Chatbots Market Opportunities, Emerging Technologies, Demand and Regional Forecast To 2023

Market Highlights

The need for digitization is on an all-time high across the globe. Attributing to this, it can be concluded that the global chatbots market is likely to develop with leaps & bounds. Over the forecast period of 2018-2022, the chatbots market is estimated to generate a revenue of above USD 5.4 million. Besides, the market is estimated to expand at an impressive CAGR of 36.6%. The market growth is owing to several factors. The primary factor is the progress of the artificial intelligence industry. The chatbots popularity can be substantially contributed to the recognition of artificial intelligence. Throughout the time of their inception, chatbots have been widely accepted by people and businesses. As a result, the worldwide chatbot market has attained notable prosperity.

Top Impacting Factors

High demand for various chatbots ranging from simple pattern matching with the response to complex Artificial Intelligence (AI) technology with the sophisticated conversational state is being observed on a global level. Such a demand for chatbots initially started with basic scripted chatbots that identify relevant phrases and provide pre-programmed responses. Nowadays, chatbots with features such as end-to-end conversational capabilities, intent recognition abilities, and human-like characteristics are being deployed, thus boding well for the growth of the chatbots market in the coming years.

More factors such as high turnover rates, mounting demand for training, and requirement of minimizing operational expenditure are motivating traditional contact centres to procure intelligent chatbots and related platforms. Today, customers actively prefer opting for self-service, and they are not willing to wait long periods for an agent to assist. Therefore, to cater to this demand, contact centres are contextual, procuring scripted, and social messaging chatbots, thus motivating the growth of the global chatbots market.

Developers are offering chatbots that go beyond primary keyword matching functionalities. Moreover, NLP, advancements in machine learning, processing speeds and data management techniques have made chatbots more intelligent. Also, as chatbots become popular, related software development kits (SDKs) and application programming interfaces (APIs) are becoming more mature. These solutions assist the development of chatbots integrated with accessible drag-and-drop user interfaces, thus allowing enterprises to build and operate their chatbots.

Furthermore, growth in need to improve customer relationship management (CRM) in the BFSI sector and surge in awareness on advantages offered by chatbots over other customers support option are also substantial factors fuelling the growth of chatbot market.

Despite these factors, another factor such as surged initial instalment cost and lack of product differentiation might hinder the market growth to a definite extent in the forecasted period.

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Segmentation:

The global chatbots market is segmented into five segments. They encompass, industry verticals, usage, deployment, regions, and types. Based on deployment, the market is segmented into on premise & on cloud. Out of the two, on-cloud represents the larger share in the market. Based on industry verticals, the market is segmented into government, retail, e-commerce, BSFI, and travel & hospitality. BSFI stands for banking, financial services & insurance. The BSFI segment represents the largest market share & will dominate the industry in future as well. The usage segment is sub segmented into websites, mobile platform, and social media. The types segment is sub segmented into software & services. Based on geography, the market is segmented into Asia Pacific, Europe, North America, & Rest of the World.

Regional Front

The regional analysis of chatbots market is being studied for regions such as North America, Asia Pacific, Europe and Rest of the World.

It has been pragmatic that North America is projected to account for the largest share of the market. In contrast, Asia-Pacific is planned to expand at the fastest rate during the assessment period.

The foremost growth in chatbots market in North America attributes to the technical advancements and escalating use of internet, mobiles and tablets in this region. The towering growth rate in North America can be accredited to the mounting demand for advanced conversational platforms being generated from the banking, financial services and insurance (BFSI) industry. In the present time, the chatbots market in North America leads the global market space, following the market in Europe. Such leadership is primarily owed to the elevated adoption of chatbots in the retail and e-Commerce industry in these regional markets.

Top Players

The well-known players in chatbots market are listed as WeChat (China), Facebook, Inc. (U.S.), IBM (U.S.), Artificial Solutions (Sweden), Egain Corporation (U.S.), Naunce Communications Inc. (U.S.), NEXT IT Corp. (U.S.), Creative Virtual Pvt. Ltd. (U.K.), Speaktoit Inc. (U.S.), CX Company (Netherlands), Codebaby (Idavatars), Inc. (U.S.), 24/7 Customer Inc. (U.S.), Howdy (U.S.), DigitalGenius (U.K.), Semantic Machines (U.S.), Talla (U.S.), and more.

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