Chatbot Market Emerging Trends, Business Growth Opportunities, Major Driving Factors

The chatbot market size is projected to reach US$ 9475.1 million by 2027 from US$ 1072.4 million in 2018; it is expected to witness a significant market growth 27.9% during 2019–2027.

The artificial intelligence and machine learning’s advancements in recent times have been in cognition and perception. Voice-enabled chatbots still have a way to go, but major organizations such as Amazon, Apple, and Google have made significant advancements in voice-enabled with Alexa, Siri, and Google Assistant, respectively. Machine learning systems are used to decide trades done on Wall Street and know if customers will click on ads; this increases the efficiency of business and customers. Additionally, chatbots can also serve as research bots for brand awareness and lead generations.

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The chatbot market is segmented on the basis of component, deployment, usage, configuration, end users, and geography. Based on component, the chatbot market is segmented into solutions and services. Based on deployment, the market is categorized into on-premise and cloud. By usage, the market is divided into website, contact centers, social media, mobile platform. On the basis of configuration, the market is divided into portable and stationary. Based on end user, the market is further split into education, retail & e-commerce, BFSI, healthcare, travel & tourism, and others. On the basis of geography, the chatbot market analysis has segregated the market size into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2018, Europe accounted for the largest market share and expected to retain its dominance during the market forecast period. Moreover, the strong presence of social media users in Europe, accounting for almost 49% of the total population, is expected to drive the demand for AI-based smart and innovative solutions for superior and enhanced customer engagement services in the European chatbot market. Additionally, according to the market forecast analysis, Asia Pacific is expected to be the fastest-growing region during 2018-2025.

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Chatbots can simulate human agents through artificial intelligence, interaction & additional pieces of customer information to improve their ability to know a customer’s intention. Companies need to understand that successful chatbots are those that enable a good conversational experience by mimicking human agents. The companies adopt various integrated technologies such as cloud-based deployments, NLP, and API. These self-learning chatbots can adapt quickly to the change in environment and conditions as they can instantly learn from previous conversations, experiences, and decisions. This factor is driving the growth of the chatbot market.

Amazon Web Services; Artificial Solutions; Creative Virtual Pvt. Ltd.; CX Company; eGain Corporation; IBM Corporation; INBENTA TECHNOLOGIES INC; Microsoft; Nuance Communications, Inc.; and Verint Systems Inc. are a few key players operating in the global chatbot market. In addition, several other important chatbot market players were studied and analyzed during the course of this study to get a holistic view of the global chatbot market and its ecosystem.

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