Chatbot Market To Be Driven By The Increasing Adoption Of Customer Service Activities Among Enterprises In Order To Reduce Operating Costs Till 2025

grandviewresearch

The global chatbot market is expected to reach USD 1.25 billion by 2025, growing at a CAGR of 24.3%, according to a new report by Grand View Research, Inc. The chatbot industry is expected to witness significant growth over the forecast period as they enable enterprises to substantially reduce operating costs. Additionally, innovations in artificial intelligence and machine learning technologies are likely to enhance the features of chatbots, which acts as a major driver for the market.

A significant rise has been observed in the number of users of messaging services, which is expected to surpass the number of users of social networking sites. Additionally, there has been a significant development in the NLP field, which has resulted in streamlined interactions between computers and human languages. The entire chatbot ecosystem comprises various cross-linking features, which facilitates enhanced performance of chatbots in all application. Most companies prefer in-built chatbots on their websites as they facilitate enterprises in providing instant customer interaction. For instance, Slack and Twitter messaging platforms are preferred by majority businesses.

North America is expected to emerge as the major region for the chatbot market over the forecast period. The growth in this region is mainly attributed to the increasing deployment of chatbots in various business verticals. Technologies such as artificial intelligence, IoT, and APIs, among others, are evolving at a rapid speed. Chatbots are integrated with these technologies to offer enhanced operations, thereby driving market demand. Artificial intelligence and audio speech-based chatbots are expected to account for the largest market share in future. Additionally, speech recognition has improved drastically, especially in terms of native languages, which is expected to result in enhanced performance of chatbots in various applications.

Further key findings from the report suggest:

  • Chatbots find various applications in e-commerce, healthcare, and BFSI sectors. Large enterprise emerged as the largest end-user segment in 2016 and is estimated to register a CAGR of 24.2% over the forecast period.
  • The bots for marketing segment is expected to witness the largest growth over the forecast period as these chatbots can connect the customers directly to service providers.
  • The standalone segment is estimated to grow at a CAGR of 24.8% over the forecast period.
  • The Asia Pacific market is projected to witness substantial growth over the next decade owing to various technological developments across major economies. The regional market is expected to grow at a CAGR of 24.7 % from 2017 to 2025.
  • Key participants in the chatbot industry include Baidu, Poncho, Kik, WeChat, Varo Money Inc., Babylon Health, ReplyYes, and SRI International. Chatbots have found wide applications in large enterprises as they enable better understanding of consumer behavior with the help of machine learning.

Grand View Research has segmented the chatbot market based on end users, applications/business models, types, product landscape, verticals, and regions:

End User Outlook (Revenue, USD Million; 2014 – 2025)

  • Small Enterprises
  • Medium Enterprises
  • Large Enterprises

Application/Business Model Outlook (Revenue, USD Million; 2014 – 2025)

  • Bots for Service
  • Bots for Social Media
  • Bots for Payments/Order Processing
  • Bots for Marketing
  • Others

Type Outlook (Revenue, USD Million; 2014 – 2025)

  • Standalone
  • Web-based
  • Messenger-based/Third Party

Product Landscape Outlook (Revenue, USD Million; 2014 – 2025)

  • Artificial Intelligence
  • Marketing
  • Human Intelligence

Vertical Outlook (Revenue, USD Million; 2014 – 2025)

  • Healthcare
  • Retail
  • Banking, Financial Services, and Insurance (BFSI)
  • Media & Entertainment
  • Travel & Tourism
  • E-commerce
  • Others

Regional Outlook (Revenue, USD Million; 2014 – 2025)

  • North America
    • S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
  • Asia Pacific
    • China
    • Japan
    • South Korea
  • South America
    • Brazil
    • Rest of South America
  • MEA

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

Dhanashree is a Computer Engineer by education and a technology enthusiast by passion. She has a stint of experience in Blogging and SEO and loves to write.

