Chatbot Market to Grow at A CAGR of 31% Over 2018-2024

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In the trending era of artificial intelligence, chatbot market is witnessing extraordinary growth owing to the prevalence of messaging platforms, virtual assistants and the efforts of various businesses to deliver prompt customer service. Built using AI and machine learning technologies, today’s chatbots are characterized by the ability to respond differently to varied keywords, even learn and adapt their own responses to suit diverse situations. These features have proven to be ideal in leveraging the bots for real-time communications, handling customer enquiries and other aspects of businesses to optimize overall customer satisfaction, pushing the global chatbot market revenue over USD 250 million in 2017.

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The chatbot market is driven by the exponential growth of customer messaging platforms. The texting applications primarily include Facebook Messenger and WeChat that have inbuilt technology for e-commerce organizations and consumer interactions. Furthermore, the technological advancements in the areas of Artificial Intelligence (AI), machine learning, inference engine, cloud-based deployment, NLP, multilingual, and single search point are expected to foster the market growth. The growing competition in businesses is also fueling the market revenue as chatbots improvise the promotional and sales strategies by interacting with the customers regularly.

The rule-based segment dominates the chatbot market with a revenue of USD 218 million in 2017 anticipated to reach USD 869 million by 2024. However, the development of these chatbots is done following a rule-based approach and hence are unable to answer questions whose patter mismatches with the rules on which the bot is trained. The AI-based chatbots are projected to grow at the fastest rate of CAGR 52.8% over the forecast timeline. The rapid progresses in the field of NLP and machine-learning have also led to the development of AI-based chatbots which can offer personalized responses.

The e-commerce sector held approximately 35% share in the market in 2017 with an expected growth CAGR of 34%. With advancements in the AI technology, chatbots are expected to improvise over the period, rising its adoption in the sector. The BFSI sector is adopting chatbots due to its benefits in banking. They also offer services such as analytics, fraud identification, and data capture to increase their chatbot market demand.

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North America accounted for over 57% share of the global market in 2017. The U.S. and Canada led the market in North America and it is estimated to grow faster over the timeline due to its benefits understood by the regional enterprises. Asia Pacific is observed to be the fastest growing region in the global chatbot market. The demand is mainly due to the improving ICT network in the emerging economies including China and India. Furthermore, the rising smartphone penetration is a promising customer base for the chatbot market in this region due to its use for messaging and interaction.

Some of the market players in the global chatbots market include Google, WeChat, Microsoft, Kik, Babylon Health, Poncho, Slack Technologies, ReplyYes, LivePerson, and Baidu. The leading companies in the market are following the strategy of investing in R&D activities.

Some Points From Table Of Content: –

Chapter 5. Chatbot Market, By Application

5.1. Key trends, by application

5.2. Customer service

5.2.1. Market estimates and forecast, 2013 – 2024

5.2.2. Market estimates and forecast, by region, 2015 – 2024

5.3. Social media

5.3.1. Market estimates and forecast, 2013 – 2024

5.3.2. Market estimates and forecast, by region, 2013 – 2024

5.4. Payment/order processing

5.4.1. Market estimates and forecast, 2013 – 2024

5.4.2. Market estimates and forecast, by region, 2013 – 2024

5.5. Marketing

5.5.1. Market estimates and forecast, 2013 – 2024

5.5.2. Market estimates and forecast, by region, 2013 – 2024

5.6. Others

5.6.1. Market estimates and forecast, 2013 – 2024

5.6.2. Chatbot Market estimates and forecast, by region, 2013 – 2024

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