-- In a bid to usher in next-gen technology earlier than their contemporaries, big-league firms in chatbot market are building bots that would not be constricted to being isolated in a single messaging channel, but would be designed to shift across numerous networks, right from Facebook to voice call to a query registration or IM to order placement and back – depicting standalone functioning at its peak.
MarketStudyReport.com adds a new market research report titled Chatbot Market Size By Type (Rule-Based, AI-Based), By Interface (Standalone, Web-Based, Third-Party), By Application (Customer Service, Social Media, Payment/Order Processing, Marketing), By Deployment Model (On-Premise, Cloud), By End-Use (BFSI, Media and Entertainment, Healthcare, E-Commerce, Retail, Travel and Tourism), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, China, India, Singapore, Japan, Australia & New Zealand (ANZ), South Korea, Brazil, Mexico, Argentina, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024 to the IT and Telecommunications segment of its online reports store.
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The rapid proliferation of AI has only served to increase the functionality, design, and performance of chatbots, especially in the healthcare industry. A report depicts that with numerous medical institutions deploying chatbots, a stupendous USD 3.6 billion healthcare cost savings will be achieved by 2022. Education, IT, fintech, and customer service comprise some of the other end-use domains that are likely to deploy chatbots on a large scale in the near future.
Chatbot Market is projected to surpass USD 1.34 billion by 2024. The rule-based segment dominates the chatbot market with a revenue of USD 218 million in 2017 anticipated to reach USD 869 million by 2024. The AI-based chatbots are projected to grow at the fastest rate of CAGR 52.8% over the forecast timeline. The standalone segment held approximately 50% shares in the market in 2017 and is anticipated to dominate the market. The web-based chatbots are growing fast as the chatbot operators are personalizing the content and have control over the personality and behavior of the chatbot, increasing their demand in the market.
The customer service applications of chatbot market show strong interests as these intelligent digital assistants are always accessible to solve customer queries in a cheap and efficient manner. They support businesses to save customer service expenses of over 30% by moving up response times and freeing up employees for more challenging work. Furthermore, around 56% of the companies operating in the technology and multimedia sectors are planning to invest in chatbots in the coming three to five years, saving approximately USD 8 billion yearly in customer supporting costs.
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The e-commerce segment held about 35% of global chatbot market in 2017 because they assist in completing buyer’s purchases, offer product recommendations, and provide customer support in enhancing their market growth. They aid in improving shopping experience by reducing waiting time, provide 24/7 support, and retain customers by sending messages. For instance, Starbucks chatbot available on the Starbucks application allows customers to easily place an order by text messaging or voice commands through chatbots, increasing customer buying experience and saving purchase time.
North America is projected to dominate the chatbot market by 2024 as chatbot solutions have gained prominence in different sectors such as BFSI e-commerce, gaming, and healthcare. Furthermore, the technological advancements in the AI and NLP technologies followed by the increased usage of computers, tablets, laptops, and mobiles are also driving the market growth. Asia Pacific is growing the fastest in the market during the forecast timeline, generating revenues of approximately USD 350 million by 2024 due to the rising advent of messaging applications such as WeChat in China. Furthermore, the rapid investments by tech giants have also boosted the chatbot growth. For instance, in April 2018, Alibaba invested USD 600 million in SenseTime, China?s leading AI company. This funding will assist the company in increasing their technological innovation rate and expanding their new business opportunities.
The companies in the chatbot market are spending in the research and development, aimed at developing new and customized chatbots. The vendors in the market are Astute Solutions, Baidu, Botsify, Bold360, Chatfuel, ChatterOn, ChattyPeople, Facebook, Google Inc., Haptik Inc., Helpshift, IBM Watson, Imperson Ltd., Kiwi Inc., ManyChat, Microsoft Corporation, Nuance Communication Inc., LivePerson, Poncho, ReplyYes, Slack Technologies Inc., and SRI International.
Selected Chapters from Table of Contents of this premium chatbot market report include:
Chapter 2. Executive Summary
2.1. Chatbot industry 360º synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Application trends
2.1.4. Interface trends
2.1.5. End-use trends
2.1.6. Type trends
2.1.7. Deployment model trends
Chapter 3. Chatbot Market Industry Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2013 - 2024
3.4. Industry ecosystem analysis
3.5. Industry evolution
3.6. Industry architecture
3.7. Chatbot Vs virtual assistant
3.8. Market news
3.9. Regulatory landscape
3.9.1. General Data Protection Regulation (GDPR)
3.9.2. China Data Privacy Standard
3.9.3. California Online Privacy Protection Act (CalOPPA)
3.9.4. Personal Data Protection Act 2012
3.9.5. German Bundesdatenschutzgesetz (BDSG)
3.9.6. Federal Information Security Management Act (FISMA)
3.10. Technology & innovation landscape
3.10.1. Technological advancements in AI
3.10.2. Advancement and innovation in NLP
3.10.3. Pattern recognition and image detection
3.10.4. Predictive analytics
3.11. Industry impact forces
3.11.1. Growth drivers
3.11.1.1. Enhanced customer service
3.11.1.2. Emergence of messaging platforms
3.11.1.3. Reduction in chatbot development costs
3.11.1.4. Increasing usage of chatbots for marketing and sales
3.11.1.5. Capital investments in chatbot technology
3.11.1.6. Increasing use of chatbots in e-commerce sector
3.11.1.7. Advancements in AI, NLP and cloud computing technologies
3.11.2. Industry pitfalls & challenges
3.11.2.1. Lack of awareness among businesses
3.11.2.2. Security and privacy issues
3.11.2.3. Dialects, question formation and speech recognition
3.11.2.4. Not for every business
3.12. Growth potential analysis
3.13. Porter's analysis
3.14. PESTEL analysis
Complete report titled Chatbot Market Size By Type (Rule-Based, AI-Based), By Interface (Standalone, Web-Based, Third-Party), By Application (Customer Service, Social Media, Payment/Order Processing, Marketing), By Deployment Model (On-Premise, Cloud), By End-Use (BFSI, Media and Entertainment, Healthcare, E-Commerce, Retail, Travel and Tourism), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, China, India, Singapore, Japan, Australia & New Zealand (ANZ), South Korea, Brazil, Mexico, Argentina, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024 of 350 pages and published in June, 2018 is now available at https://www.marketstudyreport.com/reports/chatbot-market
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