A Chatbot is an artificial intelligence or a computer program that conducts a conversation via textual or auditory methods. They can easily be described as the talking point of the business world. They have materialized as a point of help for the online consumers to navigate through the often-confusing world of the web, to guide them to select products and services, offer customer support, and even answer frequently asked questions. One of the major driving factor in the market is the increasing use of online messaging. Chatbot improve the customer service experience, reduce the wait time and being internet based they obviously never sleep, thus they provide service 24/7. Market Research Future projects a detailed report on the recent trends, various challenges faced and the segments of the market on which Chatbot is based. It is reported there will be a striking upsurge at 37% of CAGR between 2017 and 2023.
With this said, there are however many factors that stifle the growth of this particular market, mainly lack of expertise and lack of awareness. Prominent causes of this issue are high deployment costs and early adoption of technologies.
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Major Key Players
- WeChat (China),
- IBM (U.S.),
- Naunce Communications Inc. (U.S.),
- Artificial Solutions (Sweden),
- Egain Corporation (U.S.),
- Creative Virtual Pvt. Ltd. (U.K.),
- NEXT IT Corp. (U.S.),
- CX Company (Netherlands),
- 24/7 Customer Inc. (U.S.),
- Codebaby (Idavatars), Inc. (U.S.),
- Facebook, Inc. (U.S.),
- DigitalGenius (U.K.),
- Howdy (U.S.),
- Speaktoit Inc. (U.S.),
- Talla (U.S.),
- Semantic Machines (U.S).
As reported in May 2018, WeChat now allows Chinese consumers to file for divorce through their smartphones. According to reports, the tool is a pilot in a mini program for public services in the Guangdong province.
DigitalGenius, has raised $14.75m in a Series A funding round led by Global Founders Capital.
Nuance has acquired Voicebox For Natural Language Tech, as reported by GeekWire. Voicebox is a company that deals with Conversational AI, including Voice Recognition (VR), Natural Language Understanding (NLU), and AI services.
The Chatbot Market since 2016 has been at an all-time high with regards to its growth. It’s grown by leaps and bound with regard to financial upsurge in the past few years, and is also estimated to reach approximately USD 6 billion, at CAGR of 37%. There are many factors that cater to this onrush, mainly extensive customer assistance, and proactive customer interaction, large share of the market depending on online messaging, multi lingual skills based Chatbots, and cost saving as Chatbots can cater to many customers at the same time without any delay. Major adoption of cloud-based systems can also be labelled as another reason for the growth.
The Chartbot market is divided on the basis of model/type, deployment, industry verticals, usage, end users, and regions.
On the basis of deployment, the market can be divided into cloud and on premise.
On the basis of model/type, the market can be further dissected into software and services.
Industry verticals are further split into media industry, health sector, customer service, education, hospitality and travel, banking, retail, publishing, BFSI, government and many more. Advancements in Artificial Intelligence (AI) have validated a new generation of Chatbots that are being utilized across all sectors.
The Chatbot market is segmented on the basis of usage, which is further divided into social media, mobile platform and others.
On the basis of end user, it is further segmented into large, small and medium enterprises.
North America is acknowledged to emerge as the largest region for the Chatbot market. On the other hand, Asia Pacific has been observed to be showing immense growth in the forecast period, making it the fastest growing region. Increased usage of tablets, mobiles, social media and technical advancements in the North American region are the main factors that attribute to it becoming the largest region in this market.
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- Technology investors
- Healthcare-related product manufacturers
- Integrated device manufacturers (IDMs)
- Original Manufacturers (OEMs)
- Smart grid integrators
- Surface mount component device distributors and providers
- Research/Consultancy firms