A chatbot is a software that incorporates artificial intelligence (AI), in order to process the interactions between humans and virtual assistants. The AI integrated with chatbot increases security and people sending the message over the chatbot aid these in becoming more intuitive, more natural, and comfortable while chatting. Hence, AI increase the security level of data, which proportionally minimizes the threat of cyber threats. Therefore, these features will be one of the factors that helps in propelling growth of the market. Furthermore, Chabot integrated with the devices such as mobile devices, web browsers, and others application helps in reducing the customer effort, improve organizations analytical capabilities, and enables automation by customizing voice and text. These features are factors for increasing adoption of AI based chatbot in organizations.
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North America held a dominant position in the global artificial intelligence in chatbot security market in 2018, and is expected to retain its dominance throughout the forecast period. This growth is attributed to rising cyber-attacks in this region. U.S. accounted for the major market share in the region, owing to increasing cyber-attacks on industries such as healthcare, banking and financial, and retail and manufacturing. For instance, according to the Internet Crime Complaint Center (IC3), in 2016, cybercrimes were valued at over US$1.33 billion globally, in which, California witnessed the highest recorded loss with over US$ 255 million. Additionally, in 2016, around 28% of web application attacks were recorded in the U.S., followed by the Netherlands and Germany.
The market in Asia Pacific is estimated to exhibit the highest CAGR over the forecast period. This is attributed to rising adoption of machine learning and natural language processing technologies as well as increasing number of 5G pilot projects in the region. These features of AI integrated Chabot deliver more accurate result to the users. Therefore, adoption of AI based Chabot is expected to increase in various verticals in order to improve accuracy of the system, which has fuelled growth of the market. For instance, China Telecom Corporation Ltd. established a new 5G base station in Lanzhou on December 2017, to expand 5G pilot projects in China. This in turn, is expected to boost growth of the artificial intelligence in chatbot security market over the forecast period.
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Major players operating in the global artificial intelligence in chatbot security market are Maruti Techlabs, Inbenta Technologies, Inc., Nuance Communications, Inc., Next IT Corporation, Kore.ai, Inc., CreativeVirtual, Pypestream, Nano Rep, Inc., Mindmeld, Inc. and Ubisend.
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