Global Chatbot Market: Snapshot
Vast developments in the field of artificial intelligence in the past few years have significantly benefitted the level of maturity that chatbots have witnessed from being simple answer machines with scripted responses to the present day chatbots that are smart enough to effectively engage potential consumers. Businesses are also increasingly using chatbots in highly interesting ways demonstrating the larger spectrum of capacities and capabilities of chatbots.
Technological advancements are allowing the easy implementation of artificial intelligence tools in consumer electronic products, thereby allowing the chatbot market to gain a larger consumer base. The market for chatbots is also significantly benefitting from the increased use of online messaging and the use of chatbots in digital marketing strategies for purposes such as customer engagement and generation of lead.
Transparency Market Research estimates that the global chatbot market will exhibit a staggering 27.8% CAGR, in terms of revenue, over the period between 2016 and 2024. The market is expected to rise from a valuation of US$113.0 mn in 2015 to US$994.5 mn in 2024.
Large Enterprises Make Best Use of Current Chatbot Features
The global chatbot market has been segmented in terms of the size of enterprises making use of them into small enterprises, medium-sized enterprises, and large enterprises. Of these, the segment of large enterprises accounted for a dominant share in the global chatbot market revenue in 2015. The segment is also expected to remain the key demand-driver for chatbots over the report’s forecast period, generating US$626.3 mn for the global market by 2024.
The vast scope of use of chatbots in large enterprises for digital marketing applications is the key factor contributing to the leading position of the segment in the global chatbot market. The segment of large enterprises also presents massive demand for chatbots owing to their use in initiating business process automation activities. Large enterprises also benefit from the use of chatbots in improving their marketing strategies and social media involvement.
North America to Contribute Massive Share in Global Revenue
From a geographical standpoint, the report includes the analytical overview of the chatbot market across regions such as North America, Asia Pacific, Latin America, Europe, and Middle East and Africa. Of these, the market in North America is presently known to account for a massive share in the overall market, the regional market was valued at US$52.7 mn in 2015 and is expected to retain its leading spot throughout the report’s forecast period, in terms of growth rate as well as demand. Healthy growth of the U.S. market for chatbots will remain the key force driving the North America market over the forecast period.
On the other hand, the market for chatbots in Asia Pacific is also expected to exhibit a highly promising CAGR over the report’s forecast period. Demand will chiefly stem from the rapidly expanding ICT infrastructure in leading economies such as India and China in the region. The already massive and rising population of mobile phone users is the region forms a highly promising consumer pool for the region’s chatbot market, especially for applications such as personalized assistance applications.
Some of the leading vendors contributing notably to the overall development of the global chatbot market are Helpshift, Imperson Ltd., Astute Solutions, Facebook, Inc., Haptik, Inc., Pandorabots, Inc., Google, Inc., Kiwi, Inc., Microsoft Corporation, Kasisto Inc., ToyTalk (PullString Inc.), Yahoo Inc., and Slack Technologies, Inc.
Chatbot Market: Overview
The global chatbot market is expected to show high growth due to increasing demand of technological and digital devices at the global platform. The growing use of artificial intelligence tools in consumer electronic products have also helped in gaining larger customer base and has significantly grown the chatbot market. The technological advancements have also enhanced the capacity of artificial intelligence that are being widely used across multiple businesses. It is also one of the most adapted digital marketing strategy to gain higher number of customer traction.
The chatbot market is categorized on the basis of platform, enterprise size, and geography. Under the enterprise size, large enterprises is expected to grow at high rate mainly because of high deployment of chatbot in digital marketing. Moreover, chatbot are also highly preferred to initiate business process automation activities.
The chatbot report presents a complete knowledge about the global preference towards chatbot and with a special focus on the market dynamic, that elaborates on the market drivers, restrains, trends, and opportunities. The report also consists of comprehensive study for segmentation and regional growth of the market that are based on various facts and figures.
Chatbot Market: Trends and Opportunity
The immense growth of chatbot is co-related with the growth and development of artificial intelligence (AI), as they help in developing the chatbot from simple answering machines to a smart platform that has the ability to engage customers. Another used of chatbot is highly considered in marketing strategies that is possessed with large number of capabilities and capacities of chatbot. During the last few years, online ways of communication have significantly increased mainly through voice and messaging services and is expected to grow in forthcoming years. Thus, businesses are adapting online messaging services and increasing the capacity of digital marketing campaign with the help of chatbot that will further help in rising their customer engagement.
Chatbot Market: Regional Outlook
The international market for chatbot has witnessed high growth in the North America having highest number of market share and the regional market value noted in 2015 was US$ 52.7 mn. The presence of high number of global players in the U.S. is the key factor that has lead the region at the international level. Moreover, increasing demand in this region will give impetus to the chatbot market in coming years. Asia Pacific is also expected to show high demand for chatbot market due to rapid expansion of ICT infrastructure in the emerging nations of China and India. Furthermore, increasing demand for chatbot with rising populations is the key factor for increasing demand of chatbot.
Chatbot Market: Competitive Landscape
The report gives a detailed description on the competitive landscape for the global chatbot market that will help the players in taking appropriate decision to grow their business in coming years. These analyses could assist in making better strategic developments depending upon the current situation. There are many players in the chatbot market, to name some of the prominent players where it includes Google Inc., Helpshift, Imperson Ltd., Haptik Inc., Astute Solutions, Facebook Inc., Pandorabots Inc., Kiwi, Inc., Kasisto Inc., ToyTalk (PullString Inc.), Yahoo Inc., Microsoft Corporation, and Slack Technologies, Inc.
Market segmentation based on geography:
- North America
- South America
- Asia Pacific
- Middle East and Africa
This report gives access to decisive data, such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report include:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments