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(Wireless-NewsWire.Com, October 22, 2019 ) Market Overview:
A bot is simply a computer program that automates certain tasks. In the case of a chatbot, the task being automated is a 1:1 conversation with a person. These bots can use sophisticated technology like artificial intelligence and natural-language processing. Alternatively, they can be as simple as a series of IF-THEN statements. Alexa is a type of chatbot. So is the Domino’s Pizza app. Today’s chatbots reply with text, yes, and also with audio, video, images, GIFs, you name it. Even the mediums for chatbots have grown exponentially — you’ve likely experienced bots in chat apps like Messenger and WhatsApp as well as on many, many websites with the little button in the corner asking if you need any help.
Market Dynamics:
The Chatbot market growth is primarily driven by technological advances in AI and NLP. Advanced NLP and AI have made the chatbots much more advance then earlier and are solving business problems by providing better customer services by being available 24*7, also by giving quick solutions to the customers. Moreover, the businesses are adopting is quickly to enhance customer experience and engage a large number of customers cost-effectively. Also, 25%-30% customer service costs can be reduced by organizations by implementing conversational solutions like virtual agents and chatbots.
However, factors such as the high initial cost, lack of awareness, and integration complexities might hamper the growth of the chatbot market over the forecast period.
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Market Segmentation:
By Deployment, the Chatbot market segmented into Cloud and On-premise. In 2018, On-premise deployment segment dominated the global market and was expected to retain its dominance over the forecasted period. This is mainly due to the adaptation of this technology by the bigger organization which concerns about engaging large customer base and also serving customers 24*7 all 365 day to provide better services. However, Cloud-based deployment segment is also gaining market share due to the increasing demand chatbots implementation by the SME because of cost-effective and time-effective solutions. It is expected that On-premise market will grow at a CAGR of ~XX% during the forecast period.
By End-user industry, the Chatbot market segmented into Healthcare, Retail, BFSI, Travel & Tourism, E-commerce, and Others. The retail segment has a dominant share in the end-user segment and is expected to retain its dominance in the forecast period. However, the rise in the e-commerce business due to the rise in internet penetration all around the world is engaging large customers by implementing chatbots.
Geographical Analysis:
Geographically, the market is divided into North America, Europe, South America, Asia-Pacific and the Middle East and Africa.
North America holds the largest market share for chatbot Market. The adoption of new technologies is high among the organizations in the region; investments for technological development have increased in the last five years. The rising BFSI sector in North America is adopting the chatbots to service their customer quick and are available for help 24*7 all 365 days.
APAC is after North America in terms of market share for the chatbot, due to rise in the economies in the APAC countries such as China, India, Korea. With the rising economies, the greater number of mid and small-sized enterprises are growing which are investing in chatbots as it will enable the companies to engage large number of customers.
Competitive Analysis:
The major players include Anboto, Creative Virtual, eGain, Inbenta Technologies, and Nuance Communications. Other key players in the market include IBM Corporation, Artificial Solutions Inc., Next IT Corp, [24]7.ai, Inc., and Chatfuel.
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Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
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