Chatbot Market Share, Trend, Segmentation and Forecast 2017

marketresearchfuture

Market Research Future published a research report on “Chatbot Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Synopsis Of Chatbot Market

Market Scenario

Chatbots Are Conversational Characters That Interact With Humans Via Communication Gateways. They Are Accessed Through Internet And Rely On Artificial Intelligence To Complete Any Task Provided. The Global Chatbots Market Is Driven By Artificial Intelligence Since Past Decade. One Of The Major Driving Factor In The Global Chatbots Market Is The Increasing Use Of Online Messaging.

Chatbots Market Is Estimated To Exhibit A High Growth During The Forecast Period Owing To Increasing Use Of Social Networking Websites And Major Adoption Of Cloud – Based Technologies.

The Chatbots Market Is Segmented On The Basis Of Type, Deployment, Industry Verticals And Usage. By Usage Segmentation, The Banking, Financial Services, And Insurance (BFSI) Sector Accounted For The Maximum Market Share And Will Continue To Dominate The Market During The Forecast Period.

However, Lack Of Awareness And Lack Of Expertise Are Two Factors To Restrain The Global Chatbots Market In Future. This Is Caused Due To Early Adoption Of Technologies And High Deployment Costs Involved In The Chatbots Market.

By Segmentation Based On Deployment, On-Cloud Deployment Type Holds The Largest Chatbots Market Share And Is Expected To Project Highest Growth Rate And Highest CAGR During The Forecast Period.

The Global Chatbots Market Is Expected To Grow At Approx. USD 6 Billion By 2023, At 37% Of CAGR Between 2017 And 2023.

Key players

The Prominent Players In Chatbots Market Are – Facebook, Inc. (U.S.), WeChat (China), Artificial Solutions (Sweden), IBM (U.S.), Naunce Communications Inc. (U.S.), Egain Corporation (U.S.), Creative Virtual Pvt. Ltd. (U.K.), NEXT IT Corp. (U.S.), CX Company (Netherlands), Speaktoit Inc. (U.S.), 24/7 Customer Inc. (U.S.), Codebaby (Idavatars), Inc. (U.S.), DigitalGenius (U.K.), Howdy (U.S.), Talla (U.S.), Semantic Machines (U.S.), Among Others.

Study Objective of Chatbot Market

  • To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Global Chatbot Market
  • To provide insights about factors affecting the market growth
  • To analyze the Chatbot market based on various factors- price analysis, supply chain analysis, porter’s five force analysis etc.
  • To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
  • To provide country level analysis of the market with respect to the current market size and future prospective
  • To provide country level analysis of the market for segment by application, by region and sub-segments.
  • To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
  • To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Chatbot Market

Segments:

Chatbots Market Can Be Segmented On The Basis Of Following:

By Type:

  • Software
  • Services

By Deployment:

  • Cloud
  • On premise

By Usage:

  • Websites
  • Mobile platform
  • Social media

By Industry Verticals:

  • BFSI
  • Retail and e-commerce
  • Government
  • Travel and Hospitality

Regional Analysis Of Chatbot Market:

The Regional Analysis Of Chatbots Market Is Being Studied For Regions Such As Asia Pacific, North America, Europe And Rest Of The World. It Has Been Observed That North America Is Estimated To Account For The Largest Share Of The Market, Whereas Asia-Pacific Is Projected To Grow At The Fastest Rate During The Forecast Period. The Major Growth In Chatbots Market In North America Attributes To The Technical Advancements And Increasing Use Of Internet, Mobiles And Tablets In That Region.

Intended Audience

  • Technology investors
  • Healthcare-related product manufacturers
  • Integrated device manufacturers (IDMs)
  • Original Manufacturers (OEMs)
  • Smart grid integrators
  • Surface mount component device distributors and providers
  • Research/Consultancy firms

About Us:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Email: akash.anand@marketresearchfuture.com

Akash Sangshetti is an IT Engineer by education and a technology enthusiast by passion. He has a stint of experience in Blogging and SEO and loves to write.