Industry Background:
An AI chatbot is a piece of software that can mimic a user discussion in natural language via messaging apps. It improves customer response rates by making your website open 24 hours a day, seven days a week. AI Chatbot saves you time and money while also improving client satisfaction. Chatbots utilize machine learning and natural language processing (NLP) to provide a conversational experience that is nearly human-like. It provides communication between a human and a machine, which can take the form of messages or voice commands. A chatbot is designed to function without the assistance of a human operator. It can react to queries posed to it in normal language as if it were a real person.This growth is primarily driven by Growing Prevalence of Voice-Based Software and Increase Usage of Messaging Application Such as Facebook Messenger and WhatsApp.
Globally, a noticeable market trend is evident Rapid Development of Conversational AI Chatbots. Major Players, such as IBM Corporation (United States), Intercom (United States), Salesforce (United States), Acuvate (United Kingdom), LivePerson (United States), Imperson (United States), Aivo (Finland), Creative Virtual Ltd. (United Kingdom), Vergic (Sweden) and Amplify (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In May 2021 LivePerson released a statement announcing the new 360° partnership with Infosys. Infosys is investing in and scaling a service practice to help LivePerson bring its Conversational Cloud to the market and sustain it, as well as aiding LivePerson in transforming its technical infrastructure on the public cloud to meet the growing demand for conversational experiences. By combining Infosys Cobalt, a platform and set of functions for advancing a company's journey into the cloud, with LivePerson's Conversational Cloud, a complete set of apps and APIs for creating and maintaining communicative experiences, the partnership will enable brands to unlock significant growth.
Market Drivers
- Growing Prevalence of Voice-Based Software
- Increase Usage of Messaging Application Such as Facebook Messenger and WhatsApp
Market Trend
- Rapid Development of Conversational AI Chatbots
Restraints
- Data Security Breaches are a Risk
- AI Chatbot can Disrupt User Experience
Opportunities
AI Chatbots are Cost-Effective than Hiring an Employee and Rising Demand from E-Commerce, Banking and Retail Sector
Challenges
AI Chatbots are Unable to Recognise Accents or Cultural Dialects, Chatbots Frequently Fail to Execute Inaccurate Command and Customer Queries are Often Misinterpreted by AI Chatbots
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, AI Chatbots Study Sheds Light on
The AI Chatbots Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the AI Chatbots industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where AI Chatbots industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.