Global Chatbot Market is Likely to Grow at a CAGR of 28% during the Forecast Period 2016–2022
Chatbot Market – Report Insights
The chatbot revolution often draws a parallel to robotic automation as it is cited to save as much as 25–30% on manpower costs over the next decade. It is also considered as a game changer in the labor market, eliminating the need for secondary activities to emerging economies and warranting the need to invest upon skill upgrading and next generation technologies rather than routine processes. The adoption of chatbots is spearheaded by major social networks and technology companies, including Microsoft, Facebook, Slack, Twitter, and Snapchat who have well identified the potential of chatbot.
Scope of the Report
The report “Global Chatbot Market – Strategic Assessment and Forecast 2017-2022”, considers the present scenario of the global chatbot market and its strategic assessment for the period 2016−2022. It includes a comprehensive study of growth drivers, trends, and restraints. It also analyzes leading five vendors and ten other prominent vendors in the market.
The report provides the analysis of key segments of the market in terms distribution channel, geography, and vendors. It provides a detailed analysis of the revenue from the following segments:
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Banking and insurance
Gaming and entertainment
News and media
Chatbot Market – Market Size and Dynamics
Analysts at Beige Market Intelligence expect that the global chatbot market is likely to post a CAGR of more than 28% during 2016–2022. The market over the forecast period will be majorly driven by high awareness about the benefits of bots and the rise of innovative test cases for their implementation. While developed countries are increasingly relying on automation to better mitigate their dependence on developing countries for cheap manpower, developing countries are focusing on upgrading their skillsets for existing jobs. Chatbots are recognized as ideal tools, facilitating the same as they enable the automation of routine support activities, while allowing the resource to focus on intelligent algorithms incorporating machine learning.
In the end-user segment, the news and media contributes the maximum market revenue to the global market. The adoption of chatbots for this end-user segment is majorly driven by the marginal utility of the customer for live newsfeeds.
Chatbot Market – Trends, Drivers, and Restraints
The report includes a detailed study of emerging trends, factors driving the growth, and expected challenges of the market during the period 2017–2022. The open-source ecosystem driving innovation and adoption and active support from Facebook, Microsoft and Google to drive down development costs are among the latest trends which are likely to drive the market in the next five years. In addition, there is a major shift from rule-based to AI-based implementation, which will drive the market. Similarly, progressive growth in natural language processing, increased prominence of messaging applications, and the need for optimization of customer management costs are among the driving factors that are likey to catalyze the market.
Chatbot Market – Geographical Analysis
The report includes the market analysis of different regions such as North America, Latin America, APAC, MEA, and Europe. It outlines major market shareholders and the market size analysis of all regions. North America, particularly the US undoubtedly remains to be the most advanced market for the development and hosting of a diverse range of chatbots. APAC, on the other hand, hosts key markets of China and India that collectively host one-third of the world’s population and one-fourth of the world’s internet user base and are key sources of internet traffic. Also, APAC remains as the largest market during the forecast period. As the chatbot markets in US and Europe are mature, in emerging economies there is little presence of paid offerings.
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Chatbot Market –Key Vendors and Market Share
The report profiles major companies in the global market and provides the competitive landscape and market share of the leading players. It covers the entire market outlook regarding the value chain operating in the market.
Nuance Communications Inc.
Other prominent vendors included in the report are Haptik Inc., Viclone, Astute Solutions, Kasisto Inc., True Image Interactive, CX Company, Next IT Corp., H-Care, Synthetix Ltd., and Helpshift.
Why should you buy the report?
The report provides answers to the following questions related to the global Chatbot market.
What are the current changes witnessed by the market and how are they likely to impact the market landscape in the coming years?
What are the various factors that can affect the market over the next few years?
What are the major emerging trends and challenges for the market over the next five years?
What is the market size and market forecast for each product segment and end-user type?
Which region is expected to witness the highest market share and what are the factors driving the growth in that region?
What is the sale growth rate in key geographies?
Which are the major countries in terms of market size and market forecast?
Which are the key vendors in the market?
What are the main strategies implemented by the leading vendors to increase growth opportunities?
Which are the key emerging vendors in the market?
Table Of Contents – Major Key Points
Section 1 Research Methodology
Section 2 Executive Summary
Section 3 Report Coverage
3.1 Report Assumption
3.2 Scope of the Report
3.3 Currency Exchange Rates
3.4 Market Derivation
3.5 Key Definitions
Section 4 Introduction
Section 5 Key Market Trends
5.1 Open-source Ecosystem Driving Innovation and Adoption
5.2 Active Support from Facebook, Microsoft, and Google Reducing Development Costs
5.3 Major Shift from Rule-based to AI-based Implementation
5.4 Conversational Interfaces to Dominate with Higher Engagement Rates
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