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.) are some of the prominent players at the forefront of competition in the Global Chatbot Market and are profiled in MRFR Analysis.
Chatbot Market – Overview
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. According to a recent study report published by the Market Research Future, 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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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. 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.
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Chatbot Market – Segmentation
Segmentation by Type: Comprises software and service
Segmentation by Usage: Comprises websites, contact canters, social media and mobile platform.
Segmentation by Industry Vertical: Comprises BFSI, healthcare, IT & communication, retail, travel and hospitality, government, education, utilities and others.
Segmentation by Deployment: Comprises cloud and on-premise.
Segmentation by Organization Size: Comprises small & medium enterprises and large enterprises.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Chatbot Market – Regional Analysis
North America accounts for highest market share in Chatbot market followed by Europe. Owing to the presence of key industry players such as Facebook, Inc., IBM, Naunce Communications Inc., Egain Corporation, NEXT IT Corp., Speaktoit Inc. and others. Other aspects such as the increasing deployment of chatbots in various business verticals, advent of technologies such as artificial intelligence, IoT, and APIs is aiding the market growth in the region. Asia Pacific is expected to be fastest growing due to rapid technological advancements and expansion of internet connectivity in the region.
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Chatbot Global Market – Competitive Analysis
The market of chatbot market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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