Chatbots Market Summary
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.
Key Players & Strategies
Some of the big names in this industry can be listed as Facebook, Artificial Solutions, Speaktoit Inc., Howdy Talla & IBM. These companies work towards generating easy to integrate chatbots & also focus on new product launches to secure their position in the market.
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On the basis of deployment, the market is fragmented into on cloud & on premise. Out of the two, on-cloud grabs the larger share in the market.
On account of industry verticals, the market is divided into retail, government, travel & hospitality, e-commerce & BSFI. BSFI stands for banking, financial services & insurance. The BSFI division holds the largest market share & will lead the industry in future as well.
The usage section is further separated into social media, websites & mobile platform.
The types portion is bifurcated into services & software.
Geographically, the market is spread across, North America, Europe, Asia Pacific & Rest of the 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.
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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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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