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According to a new market report issued by Credence Research, Inc., "Global Chatbots Market-Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015–2022," the global chatbots market was estimated at US$ 88.3 million in 2015 and is expected to witness exponential growth in the 2016–2023 forecast period.A chatbots is an artificial intelligence-based interactive chat robot designed to simulate human conversation. Chatbots are popping up on messaging services that help users in a wide range of applications, including flight booking, order take-out, or call a ride. Chatbots ' rise started eight years after Apple launched its mobile apps online shop. Chatbots are considered to be voice interface applications. Chatbots have the potential to leapfrog mobile apps to become a major medium for digital communication and trade, according to research conducted by Credence Research, Inc. Thus, we can expect companies of all sizes to adopt chatbots platforms the same way they embrace IoT and mobile platforms.
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Chatbots ' acceptance in the e-commerce sector has increased rapidly, accelerating market growth. Chatbots are programmed to provide customers with a personalized experience by engaging in two-way real-time communication, resolving customer queries, and navigating them through their desired product range, optimizing customer satisfaction. Because of increasing competition, businesses also leverage chatbots to improve their marketing and sales strategies by interacting regularly with their customers, thus receiving a higher rate of customer retention. For example, Personetics, a finance company, claims chatbots handle 95% of their customer queries, increasing online engagement and cross-selling. The lack of awareness of the benefits of chatbots among businesses, security issues related to chatbots, and lack of support for B2B businesses are the factors expected to restrain market growth over the forecast period.
The global market for chatbots is driven by high technology, requiring vendors to invest substantial amounts in R&D. Some of the leading players identified in the research study include Microsoft Corporation (USA), Facebook, Inc. (USA), Amazon.com, Inc. (USA), Yahoo, Inc. (USA), Google, Inc. (USA), Apple, Inc. (USA), Haptik, Inc. (USA and India) and Helpshift (USA), among others. Increasing numbers of start-ups are investing in chatbots for the purpose of governing bot trade. While the chatbots market is still in the nascent development phase, the chatbot platform race for leading enterprise guarantees exciting. In the current scenario, three ecosystem participants capable of offering enterprise chatbot solutions include vendors of messaging platforms, voice platform vendors and start-ups of chatbot platforms. The global chatbots market is driven by developments in technology and innovation. The competitive rivalry among current market players is comparatively high as each player seeks to gain market advantage in the first movers.
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ToC:
Chapter 1 Preface
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Chapter 2 Executive Summary
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Chapter 3 Market Dynamics
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Chapter 4 Global Chatbots Market, By Type
4.1 Market Analysis
4.2 Stand-alone
4.3 Web-based Chatbots
Chapter 5 Global Chatbots Market, By End-use Application
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Chapter 6 Global Chatbots Market, By Geography
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Chapter 7 North America Chatbots Market Analysis
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Chapter 8 Europe Chatbots Market Analysis
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Chapter 9 Asia Pacific Chatbots Market Analysis
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Chapter 10 Rest of World Chatbots Market Analysis
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Chapter 11 Company Profiles
11.1 Microsoft Corporation
11.2 Facebook, Inc.
11.3 Amazon.com, Inc..
11.4 Yahoo, Inc.
11.5 Google, Inc.
11.6 Apple, Inc.
11.7 Helpshift
11.8 Haptik, Inc.
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