The Chatbot is a computer application designed either with the set of defined rules or artificial intelligence technologies. The supplication is integrated with several messaging services to provide customer query resolution either through automated textual messages or auditory conversation. The global chatbot market is anticipated to experience the lucrative growth in the upcoming years, factoring to the increasing preference for voice-activated smart devices, increasing demand for enhanced customer service across several verticals including e-commerce, BFSI, telecommunications, healthcare, media and entertainment, and others.
According to MarkNtel Advisors’ research report “Global Chatbot Market Analysis, 2020”, the market size of chatbots is forecast to grow at a CAGR of around 30% during 2020-25. Monitoring the effectiveness of chatbots the companies across many industries are incorporating chatbots in integration with the on-the-table messaging apps such as WhatsApp, Facebook messenger, and others. The developing preference for personal interaction over the messaging application is expected to drive the demand messenger based interface through 2025. For instance, Nykaa, an Indian online cosmetic application company provides order status and resolves customer queries over the WhatsApp application using the Chatbot.
Bot for Marketing and Social Media Application, to Emerge as the Highest Growing Sector in Future
In terms of revenue generation, the bots for the customer service segment accounted for the largest market share in 2019. However, due to the growing awareness about the operational effectiveness of chatbots in comparison to human-interaction, entwined with the technological development in Artificial intelligence and machine learning tools has been proliferating the demand for Chatbots or marketing and payment processing and social media platform applications.
The application of chatbots for marketing and social media application is anticipated to grow at the fastest CAGR during the projected period 2020-25, with the growing focus of e-commerce business owners towards the development of personal assistant bots for improved customer service, data-driven product recommendation, automated lead generation, and so on.
North America and European region to Attain the Lucrative Growth During 2020-25
North America and Europe are anticipated to emerge as the fastest-growing region during 2020-25, with the CAGR of more than 20%, attributing to high-speed penetration of the chatbot across several end-user verticals, and presence of handful number of startups and large scale enterprises in these regions. Furthermore, fast pace development of advance technologies such as IoT, NLP, AI, and API, among other technologies that are majorly integrated into the bots for improved customer experience and enhanced performance is during the chatbot market in the developed nations.
According to MarkNtel Advisors’, some the of key competitors operating in the Global Chatbot market with considerable market share include IBM, Nuance Communications, Google (Dialogflow), AWS, Artificial Solutions, Inbenta Technologies, AIVO, Chatfuel, etc.
“Global Chatbot Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for chatbot providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
1. By Application (Bots for Customer Service, Bots for Social Media, Bots for Marketing, Bots for Payments / Order Processing, Others)
2. By Interface (Standalone, Web-Based, third party/ Messenger Based)
3. By Technology (Machine Learning & Deep Learning, Natural Language Processing, Automated Speech Recognition)
4. By Verticals (BFSI, Retail & Ecommerce, Healthcare, Travel & Hospitality, Media & Entertainment, Telecommunications, Others)
5. By Type (AI, Rule Based)
6. By Deployment Model (On-Premises, Cloud)
7. By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises)
8. By Region (North America, South America, Europe, Middle East and Africa, Asia- Pacific)
9. By Country (The US, Canada, Brazil, The UK, Germany, France, Saudi Arabia, UAE, China, India, Japan, Singapore)
10. By Company (IBM, Nuance Communications, Google (Dialogflow), AWS, Artificial Solutions, Inbenta Technologies, AIVO, Chatfuel, and others)
Key questions answered in the study:
1. What are the key statistics- market size, market share, market segmentation, forecasts, etc., of global chatbot market?
2. What are the current and future market trends of the Global Chatbot industry?
3. How the industry has been evolving in terms of end-user demand and application areas?
4. Who are the key competitors operating in various regions’ chatbot market?
5. What are the key growth drivers and challenges for the Global Chatbot industry?
6. What are the customer orientation, purchase behavior, and expectations from the Chatbot suppliers across various regions?