The global Chatbot Market is expected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 29.7% during the forecast period. Major factors driving the growth of the chatbot market are the advancement in technology coupled with rising customer demand for self-services, and the growing demand for 24*7 customer assistance at a lower operational cost.
Solutions segment to hold a larger market size during the forecast period
Chatbot solutions are gaining traction with the rising need to deliver 24*7 support related services to customers. Chatbot platforms and software provide an effective way for various industries to deploy virtual agents and thereby reduce costs associated with the maintenance of human agents. Hence, chatbot solutions are expected to show promising growth opportunities during the forecast period. Whereas, services required for proper implementation of software and solutions are further expected to gain traction during the forecast period.
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Social media platforms to grow at the highest rate during the forecast period
Social media acts as a powerful platform, which enables various industries to reach a wide range of audiences. Chatbots integrated with social media platforms help organizations offer tailor-made services to customers on social platforms, such as Facebook, Twitter, or other platforms. It includes chatbots, social network integration, natural language, real-time metrics, virtual agents, and messaging for social media. Chatbot solutions offered via social media platforms provide various benefits, such as customer engagement and retention as well as brand awareness.
Some major players profiled in the report are IBM Corporation (US), Nuance Communications (US), Google (US), Amazon Web Services (US), Artificial Solutions (Spain), Inbenta Technologies (US), 7.ai (US), Chatfuel (US), Aivo (Argentina), Botsify (Pakistan), Passage AI (US), Kore.ai (US), KeyReply (Singapore), SmartBots (US), Contus (India), Yellow Messenger (India), CogniCor (US), Conversica (US), Gupshup (US), Kevit (India), and Yekaliva (India). These players have adopted various organic and inorganic growth strategies, such as partnerships, agreements, and collaborations; acquisitions; and new product launches and product enhancements, to further expand their presence in the global chatbot market. New product launches and product enhancements have been the most dominating strategy adopted by the major players, which has helped them to innovate their offerings and broaden their customer base.
Artificial Solutions (US) is a privately held company that adopts various growth strategies in the chatbot market to increase its overall market share. The company continuously focuses on providing its product and solution offerings to different industries. Companies across industries, such as Shell, Vodafone, Kindred, Skofda, Deutsche Post, Skruvat, and Shiseido, have deployed Artificial Solutions’ platform called Teneo, to quickly resolve customer queries and reduce customers’ wait time. Additionally, the company has several patents concerning the current and future developments of Artificial Intelligence (AI) with regards to conversational capabilities as well as a major focus on Natural Language Processing (NLP) and Natural Language Interaction (NLI) technologies. In terms of funding, the chatbot solution provider has raised USD 15.8 million in 2018 and the company aims to enhance its conversational AI platform Teneo. Majorly focused on partnership strategies, the company is further working toward enhancing its product portfolio to remain competitive in the market and offer various capabilities through the Teneo platform that supports effective customer engagement across various channels and platforms. These developments, coupled with a strong partner ecosystem, would enable various companies to take advantage of AI and NLP technologies to build NLP and Natural Language Understanding (NLU) technology into the connected devices.
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Kevit (India) offers AI-powered solutions with its primary focus on NLP-enabled chatbots, web data collection, and big data analysis. Its solutions Voicebot and Chatbot, are designed with the intent to help businesses enhance support services delivered to the customers, thereby reducing manual work. The company intends to build bots that offer a more human-like natural conversational experience. Kevit focuses on empowering its clients by providing the tools and skills required to create a loyal customer base when approaching the bigger market. The India-based company concentrates on delivering services to industries that include banking, travel, eCommerce, healthcare, Human Resources (HR), and hospitality. Kevit specializes in Voicebot, Chatbot, Microsoft Bot Framework, AI, Conversational Interfaces, Tensorflow, and Machine Learning (ML).
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