The Chatbot is an artificial intelligence software or program that simulates a chat with the user in natural language through websites, messaging applications, mobile apps or through the telephone. It is used in dialog systems for various purposes including request routing, customer service, or for information gathering. Most chatbots are accessed on-line using website popups through virtual assistants. Chatbot can be classified into usage categories that include commerce (e-commerce via chat), entertainment, finance, education, health, news, and productivity. Some of the key benefits are included improved customer service, better lead generation, qualification and nurturing, increased customer engagement, cost saving, easier approach to global markets and monitoring consumer data & gaining insights.
According to study, “Global Chatbot Market to reach USD 16.02 billion by 2026” the key companies operating in the global chatbot market are Artificial Solutions Holding ASH AB, Kore.ai Inc., IBM Corporation, Nuance Communications, eGain Corporation, EdgeVerve Systems Limited (An Infosys Company), Creative Virtual Ltd., Inbenta Technologies Inc., Avaamo Inc., Serviceaide Inc., SMOOCH.ai (Zendesk), Amazon Web Services Inc. (Amazon Lex), Ipsoft Inc., Dialogflow (Google) and LiveChat Inc.
Based on component, chatbot market is segmented as platform, solutions, services and software. Services are further sub-segmented as professional services and managed services. Based on technology, market is segmented as Natural Language Processing (NLP), Machine Learning (ML) and Automated Speech Recognition (ASR). Based on usage, market is segmented as contact centers, social media, websites, mobile platform and others. Based on deployment model, market is segmented as on-premises deployment and cloud deployment. Based on organization size, market is segmented as Small and Medium-Sized Enterprises (SMEs) and large enterprises. Based on application, market is segmented as branding & advertisement, personal assistant, customer support, data privacy & compliance, customer engagement & retention, onboarding & employee engagement and others (payment processing, campaign analysis and, data aggregation). In addition, based on vertical, market is segmented as telecom, Banking, Financial Services and Insurance (BFSI), retail & ecommerce, healthcare & life sciences, media & entertainment, travel & hospitality and Others (Government, Education, Manufacturing, and Utilities).
The chatbot market is driven by increase in need to improve customer relationship management (CRM), followed by surge in integration of chatbots with social media and increase in advantages of chatbots over other customer support options. However, lack of product differentiation and high initial installment cost may impact the market. Moreover, continuous technological advancements in chatbots and rise in focus on customer engagement through various channels are key opportunities for market.
Based on geography, the Asian-Pacific region dominates the global chatbot market owing to rapidly expanding information & communications technology infrastructures in the leading economies, such as China and India. Whereas, the North-American and European regions are anticipated to exhibits higher CAGR due to increase in deployment of chatbots in various business vertical over the forecast period. The global chatbot market is valued approximately at US $2 billion in 2018 and is expected to grow with a healthy growth rate of more than 29.7 % over the forecast period 2019 to 2026.
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Ankur Gupta, Head Marketing & Communications