Sellbyville, Delaware, June 13, 2018 (GLOBE NEWSWIRE) --
Chatbot Market size is set to exceed USD 1.34 billion by 2024; according to a new research report by Global Market Insights, Inc. The chatbot market growth is attributed to the evolving usage of chatbots for content marketing activities such as digital marketing and advertising. The technological capabilities, individuality, and customization are the main features accelerating market growth. Chatbots assist the businesses to interact and engage with customers. They offer personalized marketing capabilities, such as sending individualized messages, to meet the rising consumer requirements. For instance, in 2016, Sephora launched a chatbot on the messaging application Kik, which asks the users on the platform to take a quiz while giving the chatbot insights regarding the ways to precisely style their look, enhancing the customer experience.
The chatbot market is benefiting from the investments made by the leading investors, who back several chatbot startup firms. These funds are used by the startups for developing NLP technology and chatbot platforms. For instance, in 2017, Pypestream raised USD 15 million in funding to bring about developments in its chatbot platform. These investments enhance marketing and promotions through the chatbot platform, increasing customer service, transactions, and purchases. However, the lack of awareness about the benefits of chatbots amongst businesses and security issues concerned with chatbots may hinder its market growth.
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Customer service application accounts for the largest market share of 43% in 2017 in the chatbot market followed by social media, order processing, and marketing applications. Customer service is the major criteria for businesses to survive in the competitive market. The advent of chatbots allows businesses to offer enhanced customer service by offering 24/7 customer support, real-time query handing, and educating the customers about new products and services. For instance, in April 2018, TIM, an Italian ICT group partnered with Microsoft to develop AI-based chatbots, which will benefit both the company and its customers in the long term by optimizing customer service inquiries handling and technical assistance, thereby resulting in an improved customer experience.
The standalone interface segment dominates the market due to the benefits they offer such as ease-of-usage and installation at reduced costs. The web-based chatbot is growing at a fast pace at a CAGR of 36.9% during the forecast period and is mainly beneficial for the companies selling products directly through their websites. The chatbots make an effective point-of-contact tool delivering better customer experience and improved business margins.
The e-commerce segment is expected to benefit the most from the chatbot market. Due to the rapid development and growth of AI, chatbots are anticipated to get more sophisticated with time. This has increased the acceptance of chatbots in the e-commerce sector. The usage of chatbots in the BFSI sector is growing rapidly due to the factors such as automated fraud prevention, assistance to customers in making improved financial decisions, and improved customer experience. For instance, in 2016, Bank of America launched a chatbot named Erica available for the customers in the bank’s mobile application. This chatbot enabled customers to perform various tasks such as making transactions and checking balances to improve customer satisfaction.
Browse key industry insights spread across 350 pages with 262 market data tables & 43 figures & charts from this 2018 report Chatbot Market in detail along with the table of contents:
The AI-based chatbot market is growing at a CAGR of 53% as they provide highly conversational experiences through text and voice, which can be customized for use on various web browsers, mobile devices, and varied chat platforms. Furthermore, increasing collaboration in the AI-based companies also drives the market growth. For instance, in March 2018, Haptik, a leading AI-based chatbot platform partnered with Amazon Web Services to deliver solutions for Indian customers. This will enable the company to expand its AI-based market in India.
In 2017, the on-premise deployment model holds approximately 83% in the chatbot market, offering users enhanced data security solutions and protecting customers’ personal and confidential business information, increasing its market demand.
North America held the majority of the share in the chatbot market as various tech companies in this country, such as IBM, Google, and CX Company, are investing huge funds in R&D to implement new technologies and provide an improved user experience. These players are engaged in strategic partnerships and acquisitions to retain a huge market share and expand their presence worldwide.
Asia Pacific is anticipated to show the highest growth rate of 36% over the forecast timeline. As chatbots have turned into a necessity for mainstream industries, their usage has increased rapidly. Furthermore, there is an increase in the usage of mobile applications for travel, shopping, social networking, and education.
The global chatbot market is highly competitive as both startups and multinational firms are continuously involved in R&D activities to develop advanced technologies, driving the market growth. Some of the major vendors operating in the industry include Baidu, Babylon Health, Google, Inc., Microsoft Corporation, Kik, Poncho, ReplyYes, LivePerson, Slack Technologies, Inc., and WeChat.
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