The GMI Research predicts that the Chatbot Market will perceive an increase in demand over the forecast period. This is mainly because of the augmenting modernizations in AI technologies and machine learning and their growing deployment in several end-user industries such as retail, healthcare, and BFSI.
Introduction of the Chatbot Market
A chatbot refers to artificial intelligence (AI) software that fosters a conversation with a user in a natural language with the help of messaging applications, mobile apps, websites, or phone calls. They are extensively utilized in dialog systems for distinct practical purposes such as customer services or information acquisition.
Key Players of Market:
- Google LLC
- Microsoft Corporation
- IBM Corporation
- eGain Corporation
- Creative virtual Ltd.
- Next IT Corp.
- Chatfuel
- Amazon Web Services
- Nuance Communication, Inc.
- Artificial Solution International AB
Chatbot Market Dynamics
The factors contributing to the growth of the global chatbot market share include the aggravating customer demand for round-the-clock support service, the potential to customize the experience without any disturbance, and their surging implementation across various end-use industries. In addition, enormous leading giants such as KLM Dutch Airlines, Starbuck, and Bank of America use chatbots to seize customers efficiently while providing a flawless customer experience. Thus, this is another driver stimulating market growth. Further, the aid in various languages, mechanization of recurring tasks leading to process effectiveness, and enhance self-service experiences, will further strengthen the chatbot market size.
Additionally, the remarkable switch in the demand of the companies to improve customer experience via several platforms has paved the way for market growth. Besides this, the implementation of self-learning chatbots to cumulate feedback, administer consumer data, and trace purchasing patterns to analyse data in negligible time, offer precise information to the customers and help them learn from their mistakes will raise the market’s demand. However, as per the chatbot market report, the restricted endorsement of chatbots by small & medium-sized enterprises (SMEs) because of the inflated cost and insufficient expertise resources may curb the market growth.
Technology Segment Drivers
Based on the Technology, Natural Language Processing is projected to capture the highest share over the coming years. This is because of the surging demand for superior customer experience and the growing seepage of smart devices. Furthermore, the escalating usage of cloud-based and web business applications and the ongoing modernizations in machine-to-machine technology will supplement the chatbot market share.
Deployment Model Segment Drivers
Based on the Deployment Model, On-Premises Chatbot is contemplated to escalate at a faster rate during the forecast period. The intensifying demand for ameliorated controlled chatbot systems at an economical price is driving the market growth. Also, the chatbot market analysis states that they proffer complete control on safety measures required for physical admittance control with a reduced ongoing cost.
Chatbot Market Segmentation:
Segmentation by Component
- Solutions
- Platform
- Software
- Services
- Managed Services
- Professional Services
Segmentation by Technology
- Machine Learning and Deep Learning
- Natural Language Processing
- Automated Speech Recognition
Segmentation by Deployment Model
- On-Premises
- Cloud
Segmentation by Usage
- Websites
- Contact Centres
- Social Media
- Mobile Platform
Segmentation by Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
Segmentation by Application
- Customer Support
- Personal Assistant
- Branding and Advertisement
- Customer Engagement and Retention
- Data Privacy and Compliance
- On-Boarding and Employee Engagement
- Others
Segmentation by Vertical
- Banking & Financial Services and Insurance
- Retail and Ecommerce
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- Telecommunications
- Others
Segmentation by Region:
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- RoW
- UAE
- Brazil
- South Africa
- Saudi Arabia
About GMI Research
Aimed to provide business information and market research reports to various small, medium, and large scale companies, GMI is a research and consulting enterprise. The team of seasoned experts collect all the appropriate information using both internal and external databases. The concentration of our organisation is to penetrate our clients with the approaching opportunities and challenges. The team further helps to perceive the influence of share, drivers, size, growth opportunities, and other market aspects.
