-- 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.
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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.
The application of chatbot market in customer service is the highest contributing segment with a 42.52% share. This can be derived from the significance of customer service in retaining existing and attracting new potential customers, with the growth of industries like healthcare and BFSI dependent on consumer feedback and brand visibility. Chatbots enable personalized services, less waiting time, uninterrupted customer support and a feedback channel to a large number of customers, guaranteeing consumer satisfaction aimed at by these industries. Reportedly, the banking sector spends almost USD 150 million annually on customer service and the increasing use of bots for automated service will bolster the overall chatbot market.
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.
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Financial and healthcare institutions will have an easier time adopting chatbots due to their structured processes that make automation easier. For instance, Bank of America’s chatbot Erica made major headlines, having registered 1 million users within 3 months. Financial advice provided by the chatbot and easy transaction searches are the factors that made Erica such a big hit.
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.
The increasing demand for smartphones and the tremendous use of messenger apps has supplemented the proliferation of chatbot market, especially in countries like India and China which have defined Asia-Pacific as the fastest growing region in the segment.
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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Table of Contents (ToC) of the report:
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. Market estimates and forecast, by region, 2013 – 2024
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