Global Chatbot Market is valued approximately at USD 2 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 29.7 % over the forecast period 2019-2026.
Chatbot is a computer program designed to simulate conversation with human users over the internets. Also, it has mostly used in BFSI sector as it helps to describe the essentials of an organizations or solving queries owing to the fact that every time face-to-face conversation with the required banking technical support is not feasible.
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In this era of constant connection to social and digital platforms through smart mobile devices, the new generation of customers expects seamless customer experience. In order to satisfy these customers, demand and to address the increasing competition across the market, industries and business are turning to adoption virtual agents and chatbots that can manage customer queries round the clock without any delay. Thus, the need and demand for chatbots would increase thereby, making its way for the growth of the market. The growth of the market is attributed owing to the rising implementation of machine learning and artificial intelligence algorithms.
For Instance: As per the Center for Data Innovation (United States), in 2017, Canada launched Pan-Canadian Artificial Intelligence Strategy, led by Canadian Institute for Advanced Research (CIFAR) backed with an investment of $98.7 million to support a national research community on artificial intelligence. Through this investment, government of Canada would promote efforts to advance strategy that focus on promoting AI research and to translate AI research into various sectors including telecommunication sector. As these technologies employ computational methods for understanding, learning and delivering human language content in order to develop user-interactive online applications and experience. However, inability to recognize customer intent and respond effectively is expected to impede the growth of the market over the forecast period.
The regional analysis of global Chatbot market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific is expected to hold a notable share in the world in terms of revenue as AI and related technologies is likely to shape the future of the region. Also, many Asian countries, such as Singapore, Japan, China and India are leveraging information-intensive AI technologies, and chatbot is one of the leading technology trends and hence, the region is expected to showcase promising opportunities to deploy chatbot solutions.
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Major market player included in this report are:
Amazon.com, INC.
Artificial Solutions
Creative Virtual Ltd.
CX Company
Microsoft Corporation
IBM Corporation
Egain Corporation
Inbenta Technologies Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Type:
Solution
Service
By Deployment Model:
Cloud
On-premise
By Usage:
Website
Contact Centers
Social media
Mobile Platform
By End-User:
BFSI
Healthcare
IT and Telecommunication
Retail
Utilities
Government
Other End-user Verticals
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Chatbot Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Aim of the Report
- This study aims to determine the market size of various segments and countries with forecast values for next ten years.
- Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
- It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
- The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
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