The open-source ecosystem is driving by innovation and adoption
The global chatbot market size to cross USD 800 million by 2022, growing at a CAGR of 28% during the forecast period. Chatbots are the new age revolution, as more and more leading brands across the globe are advancing the technology and integrating them into their 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 growth. Increased prominence of messaging applications and application fatigue and higher development costs are among the other drivers included in the report.
CHATBOT MARKET SEGMENTATION
This research report includes a detailed segmentation by
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 market share will remain predominant in the global 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.
INSIGHTS BY GEOGRAPHY
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.
INSIGHTS BY 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. Other prominent 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.
The global chatbot market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Type
- Banking and insurance
- Gaming and entertainment
- News and media
- Latin America
- North America