial Solutions
6.6 Next IT Corp
6.7 ChattyPeople Chatbot
6.8 Smooch Technologies Inc.
6.12 PullString Inc.
6.15 Amazon Web Services, Inc. (Amazon Lex)
6.16 LiveChat, Inc.
6.17 LivePerson, Inc.
*List is Not Exhaustive
7. Opportunities in Global Chatbots Market