A chatbot is an Artificial intelligent (AI) software that is designed to conduct a conversation via voice or text with the human using natural Language Processing (NLP) through the website, mobile, and messaging apps.
Increase in processing speed and performance of chatbots due to advancement in AI and NLP coupled with the growing popularity of online messaging for fast response in an interactive way is driving the growth of chatbot market during the forecast period. In addition, the proliferation of mobile apps along with a rise in website usage makes pave the way for chatbot as it provides 24/7 support with higher accuracy, which will fuel the market growth. Growing demand for self-service support will further drive the market growth.
On-cloud deployment captured the largest market share in 2018 and will continue to dominate the market share through 2026 as it cuts down the up-front cost, reduces server maintenance, provides easy accessibility and security.
Software segment is expected to dominate the market during the forecast period due to the growing adoption of AI and NLP for a chatbot application. In addition, Artificial Intelligence-Driven chatbot helps the enterprises to make faster and more informed decisions. This helps companies to be more efficient and able to craft personalized experiences for both customers.
Healthcare segment holds the largest market share in 2018 as more number of hospitals are using chatbots to offer personalized and satisfactory experience, they are using it to schedule appointment, to provide additional information about the doctor and answering about patient queries. Retail segment is expected to witness strong growth during the forecast period 2019-2026, especially due to e-commerce penetration around the world as chatbot offers automated and streamline activities, improve enterprise productivity, improves customer engagement, enhance the shopping experience and providing additional information like notify the customer for new stock, sale.
“AI and Natural Language Process powered chatbot solutions manage customer service and content delivery at the same time to enhance the customer experience.”—-GMI Research Outlook
Based on geography, North America is the largest market in 2018 for chatbot due to increasing deployment of chatbots across various sectors like BFSI, healthcare and retail and the presence of strong ICT infrastructure. Asia-pacific is expected to witness higher growth rate over the forecast period, primarily due to rise in the number of smartphones user which makes this region a lucrative market for chatbot along with deployment of chatbots solutions by small and medium-sized enterprises at a large scale in their customer service process in order to handle large number of customer simultaneously.
Key takeaways/Recent Development:
- In May 2019, Verint Systems Inc. announced the launch of a new Voice of Customer (VoC) solution that uses an automated analytical engine to deliver direct, indirect and inferred VoC from across customer engagement channel to provide actionable insights.
- In Apr 2019, Creative Virtual announced a partnership with Innovita Partner Limited (IPL), to design and services delivery with virtual creative technology and products to provide solution on AI and natural language processing and services.
- In Dec 2018, Verint Systems Inc. announced the complete acquisition of ForeSee, a cloud voice of the customer (VoC) vendor. This acquisition will aid predictive analysis and benchmarking of ForeSee to Verint Systems and to expand product portfolio.
- In Jul 2018, IBM launched a Watson Tone Analyzer to make chatbot more astute to emotions.
- In Feb 2018, Creative Virtual signed a partnership agreement with Transcom for their virtual agent and chatbot solutions for AI domain.
Global chatbot market share is divided by some of the key players including, Microsoft Corporation, Google LLC., IBM Corporation, Amazon Web Services, eGain Corporation, Nuance Communication, Inc., Creative virtual Ltd., Artificial Solution International AB, Next IT Corp., Chatfuel, and among others.
The Global Chatbot market has been segmented based on Component, Technology, Deployment Model, Usage, Organization Size, Application, Vertical, and Regions. Based on Component, the market is segmented into Solutions and Services. Based on the Technology, the market is segmented into Machine Learning and Deep Learning, Natural Language Processing and Automated Speech Recognition. Based on the Deployment Model, the market is segmented into On-Premises and Cloud. Based on Usage, the market is segmented into Websites, Contact Centres, Social Media, Mobile Platform. Based on Organization Size, the market is segmented into Large Enterprises and Small and Medium-Sized Enterprises. Based on Application, the market is segmented into Customer Support, Personal Assistant, Branding and Advertisement, Customer Engagement and Retention, Data Privacy and Compliance, On-Boarding and Employee Engagement, and Others. Based on Vertical, the market is segmented into Banking & Financial Services and Insurance, Retail and Ecommerce, Healthcare, Travel and Hospitality, Media and Entertainment, Telecommunications, and Others.
The research report on the chatbot market provides an in-depth analysis of the global chatbot market revenue based on Component, Technology, Deployment Model, Usage, Organization Size, Application, Vertical, and Regions for the forecast period from 2019 to 2026. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the chatbot market. The report also analyses the competitive landscape, major players, and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
For more details, Please Visit: https://www.gmiresearch.com/report/global-chatbot-market-industry-anaysis/
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