Chatbot Market Scope
A chatbot is a trending service where people interact via a chat interface. The chatbot usually responds in a conversational style and carries out actions in response to the conversation. It needs a platform or messaging application to run inside it. Chatbots offer a conversational experience using natural language processing and artificial intelligence to mimic conversations with real people. There are two kinds of chatbots in the market scripted bots and artificial intelligence (AI) bots. An AI bot can automate complex simultaneous communication with multiple users, covering many loosely connected topics. While European consumers seem to love chatbots more than anyone else as the region lags behind the United States in chatbot development.
According to AMA, the Global Chatbot market is expected to see growth rate of 29.5%Key participants prevalent in the market are challenged to provide ground-breaking offerings, which address changing technologies, business practices, help consumers, and security needs. The existing market environment is observing an intense competition between the key market players for attaining market ascendency via the enhancement of product and quality variation, thereby supporting the growing market amalgamation through strategic initiatives such as mergers, alliances, and acquisitions.The Players having a strong hold in the market are IBM Corporation, eGain Corporation, Amazon Web Services Inc., and Dialogflow. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Chatbot market throughout the predicted period.
IBM Corporation (United States), eGain Corporation (United States), Amazon Web Services Inc. (United States), Dialogflow (United States), Nuance Communications (United States), Creative Virtual Ltd (United Kingdom), Artificial Solutions Inc. (Sweden), Next IT Corp (United States), [24]7. ai Inc. (United States) and Botsify (Pakistan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Chatfuel (United States), Bold360 ai (United States), LiveChat Inc. (Poland), Baidu (China), Kik (Canada), WeChat (China), Babylon Health (United Kingdom) and SRI International (United States).
Segmentation Overview
The study have segmented the market of Global Chatbot market by Type (Menu or Button-based Chatbots, Keyword Recognition Based Chatbots, Contextual Chatbots and Others), by Application (Customer Service Assistant, Payments, Order & Booking, Content Delivery and Others) and Region with country level break-up.
On the basis of geography, the market of Chatbot has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Voice Experiences Become Mainstream, Automated Call Centres with AI Technology and Rich Customer Insights
Market Growth Drivers:
Increase in social media penetration owing to the rise in internet connectivity is expected to drive the demand for the chatbot market., Rising Demand for Self-Service, High Processing Speed, Machine Learning Models, and Data Availability and Growing Need for Training and the Necessity for Reducing Operational Cost
Challenges:
Lack of Awareness in Small and Medium Enterprises (SMEs), Data Privacy and Security Issues and Limited User Attention and Viability of Data
Restraints:
High Installation and Maintenance Cost and Lack of Skilled Resources
Opportunities:
Technological Advancements in AI and NLP Chatbots, Increasing Focus on Customer Engagement through Various Channels and Initiatives toward Development of Self-Learning Chatbots
Market Leaders and their Expansionary Development Strategies
In 2016, IBM has acquired XPS, a Watson-based AI chatbot for personal shopping, from software firm Fluid., and In 2018, the European Union has introduced a new law The General Data Protection Regulation (GDPR), a regulation on data protection for European Union citizens. It also applies to the transfer of personal data outside of the EU area. GDPR gives users control over their personal information and whether they want to share or keep their data private. At the beginning of a conversation, the chatbot should provide users with a clear-cut, transparent, distinguishable, and easily accessible form to understand what data is collected, and how it will be used by the bot and organization.
In 2019, Artificial Solutions, the leading specialist in enterprise-strength Conversational AI, has announced Teneo Connectors, a new resource in the company’s development platform that allows chatbots to harness the power of back-office technology to deliver even greater intelligence and capabilities.
Key Target Audience
Chatbot Service Providers, Business Organization, Software Developers and Telecom & IT Firms
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.