DUBLIN--(BUSINESS WIRE)--The "Chatbot Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The Chatbots Market was worth USD 1,274.428 million in 2018 and is projected to reach USD 7,591.82 million by 2024 registering a CAGR of 34.75% over the period (2019-2024).
The demand for voice-activated smart devices is gaining high traction due to their high convenience and fully automated processes. Notably, smart speakers, in particular, is becoming ubiquitous.
- A chatbot is basically an artificial intelligence powered application, which converses with a human being to solve a problem or to answer a certain query. This reduces the operational time and enhances efficiency, which is likely to boost the market growth.
- Furthermore, according to Facebook 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.
- Though the adoption of the chatbot is at a nascent stage, the adoption rate is increasing. But the relative lack of awareness and convenience has been one of the major issues identified over the last few years restraining the growth of the market, with some of the major vendors looking to address them by introducing interactive features in the product.
- Additionally, in banking and financial industry, the attempt to mitigate the need for live call centers and slit excess costs which are very significantly visible can be achieved with the introduction of the chatbot.
Major Market Trends
Retail Sector to Witness High Growth
- In today's times, the retail offerings are huge, which creates difficulty for a user to navigate through all of them. Though options, such as search and filter are provided by the companies, but they can be clumsy at time's for a user to navigate. In the retail industry, chatbot basically replicates the real-life experience of the store, wherein the users have to post their desired products and suggestions would be provided by the bot.
- Many retail companies are incorporating their chatbot application to various widely-used messaging apps to offer rich customer experience and solve customer queries.
- Global retail outlets, such as Domino's are leveraging the advantages of artificial intelligence and machine learning through chatbots, wherein a user can place an order directly through messenger. In February 2017, the company launched its first chatbot integrated with Facebook messenger, which is expected to have an immense impact on the market growth over the forecast period.
Asia Pacific to Witness the Highest Growth
- In the Asia-Pacific region, there are numerous startups investing in chatbot technology and machine learning technology. Additionally, small and mid-sized enterprises are rapidly integrating the usage of chatbots in their customer service process offering seamless performance, handling a large number of consumers, and enhancing the customer-engagement techniques.
- For instance, Singapore Life, a Singapore-based insurer, in June 2018, built self-learning chatbot, which made the company's services more accessible to the public through Facebook and other platforms and easier to understand, which is likely to boost the market growth in the region over the forecast period.
- With the rapidly expanding information and communications technology infrastructure in leading economies such as China and India in this region, the market is expected to grow further.
- With the massive population and rising adoption of smartphone users in the region, it is forming a highly promising consumer pool for chatbot market, especially for applications such as personal assistant.
The chatbot market is highly competitive owing to the presence of many small and large players in the market. The market is moderately concentrated with the key players adopting strategies like product innovation to stay ahead of the competition. Some of the players in the market are IBM Corporation, Dialogflow (Google), Amazon Web Services, Inc. (Amazon Lex) among others.
- May 2018: eGain launched Solve, a solution for Amazon Connect based on Amazon Web Services (AWS) cloud infrastructure, which is expected to enhance the consumer experience and mitigate the latency.
- July 2018 - IBM introduced Watson Tone Analyzer, which is expected to make chatbots more astute to emotions, which is expected to boost the utilization and help the company to garner higher market share across the world.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Rising Domination of Messenger Applications
4.3.2 Increasing Demand for Consumer Analytics
4.4 Market Restraints
4.4.1 Lack of Awareness and Integration Complexities
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.2 By Deployment
5.3 By End-user Vertical
5.3.3 IT & Telecommunication
5.3.7 Other End-user Verticals
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 eGain Corporation
6.1.3 Nuance Communications
6.1.4 Creative Virtual Ltd.
6.1.5 Artificial Solutions Inc.
6.1.6 Next IT Corp.
6.1.7 7.ai Inc.
6.1.11 Bold360 ai
6.1.12 Dialogflow (Google)
6.1.13 Amazon Web Services Inc. (Amazon Lex)
6.1.14 LiveChat Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/qa3mzi