Chatbots – Summary
Since the time of their inception chatbots have taken off! People have accepted this technology whole heartedly. The success of this technology has marked another victory for the field of artificial intelligence. Chatbots are becoming more popular with each passing day. Resultantly, the global chatbot market has achieved remarkable success.
Chatbots are also popular by alias such as talkbots, Bot, chatterbot or interactive agents. It is basically a computer program that has the ability to converse like humans. It does so through conversation via auditory or textual methods. They have been intelligently designed to reciprocate like a normal human being would during a conversation.
This technology forms an important part of dialog systems. They serve a number of practical purposes like customer service or information acquisition. Advanced chatterbots utilize refined natural language processing systems. Whereas the normal ones identify keywords that have been provided and show results accordingly. Currently, chatbots form an integral part of virtual assistants like Google Assistant & are used by majority of the organization’s apps, websites & instant messaging mediums.
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The demand for digitization is on an all-time high across the world. Owing to this it can be confidently claimed that the global chatbots market will grow with leaps & bounds. During the forecast period of 2018-2022, it is anticipated to make above USD 5.4 million. In terms of CAGR, the market is expected to grow at the whopping rate of 36.6%.
The growth of this market can be attributed to many factors. One of the major ones amongst them is the progress of the artificial intelligence industry. The chatbots market has gained much recognition due to artificial intelligence.
The development of this market is also fueled by other drivers like high usage of online messaging applications. The use of social media has risen dramatically over the last decade which further fosters the growth of the market. Major adoption of cloud – based systems can also be termed as a crucial growth driver.
The higher demand for improving customer experience & addition of new players every year can be listed as additional growth propellers for this market. However, the industry may experience some restraints like insufficient knowledge amongst the masses & shortage of skilled personnel. Although, as the market grows these problems will be eliminated for good.
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 Global Market – Segmentation
The Chatbots Market can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation By Type: Software, Services
- Segmentation By Deployment: Cloud, On premise
- Segmentation By Usage: Websites, Mobile platform, Social media
- Segmentation By Industry Verticals: BFSI, Retail and e-commerce, Government, Travel and Hospitality
- Segmentation By Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of World
The global chatbots market has witnessed many innovations in the past years. But one of the most recent advancement of this industry has been the introduction of holographic intelligence virtual assistance. It can help in managing interactions by providing an immediate response when the individual responsible is not around.
Chatbots Global Market – Regional Analysis
North-America is dominating the Global Chatbots Market with the largest market share owing to the demand of intelligent customer engagement, increasing penetration of websites & mobile application. Another factor that lead the growth of Chatbots market is rise in the demand for integrated and next generation technology.
Chatbots Market in Asia-Pacific market is expected to grow at a substantial CAGR during 2016 to 2022 due to the evolution of cloud-based solutions, and increasing wave of mobile applications. Countries like China and India have high demand for virtual assistants which in result is a key factors driving the growth of the region. The expanding ICT infrastructure is the key to the high demand for Chatbots services in these countries of Asia Pacific. Apart from it, the high population growth and growing number of mobile users in Asia Pacific would remain one of the major reasons behind the growth of the Chatbots market. The European market for Chatbots Market is expected to grow at a significant CAGR (2016-2022).
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