Study: Global chatbot market to grow USD 2,166.28 million in next 6 years

Global information technology sector has been plagued by numerous factors including concerns over data security, increasing operational cost, the intense competition offered by global and local players, and many others. Due to these factors, various industry players are looking for ways that can curtail cost, improve performance and leads to customer satisfaction. Chatbots are the talking point in the business world nowadays. This is a technology that has the ability to performs a conversation via auditory or textual methods. It is a specialized robot that interactively chats with human beings through audio or textual mode via the internet and artificial intelligence. Chatbots are also known as conversational agents.

According to the report, global chatbot market was valued at around USD 369.79 million in 2017 and is expected to reach approximately USD 2,166.28 million in 2024, growing at a CAGR of slightly above 28.73% between 2018 and 2024.

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There are two types of chatbots namely rule-based, that provides a predefined response from a database, based on the keywords used for the search. Whereas smart machines chatbots derive their capabilities from artificial intelligence and adjust their behavior as per previous customer interactions. The pop-ups on message service inhabited within the chatbot help the users in multiple applications such as booking a room in the hotel, a ride or flight tickets, etc. Chatbots are finding their ways as intelligent customer care tools for improving efficiency and user experience. Chatbots are used in numerous applications such as to schedule meetings, order online food, provide customer support, and offer weather conditions and forecasting, thus leading to the growth of chatbot market.

Rising investments and adoption of artificial intelligence across various industries in government and private organizations will fuel chatbot market during the forecast period. The necessity requirement of high performing chatbots, growing popularity of online messaging applications are the preliminary factors contributing to the growth of chatbot market. Usage of chatbots in digital marketing applications and easy implementation of AI- based tools in various industry industrial products is allowing the chatbot market to gain a significant consumer base. However, the slow adoption rate, high deployment cost, and lack of expertise related to the services can restrain chatbot market. Tech- savvy customers, connected to social platforms, expect a real-time response to their queries; this segment is expected to grow tremendously in the forecast horizon period. Healthcare sector is projected to depict significant gains expansion over the forecast timeframe owing to the rise in need of for patient engagement activities such as patient documentation, doctor visits, medicines, and check-ups reminder systems.

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The chatbot market is segmented based on type and type and end- user. Type segment is categorized into support, software skills, and services assistant. The eEnd- user segment is further bifurcated fragmented into BFSI, healthcare, retail, e-commerce, travel and hospitality, media & entertainment, and others. Regional segmentation of the chatbot market includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa with further country- wise bifurcation classified into segmentation into major countries such as the U.S., the UK, France, Germany, China, Japan, India, and Brazil.

The major players operating in the global chatbot market are 24/7 Customer Inc., CX Company, Creative Virtual Pvt. Ltd., eGain Corporation, IBM Watson, Codebaby, Speaktoit Inc., Next IT Corporation, Artificial Solutions, and Nuance Communications IncNuance Communications Inc., Next IT Corporation, Pandorabots, Inc., Microsoft Corporation, IBM Watson, eGain Corporation, Creative Virtual Pvt. Ltd., Google, CX Company, Astute Solutions, Imperson Ltd., and 24/7 Customer Inc.

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Source: Zion Market Research

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