Market Research Future (MRFR) anticipates an extraordinary compound annual growth rate of 37% in the global chatbots market over the forecast period of 2017-2023. The global chatbots market has been evolving at a rapid pace. Growing sophistication and accuracy of AI has been instrumental in making chatbots more robust and suitable for a broader range of applications. As AI and Natural Language Processing techniques advance, chatbots are better able to understand and determine context and user intent. Rising demand for self-service and increasing pressure on contact centers have contributed to the popularity of chatbots as users themselves can manage chatbots. Businesses of all stripes are embracing chatbots into their organizations to balance evolving customer expectations and be more agile.
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.
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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).
In October 2018, L’Oréal, a global leader in makeup, cosmetics, hair care announced that it has deployed recruitment chatbots to improve its candidate experience.
In October 2018, Avaya Holdings Corp. announced the launch of the world’s first social platform for chatbots. Avaya will incorporate the new capability in its Avaya Ava smart self-service platform which will raise the bar for customer service and satisfaction.
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.
Regionally, the global chatbots market has been segmented into North America, Asia Pacific, Europe, and the Rest of the World. North America is a strong market and is expected to exhibit high growth over the forecast period. The region is the frontrunner in the uptake of the latest technologies, and the concentration of major players in the region supports the growth of the North America chatbots market. Technical advancements in the region, increasing use of internet and penetration of mobiles and tablets in the region also drive the market in North America. North America is the largest market for chatbots while the Asia Pacific market is slated to emerge as the fastest growing market for chatbots over the forecast period.
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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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