DUBLIN--(BUSINESS WIRE)--The "Global Chatbot Market - Segmented by Type (Solution, Service), Deployment (On-Premise, Cloud), End-user Vertical (BFSI, Healthcare, IT and Telecommunication, Retail, Utilities, Government), and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The Chatbots Market was worth USD 946.55 million in 2017 and is projected to reach USD 5,638.64 million by 2023 registering a CAGR of 34.64% over the period 2018-2023.
A chatbot is an artificial intelligence powered application, which converses with a human being to solve a problem or a certain query. This reduces the operational time and enhances efficiency, which is likely to boost the market growth.
The companies are incorporating their customer service through diverse major messaging applications, such as WhatsApp and Facebook Messenger. For instance, Flipkart, an India-based e-commerce company provides delivery updates and resolves the issue through WhatsApp messenger using chatbot, which reduces the utilization of official application and enhances convenience.
Furthermore, as of early 2018, about 1.4 billion people used messenger applications and are rapidly willing to converse with a chatbot, which is expected to have a positive impact on the market growth over the forecast period.
Chatbots are poised to grow at a significant rate, owing to which the companies are ready to adopt the technology to their existing business portfolio. For example, Oracle, in late 2017, conducted a survey of about 800 marketing professionals out of which 80% were planning to execute the integration of chatbot in next 30 months.
Rising Utilization of Mobile & Website Applications
In today's era, users rely more on mobile and website applications, from booking an appointment to procuring information. The companies are betting on the chatbots to enhance the consumer interface and experience by integrating with Facebook Messenger or WhatsApp.
For instance, Goibibo, an India-based travel company has seamlessly integrated chatbots to WhatsApp messaging application wherein if a person books a flight through the company, user receives an automated WhatsApp message to confirm the seat allocation and meals preference further. Once the user selects the option, the preferred option(s) are registered in the system without logging into the application.
Cloud to Be the Fastest Growing
The chatbots service based on the cloud offers high flexibility and scalability to the operations. Furthermore, the deployment on the cloud provides data access and instant analytics that can be used to take the crucial business decision(s).
Currently, cloud services are preferred over on-premise hosting, owing to reduced cost as some companies offer pay as you go service wherein the integrator pays only for their fair usage, which is expected to propel the market growth over the next six years.
Asia Pacific to Witness the Highest Growth in Chatbot Market
In the Asia-Pacific region, there are numerous startups investing in the chatbots and machine learning technology. Additionally, small- and mid-sized enterprises are rapidly integrating the usage of chatbots offering seamless performance, handling a large number of consumers, and enhancing the customer-engagement techniques.
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
4.1. Chatbot Market Overview
4.2. Industry Value Chain
4.3. Factors Driving the Chatbot Market
4.3.1. Rising Utilization of Mobile and Website Applications
4.3.2. Understanding Consumer Behavior
4.4. Factors Restraining the Chatbot Market
4.4.1. Lack of Awareness and Integration Complexities
4.5. Industry Attractiveness - Porter's Five Industry Forces Analysis
4.6. Chatbot Market Technology Snapshot
5. Global Chatbots Market Segmentation
5.1. Chatbot Market By Type
5.2. Chatbot Market By Deployment
5.3. Chatbot Market By End-user Vertical
5.3.3. IT and Telecommunication
5.3.7. Others (Hospitality, Education)
5.4. Chatbot Market By Geography
5.4.1. North America Chatbot Market Size (2018-2023)
5.4.2. Europe Chatbot Market Size (2018-2023)
5.4.3. Asia-Pacific Chatbot Market Size (2018-2023)
5.4.4. Latin America Chatbot Market Size (2018-2023)
5.4.5. Middle East & Africa Chatbot Market Size (2018-2023)
6. Chatbot Market Companies
6.2. eGain Corporation
6.3. Nuance Communications
6.4. Creative Virtual Ltd.
6.5. Artificial Solutions
6.6. Next IT Corp.
6.7. ChattyPeople Chatbot
6.12. PullString Inc.
6.15. Amazon Web Services Inc. (Amazon Lex)
6.16. LiveChat Inc.
6.17. LivePerson Inc.
List is Not Exhaustive
7. Chatbot Market Investment Analysis
8. Opportunities in Global Chatbots Market
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