Chatbots are conversational characters that interact with humans via communication gateways. They are accessed through internet and rely on artificial intelligence to complete any task provided. The global chatbots market is driven by artificial intelligence since past decade. One of the major driving factor in the global chatbots market is the increasing use of online messaging.
Chatbots market is estimated to exhibit a high growth during the forecast period owing to increasing use of social networking websites and major adoption of cloud – based technologies.
Chatbots Market is segmented on the basis of type, deployment, industry verticals and usage. By usage segmentation, the banking, financial services, and insurance (BFSI) sector accounted for the maximum market share and will continue to dominate the market during the forecast period.
However, lack of awareness and lack of expertise are two factors to restrain the global chatbots market in future. This is caused due to early adoption of technologies and high deployment costs involved in the chatbots market.
By segmentation based on deployment, on-cloud deployment type holds the largest chatbots market share and is expected to project highest growth rate and highest CAGR during the forecast period.
The global Chatbots Market is expected to grow at approx. USD 6 Billion by 2023, at 37% of CAGR between 2017 and 2023.
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The prominent players in chatbots market are – Facebook, Inc. (U.S.), WeChat (China), Artificial Solutions (Sweden), IBM (U.S.), Naunce Communications Inc. (U.S.), Egain Corporation (U.S.), Creative Virtual Pvt. Ltd. (U.K.), NEXT IT Corp. (U.S.), CX Company (Netherlands), Speaktoit Inc. (U.S.), 24/7 Customer Inc. (U.S.), Codebaby (Idavatars), Inc. (U.S.), DigitalGenius (U.K.), Howdy (U.S.), Talla (U.S.), Semantic Machines (U.S.), among others.
Chatbots market can be segmented on the basis of following:
- On premise
- Mobile platform
- Social media
By Industry verticals:
- Retail and e-commerce
- Travel and Hospitality
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The regional analysis of chatbots market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in chatbots market in North America attributes to the technical advancements and increasing use of internet, mobiles and tablets in that region.
Study Objectives of Chatbots Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the chatbots market.
- To provide insights about factors affecting the market growth.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
- To provide country level analysis of the market with respect to the current market size and future perspective.
- To provide country level analysis of the market for segmentation on the basis of type, deployment usage and industry verticals.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for chatbots market.
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the chatbots 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
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