MarketResearch.biz, in its upcoming report titled, “Global Chatbot Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”, offers in-depth insights, revenue details, and other vital information regarding the global chatbot market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report also offers insightful and detailed information regarding the various key players operating in the global chatbot market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global chatbot market has been segmented on the basis of enterprise type, application, platform, end-use vertical and region.
A chatbot also known as a chatterbot, talkbot or Bot is a service which interacts with people through a chat interface. One can have a conversation with chatbot similar to human interaction such as asking questions by using voice or even by typing. The chatbot would respond to questions in a conversational style. Chatbot is a built-in module of high-level programming language which is designed to create a software that can engage in conversation. Initially a Chatbot starts off with no knowledge of how to communicate. Each time a user enters a statement, the library saves the text that they entered and the text that the statement was in response to. As chatbot receives more input the number of responses that it can reply and the accuracy of each response in relation to the input statement increase. The program selects the closest matching response by searching for the closest matching known statement that matches the input, it then chooses a response from the selection of known responses to that statement.
There are mainly two types of chatbots, one operates based on a set of rules. It can only respond to very specific commands. If the user doesn’t use the right command or words, the chatbot would not understand what the user means The other type uses machine learning and artificial intelligence (AI) to provide the best response. It can chat in a similar way as a staff member would with a person. It is called the AI-powered chatbots. It understands the language and the command, it can understand human interaction and predict their needs, categorizes and stores the information received from each interaction. AI-powered chatbots can interpret and carry out more complex requests, it knows where to store that information, so it can access it again in the future.
Emergence and growing adoption of messaging platform is the key driving factor for the growth of the global chatbot market over the forecast period. The platform, today offers more than messaging and games. For businesses, messaging apps have emerged as a popular hub for e-commerce and consumer transactions. In addition, App fatigue is another growth factor driving the growth of the market. App fatigue is referred to consumers who are tired of installing, updating and learning how to use mobile (iOS and Android) apps, and to businesses that are tired of spending heavily on mobile app development, maintenance and marketing only to find out that very few people actually use them. Chatbots have many advantages overs mobile apps. As they are server-side applications, they have been considerably simpler and faster to develop, release and maintain than mobile apps. In recent years, major software companies have released and made available for free advanced development tools and frameworks and vast amounts of research data. As a result, it has become possible to develop at a relatively low cost a very sophisticated chatbot utilizing the latest advances in artificial intelligence, natural language understanding, speech recognition and other leading edge technologies.
Moreover, increasing adoption for chatbots solutions in various sectors is an ongoing trend observed, which is expected to support market growth in the near future. The market players are engaged in developing more convenient solutions for users to have easy access such as creating and tracking insurance claims, personal online banking, booking travel accommodations and flights, service support internally, on channels such as slack and other management software, and providing broader mental health access can be a potential opportunity for market players over the forecast period.
Currently, the market in North America dominates the global chatbot market in terms of revenue due to increasing deployment of chatbots in various business verticals. The market in Asia Pacific is projected to have fastest growth with highest CAGR, owing to growing number of small and medium enterprise in the region.
Segmentation on the basis of enterprise type:
- Small Enterprises
- Medium Enterprises
- Large Enterprises
Segmentation on the basis of application:
- Social media
- Payments/Order Processing
Segmentation on the basis of platform:
- Messenger-based/Third Party
Segmentation on the basis of end-use vertical:
- Banking, Financial Services, and Insurance (BFSI)
- Media & Entertainment
- Travel & Tourism
- IT & Telecommunications
Segmentation on the basis of region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Creative Virtual
- Motion AI
- Contus Bot
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