Chatbots Market is Flourishing Due to Increasing Adoption of Artificial Intelligence

Chatbots Market is Flourishing Due to Increasing Adoption of Artificial Intelligence

“Chatbots Market”
Chatbots Market, By Type (Software and Services), Deployment (Cloud and On Premise), Usage (Websites, Social Media and Mobile Platform), Industry Verticals (BFSI, Retail, e-commerce, Government, Travel and Hospitality) – Forecast 2023

Market Highlights

The need for digitization is on an all-time high across the globe. Attributing to this, it can be concluded that the global chatbots market is likely to develop with leaps & bounds. Over the forecast period of 2018-2022, the chatbots market is estimated to generate a revenue of above USD 5.4 million. Besides, the market is estimated to expand at an impressive CAGR of 36.6%. The market growth is owing to several factors. The primary factor is the progress of the artificial intelligence industry. The chatbots popularity can be substantially contributed to the recognition of artificial intelligence. Throughout the time of their inception, chatbots have been widely accepted by people and businesses. As a result, the worldwide chatbot market has attained notable prosperity.

Chatbots are also popular by alias such as Bot, talkbots, interactive agents, or chatterbot. It is essentially a computer program that has the capability to get into conversations like humans. It is done through conversation via textual or auditory methods. They have been designed intelligently to respond like an average human being would during a conversation. The technology has a significant role to play in dialog systems. The global chatbots market has gone through several innovations over the past years. One of the most recent development in this industry has been the launch of holographic intelligence virtual assistance. The holographic intelligence virtual assistance can assist in managing interactions by offering an instant response when the concerned human is not around. They serve a number of practical purposes such as information acquisition or customer service. Progressive chatterbots utilize advanced natural language processing systems. While, the normal ones recognize keywords that have been offered and deliver results accordingly. At present, chatbots form a vital part of virtual assistants like Google Assistant & are applied by a majority of the websites, instant messaging mediums, and commercial apps.

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Segmentation:

The global chatbots market is segmented into five segments. They encompass, industry verticals, usage, deployment, regions, and types. Based on deployment, the market is segmented into on premise & on cloud. Out of the two, on-cloud represents the larger share in the market. Based on industry verticals, the market is segmented into government, retail, e-commerce, BSFI, and travel & hospitality. BSFI stands for banking, financial services & insurance. The BSFI segment represents the largest market share & will dominate the industry in future as well. The usage segment is sub segmented into websites, mobile platform, and social media. The types segment is sub segmented into software & services. Based on geography, the market is segmented into Asia Pacific, Europe, North America, & Rest of the World.

Regional Analysis

As per the reports published by Market Research Future, the chatbots market is dominated by North America. The increasing adoption of technology and the growing demand for smart devices in the market is driving the demand for chatbots substantially. Additionally, the expanding businesses in the market is increasingly applying chatbots in conducting their day to day activities. Providing excellent customer service is a key aspect of these businesses which influences the integration of chatbots in their business operations. Asia Pacific holds a substantial share of the chatbots market owing to its increasing population, increasing per capita income, rapid industrialization, and urbanization.

Key Players

The global chatbots market is dominated by key players such as WeChat (China), Facebook, Inc. (U.S.), IBM (U.S.), Egain Corporation (U.S.), Naunce Communications Inc. (U.S.), NEXT IT Corp. (U.S.), Creative Virtual Pvt. Ltd. (U.K.), Speaktoit Inc. (U.S.), CX Company (Netherlands), Codebaby (Idavatars), Inc. (U.S.), 24/7 Customer Inc. (U.S.), Howdy (U.S.), DigitalGenius (U.K.), Semantic Machines (U.S.), and Talla (U.S.), among others.

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List of Figures

FIGURE 1 RESEARCH TYPE

FIGURE 2 CHATBOTS MARKET, BY TYPE (%)

FIGURE 3 CHATBOTS MARKET, BY DEPLOYMENT (%)

FIGURE 4 CHATBOTS MARKET, BY USAGE (%)

FIGURE 5 CHATBOTS MARKET, BY INDUSTRY VERTICALS (%)

FIGURE 6 CHATBOTS MARKET, BY REGIONS (%)

FIGURE 7 NORTH AMERICA CHATBOT MARKET, BY TYPE (%)

FIGURE 8 NORTH AMERICA CHATBOTS MARKET, BY DEPLOYMENT (%)

FIGURE 9 NORTH AMERICA CHATBOTS MARKET, BY USAGE (%)

FIGURE 10 NORTH AMERICA CHATBOT MARKET, BY INDUSTRY VERTICALS (%)

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