The chatbot or talkbot revolution is often drawn as a parallel to robotic automation as they are cited to save as much as 25–30% on manpower costs over the next decade. They are also likely to be game changers in the labor market, eliminating the need for secondary activities to emerging economies and warranting the need to invest in skill upgrading and next generation technologies rather than routine processes. The adoption of these talk bots is spearheaded by major social networks and technology companies, including Microsoft, Facebook, Slack, Twitter, and Snapchat that have identified the potential of chatbot.
The global chatbot market is expected to cross $800 million, growing at a CAGR of more than 28% during the period 2016?2022. Text processing and voice processing bots are increasingly turning out to be intelligent with evolutionary upgrading in NLP and AI. North America, particularly the US, undoubtedly remains to be the most advanced market for the development and hosting of a diverse range of talkbots. Further, the intensity of chatbot usage in the US is far higher than the world average.
The report provides a holistic view of the global market, the companies involved in the market, and the factors driving its growth. It also provides information on some of the latest trends that have started to surface and are likely to become strong market driving forces over the next five years. This report also provides the Porter’s Five Forces analysis along with a description of each force and its impact on the market. Further, the report also provides complete value chain analysis of the global market.
Chatbot Market Key Vendor Analysis Intense competition among vendors
The report profiles the leading vendors as well as emerging vendors. The report includes the product portfolios of the companies. The major vendors included in the report are Anboto Group, Creative Virtual, eGain Corp., Inbenta, Nuance Communications Inc. Major vendors included in the report are Haptik Inc., Viclone, Astute Solutions, Kasisto Inc., True Image Interactive, CX Company, Next IT Corp., H-Care, Synthetix Ltd., and Helpshift.
Chatbot Market Dynamics The open-source ecosystem is driving by innovation and adoption
Chatbots are the new age revolution, as more and more leading brands across the globe are advancing the technology and integrating them into their chat systems. For instance, Facebook and Telegram have already made a move and started creating their own talkbots and chatbot platforms. The open-source ecosystem is driving innovation and adoption of chatbots and with numerous advancements and tools, creating a chatbot is made an easy process. This is one of the latest trends that is going to boost the market.
The need for optimization of customer management costs, and progressive growth in natural language processing are among the leading factors driving the market growth. Increased prominence of messaging applications and application fatigue and higher development costs are among the other drivers for the market which are included in the report.
Chatbot Market: Segmental Overview Application-based segment will be the market leader
AI-driven bots outperform rule-based ones, especially in offering personal touch and high-user engagement. The application-based chatbot segment will continue to dominate the global chatbot market during the forecast period. The adoption of these bots by news and media end-users is majorly driven by the marginal utility of customers for live news feed connecting to engaging content. While the user derives much value in this context driven by the convenience, it does not have to search for news and articles of its interest. The same can turn out to be a great opportunity for marketers with them standing agile to new developments and use them to derive marketing opportunities.
Chatbot Market: Geographical Analysis US to remain the most advanced market
This report considers four major regions: APAC, Europe, North America, and Latin America. The deployment of talkbots in North America region is driven by their high advantages over conventional personnel-driven customer engagement models. The adoption and proliferation of chatbot in the US is majorly driven by a high awareness of AI and its potential. An estimated 50% of small and medium business units engaged in e-commerce have indicated conformance to the revolutionary changes witnessed in the realm of customer services and digital marketing.
APAC, on the other hand, hosts key markets of China and India that collectively host one-third of the world’s population and one-fourth of the world’s internet user base and are key sources of internet traffic. Also, APAC remains as the largest market during the forecast period. As the chatbot market in US and Europe are mature, in emerging economies, there is little presence of paid offerings.
Our reports have been used by over 10K customers, including:
Future of Work in Consumer - Thematic Research Summary This report provides an overview of how FMCG companies are adapting for the future of work.It looks at how particular technologies have been implemented, and how popular their uptake has been. Furthermore, it assesses the impact that COVID-19...
The global data discovery market size to grow from USD 7.0 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. Various factors such as the growing need to discover sensitive structured and unstructured data, increasing investments in data privacy with evolving regulations,...
58 pages •
By Euromonitor International
• Dec 2020
Consumer engagement, retention, loyalty and trust begins pre-trip, builds in-trip and ends post-trip, to start again in a constant cycle. Without adopting digital innovation and a digital-first mindset, travel brands will be destined to fail in their engagement and relationship with consumers. Taking a holistic view of the traveller journey...
The global digital transformation market (henceforth referred to as the market studied) is expected to register a CAGR of 18.5%, during the period of 2020-2025. Digital Transformation refers to the use of digital technology to solve traditional problems. Shifting from conventional to new digitalized business models facilitates the introduction...
The global digital transformation market size is projected to grow at a CAGR of 16.5% during the forecast period
The global digital transformation market size is expected to grow from USD 469.8 billion in 2020 to USD 1009.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period. The...
The Future of Work - Thematic Research
The world of work is in a state of flux.Technology is fundamentally transforming the way we work, fueling excitement but also anxiety.
A prolonged decline in overall employment is unlikely, but society will have to adapt to significant structural...
The NAND flash memory market is expected to register a CAGR of 11.27%, during the forecast period (2020 - 2025). The current macro trends of AI and machine learning, mobility, and connectivity are favorable to the NAND markets and expected to increase its share in the semiconductor market. - With the rise of PCs and smartphones, NAND...
41 pages •
By Euromonitor International
• Jan 2020
With a population of 4.5 billion people, of which 2.5 billion are projected to live in urban areas, and eight billion internet subscribers, by 2030, Asia Pacific is expected to be not only one of the most populous regions globally but a real power in terms of growing deployment of technologically-advanced innovations. The report analyses the...
The enterprise application integration market was valued at USD 6.55 billion in 2019, and it is expected to reach USD 16.20 billion by 2025, recording a CAGR of 16.32%, over the forecast period (2020 - 2025). The trend of cloud application in IT will drive the enterprise application integration market in...
In the September 2017 federal election the centre-right Christian Democratic Union (CDU) won the largest share of the vote. After six months of negotiations a renewed grand coalition of the CDU and the Social Democratic Party (SPD) was installed in March 2018. By agreeing to form another grand coalition the SPD averted the...
Internet Of Things
Gross Domestic Product
Foreign Direct Investment
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.