Chatbot Market to be Dominated by Artificial Intelligence Through 2028
Growing adoption of Chatbot for advertising and growing
technological development in verticals such as artificial intelligence and
natural language processing are driving the implementation of the chatbot
market across the globe.
According to
TechSci Research report, “Chatbot Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028F”. Global chatbot market is
expanding due to the rising demand for numerous messenger
applications and the increasing adoption of consumer analytics by various
businesses worldwide. For meeting the customer and market demands,
vendors around the world are integrating technologies such as AI (Artificial
Intelligence) and NLP (Natural Language Processing) into their
service offerings.
Chatbots are interactive
software that connects with the audience via platforms such as WhatsApp, Skype,
Facebook Messenger, and WeChat by using text to communicate. The primary goal
of chatbots is to engage with humans in a human-like manner. Chatbots have been
supporting individuals in a variety of sectors and industries, including
retail, tourism, and e-commerce, among others. They are also known as virtual
assistants who understand human capabilities. Bots interpret process requests
and user intent and respond in real time. A chatbot is a more practical and
cost-effective one-time investment than developing specific cross-platform
software or hiring more employees. Furthermore, chatbots can also assist in
lowering the cost of difficulties caused by human mistakes.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Chatbot Market"
The statistics for messaging
app usage of January 2022 show that WhatsApp has 2,000 million active monthly
users, WeChat has 1,263 million active users monthly, and the Facebook
messenger has 998 million active users monthly. Chatbots with the capability to
reasonably mimic humans qualify brands to entertain consumers more efficiently
on these expanding messaging platforms.
With the outbreak of the
COVID-19 pandemic, chatbot technology has been rapidly deployed by numerous
organizations for responding to different customer queries and other related needs.
Numerous organizations are adopting remote working environments in their
enterprise due to the lockdown imposition after 2020. The companies are becoming
heavily dependent on chatbot services to reduce the inconvenience experienced
in customer engagement due to the unavailability of customer service employees.
According to Global Statistics, Chatbots handle entire conversations around
69% of the time, and 68% of users enjoy the speed at which chatbots answer,
from which chatbots have response rates of up to 40%.
Based on type, the market is
segmented into standalone, web-based and messenger-based. Based on application,
the market is segmented into service, social media, payments, marketing, and others.
Based on product, the market is further bifurcated into artificial intelligence
and human intelligence. On the basis of organization size, the market is
segmented into small & medium enterprises (SMEs) and large enterprises.
Based on vertical, the market is fragmented into healthcare, retail, Banking
Financial Services & Insurance (BFSI), media & entertainment, travel
& tourism, e-commerce, and others. On the basis of region, the market is divided
into North America, Europe, Asia-Pacific, South America, and Middle East &
Africa.
The standalone segment
dominated the chatbot market in 2022 and is expected to maintain its dominance
during the forecast period. Modern consumers use visual assistant applications
in standalone messaging platforms, including Google Assistant, Amazon’s Alexa,
and Apple’s Siri. The rising adoption of virtual assistant applications is
expected to increase demand for standalone chatbots during the forecast period.
The artificial intelligence segment is expected to register lucrative growth
during the forecast period. Artificial intelligence chatbots by product are
expected to acquire high traction in the chatbot market owing to the
comprehensive investments by market players in the Global chatbots market.
These initiatives were taken to convert customer experiences and expand the
customer base of the respective companies.
Key market players in the global
chatbot market include:
- Amazon Web
Services, Inc.
- Artificial
Solutions
- AIVO
- Creative Virtual
Ltd.
- eGain Corporation
- Inbenta Holdings
Inc.
- IBM Corporation
- Google LLC
- Haptik
Technologies Limited
- Microsoft
Corporation
Recent Advancements
- In July 2021, the company
Sabre entered into a partnership with Mindsay to develop a chatbot to automate
and enhance the customer service of airlines, online travel agencies (OTAs),
and travel management companies (TMCs), along with other travel brands.
- In March 2021, Philips
partnered with Orbita to innovate conversational voice and chatbot applications
with the human touch needed for effective remote patient engagement to enhance
the patient experience.
- In March 2020, Portea Medical
and Verloop, in partnership with the Goa Government, launched Cobot-19, an
information and awareness chatbot to disseminate information about COVID-19.
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“The North America region
shows substantial growth prospects for chatbots which can be attributed to the
significant benefits it offers to enterprises, including improved customer
satisfaction, reduced operating costs, and enhanced operating efficiency. The
chatbot is gaining popularity and is spreading across North America region, that
includes the developed countries like the United States, Canada, and Mexico.
The United States leads the market and is expected to maintain its dominance across
the North America chatbot market during the forecast period due to the early
adoption of technologies such as artificial intelligence and natural language
processing, as well as the large number of companies present across the
country.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Chatbot Market By Type
(Standalone, Web-based, Messenger-Based), By Application (Service, Social
Media, Payments/Order Processing, Marketing, Others), By Product (Artificial
Intelligence, Human Intelligence), By Organization Size (Small & Medium
Enterprises (SMEs), Large Enterprises), By Vertical (Healthcare, Retail,
Banking Financial Services & Insurance (BFSI), Media & Entertainment,
Travel & Tourism, E-commerce, Others), By Region, Competition”, has
evaluated the future growth potential of chatbot and provides statistics and information on market structure, size, share,
and future growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in the global chatbot market.
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