Market Highlights:
Market Research Future (MRFR) anticipates an extraordinary compound annual growth rate of 37% in the global chatbots market over the forecast period of 2017-2023. The global chatbots market has been evolving at a rapid pace. Growing sophistication and accuracy of AI has been instrumental in making chatbots more robust and suitable for a broader range of applications. As AI and Natural Language Processing techniques advance, chatbots are better able to understand and determine context and user intent. Rising demand for self-service and increasing pressure on contact centers have contributed to the popularity of chatbots as users themselves can manage chatbots. Businesses of all stripes are embracing chatbots into their organizations to balance evolving customer expectations and be more agile.
The immense popularity of online messaging applications coupled with development in the field of artificial intelligence has the primary driver of the global chatbots market. The shift towards messaging as the preferred communication channel at an unprecedented pace coupled with the realization of the value of social messaging platforms as a channel to connect to customers has encouraged various brands to adopt chatbots, which, in turn, has driven the market for chatbots. Chatbots are being increasingly deployed across various industry verticals which are adding fuel to the growth of the market.
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Major Key Players
- WeChat (China),
- IBM (U.S.),
- Naunce Communications Inc. (U.S.),
- Artificial Solutions (Sweden),
- Egain Corporation (U.S.),
- Creative Virtual Pvt. Ltd. (U.K.),
- NEXT IT Corp. (U.S.),
- CX Company (Netherlands),
- 24/7 Customer Inc. (U.S.),
- Codebaby (Idavatars), Inc. (U.S.),
- Facebook, Inc. (U.S.),
- DigitalGenius (U.K.),
- Howdy (U.S.),
- Speaktoit Inc. (U.S.),
- Talla (U.S.),
- Semantic Machines (U.S).
According to MRFR, The global Chatbots Market is expected to grow at approx. USD 6 Billion by 2023, at 37% of CAGR between 2017 and 2023.
Industry News
L’Oréal, a global leader in makeup, cosmetics, hair care announced that it has deployed recruitment chatbots to improve its candidate experience.
Avaya Holdings Corp. announced the launch of the world’s first social platform for chatbots. Avaya will incorporate the new capability in its Avaya Ava smart self-service platform which will raise the bar for customer service and satisfaction.
Competitive Analysis
The market of chatbot market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Market Segmentation
The Chartbot market is divided on the basis of model/type, deployment, industry verticals, usage, end users, and regions.
On the basis of deployment, the market can be divided into cloud and on premise.
On the basis of model/type, the market can be further dissected into software and services.
Industry verticals are further split into media industry, health sector, customer service, education, hospitality and travel, banking, retail, publishing, BFSI, government and many more. Advancements in Artificial Intelligence (AI) have validated a new generation of Chatbots that are being utilized across all sectors.
The Chatbot market is segmented on the basis of usage, which is further divided into social media, mobile platform and others.
On the basis of end user, it is further segmented into large, small and medium enterprises.
Regional Analysis
Regionally, the global chatbots market has been segmented into North America, Asia Pacific, Europe, and the Rest of the World. North America is a strong market and is expected to exhibit high growth over the forecast period. The region is the frontrunner in the uptake of the latest technologies, and the concentration of major players in the region supports the growth of the North America chatbots market. Technical advancements in the region, increasing use of internet and penetration of mobiles and tablets in the region also drive the market in North America. North America is the largest market for chatbots while the Asia Pacific market is slated to emerge as the fastest growing market for chatbots over the forecast period.
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Intended Audience
- Technology investors
- Healthcare-related product manufacturers
- Integrated device manufacturers (IDMs)
- Original Manufacturers (OEMs)
- Smart grid integrators
- Surface mount component device distributors and providers
- Research/Consultancy firms
LIST OF TABLES
TABLE 1 CHATBOTS MARKET, BY TYPE
TABLE 2 CHATBOTS MARKET, BY DEPLOYMENT
TABLE 3 CHATBOTS MARKET, BY USAGE
TABLE 4 CHATBOTS MARKET, BY INDUSTRY VERTICALS
TABLE 5 CHATBOTS MARKET, BY REGIONS
TABLE 6 NORTH AMERICA CHATBOTS MARKET, BY TYPE
Continued……
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 (%)
Continued……
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