Growing adoption of Chatbot for advertising and growing technological development in verticals such as artificial intelligence and natural language processing are driving the implementation of the chatbot market across the globe.
According to TechSci Research report, “Chatbot Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”. Global chatbot market is expanding due to the rising demand for numerous messenger applications and the increasing adoption of consumer analytics by various businesses worldwide. For meeting the customer and market demands, vendors around the world are integrating technologies such as AI (Artificial Intelligence) and NLP (Natural Language Processing) into their service offerings.
Chatbots are interactive software that connects with the audience via platforms such as WhatsApp, Skype, Facebook Messenger, and WeChat by using text to communicate. The primary goal of chatbots is to engage with humans in a human-like manner. Chatbots have been supporting individuals in a variety of sectors and industries, including retail, tourism, and e-commerce, among others. They are also known as virtual assistants who understand human capabilities. Bots interpret process requests and user intent and respond in real time. A chatbot is a more practical and cost-effective one-time investment than developing specific cross-platform software or hiring more employees. Furthermore, chatbots can also assist in lowering the cost of difficulties caused by human mistakes.
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The statistics for messaging app usage of January 2022 show that WhatsApp has 2,000 million active monthly users, WeChat has 1,263 million active users monthly, and the Facebook messenger has 998 million active users monthly. Chatbots with the capability to reasonably mimic humans qualify brands to entertain consumers more efficiently on these expanding messaging platforms.
With the outbreak of the COVID-19 pandemic, chatbot technology has been rapidly deployed by numerous organizations for responding to different customer queries and other related needs. Numerous organizations are adopting remote working environments in their enterprise due to the lockdown imposition after 2020. The companies are becoming heavily dependent on chatbot services to reduce the inconvenience experienced in customer engagement due to the unavailability of customer service employees. According to Global Statistics, Chatbots handle entire conversations around 69% of the time, and 68% of users enjoy the speed at which chatbots answer, from which chatbots have response rates of up to 40%.
Based on type, the market is segmented into standalone, web-based and messenger-based. Based on application, the market is segmented into service, social media, payments, marketing, and others. Based on product, the market is further bifurcated into artificial intelligence and human intelligence. On the basis of organization size, the market is segmented into small & medium enterprises (SMEs) and large enterprises. Based on vertical, the market is fragmented into healthcare, retail, Banking Financial Services & Insurance (BFSI), media & entertainment, travel & tourism, e-commerce, and others. On the basis of region, the market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The standalone segment dominated the chatbot market in 2022 and is expected to maintain its dominance during the forecast period. Modern consumers use visual assistant applications in standalone messaging platforms, including Google Assistant, Amazon’s Alexa, and Apple’s Siri. The rising adoption of virtual assistant applications is expected to increase demand for standalone chatbots during the forecast period. The artificial intelligence segment is expected to register lucrative growth during the forecast period. Artificial intelligence chatbots by product are expected to acquire high traction in the chatbot market owing to the comprehensive investments by market players in the Global chatbots market. These initiatives were taken to convert customer experiences and expand the customer base of the respective companies.
Key market players in the global chatbot market include:
- Amazon Web Services, Inc.
- Artificial Solutions
- Creative Virtual Ltd.
- eGain Corporation
- Inbenta Holdings Inc.
- IBM Corporation
- Google LLC
- Haptik Technologies Limited
- Microsoft Corporation
- In July 2021, the company Sabre entered into a partnership with Mindsay to develop a chatbot to automate and enhance the customer service of airlines, online travel agencies (OTAs), and travel management companies (TMCs), along with other travel brands.
- In March 2021, Philips partnered with Orbita to innovate conversational voice and chatbot applications with the human touch needed for effective remote patient engagement to enhance the patient experience.
- In March 2020, Portea Medical and Verloop, in partnership with the Goa Government, launched Cobot-19, an information and awareness chatbot to disseminate information about COVID-19.
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“The North America region shows substantial growth prospects for chatbots which can be attributed to the significant benefits it offers to enterprises, including improved customer satisfaction, reduced operating costs, and enhanced operating efficiency. The chatbot is gaining popularity and is spreading across North America region, that includes the developed countries like the United States, Canada, and Mexico. The United States leads the market and is expected to maintain its dominance across the North America chatbot market during the forecast period due to the early adoption of technologies such as artificial intelligence and natural language processing, as well as the large number of companies present across the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Chatbot Market By Type (Standalone, Web-based, Messenger-Based), By Application (Service, Social Media, Payments/Order Processing, Marketing, Others), By Product (Artificial Intelligence, Human Intelligence), By Organization Size (Small & Medium Enterprises (SMEs), Large Enterprises), By Vertical (Healthcare, Retail, Banking Financial Services & Insurance (BFSI), Media & Entertainment, Travel & Tourism, E-commerce, Others), By Region, Competition”, has evaluated the future growth potential of chatbot and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global chatbot market.
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