Market Scenario:
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.
The 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.
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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.
Key players
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.
Regional Analysis:
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.
Chatbots market can be segmented on the basis of following:
By Type:
- Software
- Services
By Deployment:
- Cloud
- On premise
By Usage:
- Websites
- Mobile platform
- Social media
By Industry verticals:
- BFSI
- Retail and e-commerce
- Government
- Travel and Hospitality
Industry News
Nov 2017 – Google’s Chatbots analytics platform Chatbase launched for public to offer tools to more easily analyze and optimize chatbots. This includes giving bot builders the ability to understand what works to increase customer conversions, improve the bot’s accuracy, and create a better user experience.
Nov. 2017 – Google launches a paid enterprise edition of its Dialogflow chatbot builder, it is a tool for building chatbots and other conversational applications. It also features a number of basic analytics and monitoring capabilities, courtesy of Google’s Chatbase service.
Nov. 2017– Saks launched Messenger Chatbots gift guide ahead of Black Friday as part of its holiday marketing. Saks’ new feature aims to reach mobile shoppers on platforms on which they’re already spending much of their mobile time. Saks is leveraging Messenger’s 1.3 billion-strong user base to create a fun and useful feature for shoppers as the holiday season ramps up around Black Friday.
Mar. 2017– Microsoft has released a new chatbot named Ruuh that was developed for users in India and talks about Bollywood, music, travel and other entertainment topics.
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Intended Audience
- 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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