Market Highlights

Chatbots are also popular by alias such as talkbots, Bot, chatterbot or interactive agents. It is basically a computer program that has the ability to converse like humans. It does so through conversation via auditory or textual methods. They have been intelligently designed to reciprocate like a normal human being would during a conversation.

Growing sophistication and accuracy of AI has been instrumental in making chatbots more robust and suitable for a broader range of applications. As AI and Natural Language Processing techniques advance, chatbots are better able to understand and determine context and user intent.

This technology forms an important part of dialog systems. They serve a number of practical purposes like customer service or information acquisition. Advanced chatterbots utilize refined natural language processing systems. Whereas the normal ones identify keywords that have been provided and show results accordingly. Currently, chatbots form an integral part of virtual assistants like Google Assistant & are used by majority of the organization’s apps, websites & instant messaging mediums.

Chatbots are being increasingly deployed across various industry verticals which are adding fuel to the growth of the market. Increase in R&D activities in the field of artificial intelligence and chatbots is also a prominent growth driver. On the flip side, the growth of the market might be hindered by insufficient knowledge among the consumers and lack of skilled personnel. High deployment cost and slow adoption rate are also major bottlenecks to the growth of the global chatbots market.

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Segmentation:

The global chatbots market has been segmented based on deployment, industry verticals, usage, and types. By deployment, the market has been segmented into on cloud & on-premise. The on-cloud segment is dominating the global market.

By industry verticals, the market has been segmented into retail, government, travel & hospitality, e-commerce & BSFI. The BSFI segment holds the largest share of the market as digital banking users, especially in the US are turning to chatbots for their banking needs.

By usage, the market has been segmented into social media, websites & mobile platform.

By types, the market has been segmented into software and services.

Regional Analysis:

The regional analysis of chatbots market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in chatbots market in North America attributes to the technical advancements and increasing use of internet, mobiles and tablets in that region.

North America is the largest market for chatbots while the Asia Pacific market is slated to emerge as the fastest growing market for chatbots over the forecast period.

Competitive Landscape

The notable players operating in the global chatbots market include CX Company (Netherlands), Speaktoit Inc. (U.S.), WeChat (China), Artificial Solutions (Sweden), Facebook, Inc. (U.S.), DigitalGenius (U.K.), IBM (U.S.), Naunce Communications Inc. (U.S.), NEXT IT Corp. (U.S.), Egain Corporation (U.S.), Howdy (U.S.), Codebaby (Idavatars), Inc. (U.S.), 24/7 Customer Inc. (U.S.), Creative Virtual Pvt. Ltd. (U.K.), Semantic Machines (U.S.), and Talla (U.S.).

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List of Tables

TABLE 1 CHATBOTS MARKET, BY TYPE

TABLE 2 CHATBOTS MARKET, BY DEPLOYMENT

TABLE 3 CHATBOTS MARKET, BY USAGE

TABLE 4 CHATBOTS MARKET, BY INDUSTRY VERTICALS

TABLE 5 CHATBOTS MARKET, BY REGIONS

TABLE 6 NORTH AMERICA CHATBOTS MARKET, BY TYPE

TABLE 7 NORTH AMERICA CHATBOTS MARKET, BY DEPLOYMENT

TABLE 8 NORTH AMERICA CHATBOTS MARKET, BY USAGE

TABLE 9 NORTH AMERICA CHATBOTS MARKET, BY INDUSTRY VERTICALS

TABLE 10 U.S. CHATBOTS MARKET, BY TYPE

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