Chatbot Market - Industry analysis, Trends, Estimation & Forecast, 2016 - 2024

November 2017

 ERC 9041

A chatbot is a service, programmed by a computer, in order to stimulate conversation with human users through a chat interface, which typically operates over the internet. It is designed to interact with humans via a textual conversation process and is integrated with various messaging services, thereby assisting users in various sectors. Chatbots are widely used in applications such as e-commerce customer service, internet gaming, and call centers. Innovations carried out in artificial intelligence and machine learning technologies are expected to augment the features of chatbots, which in turn, would drive the demand for the market.

Chatbot Market Determinants

The major factor driving the growth of global chatbot market is the rising need to understand consumer behavior. Moreover, the surge in digitization, advancements in Artificial intelligence, and rising emphasis on the accessibility to messaging- as- OS platform are fueling the market growth. According to Harvard Business Review, the total investment (internal and external) in AI reached somewhere in the range of $26 billion to $39 billion in 2016. This huge investment enables companies having strong base in digitization, to generate profits at a higher rate of more than 50%. On the other hand, various chatbot hosting issues such as integration, security, management, and high deployment costs act as the major hurdles to the growth of the market. However, rising penetration of chatbots in varied applications is expected to create huge opportunities for the growth of market in the upcoming years.

Chatbot Market Segment Analysis

The global chatbot market is segmented on the basis of platform, type, enterprise size, industry vertical, and geography. By platform, the market is segmented into websites, mobile, contact centers, and social media. The mobile platform is expected to contribute huge amount of shares in the market due to the increasing usage of smartphones. As per the data provided by Pew Research Centre, in 2016, 69% of the U.S adults were active on social media. Such high percentage figures offers the most lucrative opportunities to the social media platform in the chatbot market. On the basis of type, the market is segmented into software, and services. By enterprise size, the market is segmented into small & medium enterprise, and large enterprise. On the basis of industry vertical, the market is segmented into retail, financial services, government, healthcare, communication, education, utilities, travel & hospitality, and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The U.S. is expected to be at the forefront, owing to the growing investments in research and development in the field of artificial intelligence due to high demand for chatbots.
Some prominent market players are IBM Watson, CX Company, Naunce Communications Inc., eGain Corporation, Next IT Corp, Microsoft Inc., Artificial Solutions, Speaktoit Inc., Creative Virtual Pvt. Ltd., 24/7 Customer Inc., and Codebaby Inc. In September 2017, Microsoft launched an AI chatbot that companies use to respond to call centre requests. Microsoft created the chatbot to offer a cheaper alternative to Google, Amazon, and IBM’s version of chatbots.

GLOBAL CHATBOT MARKET SEGMENTATION
By Platform

• Websites
• Mobile
• Contact centers
• Social media

By Type

• Software
• Services
o Professional services
o Managed services

By Enterprise Size

• Small and Medium Enterprises
• Large Enterprises

By Industry vertical

• Retail
• Financial services
• Government
• Healthcare
• Communication
• Education
• Utilities
• Travel and hospitality
• Others

By Geography

• North America

o U.S.
o Canada
o Rest of North America

• Europe

o France
o Germany
o U.K.
o Rest of Europe

• Asia-Pacific

o China
o Japan
o India
o Australia
o Rest of Asia-Pacific

• Rest of the World

o Latin America
o Middle East
o Africa

KEY MARKET PLAYERS

• IBM Watson
• CX Company
• Naunce Communications Inc.
• eGain Coporation
• Next IT Corp
• Microsoft Inc.
• Artificial Solutions
• Speaktoit Inc.
• Creative Virtual Pvt. Ltd.
• 24/7 Customer Inc.
• Codebaby Inc.

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    What Information does this report contain?

    What was the market size of the Chatbot Market in 2016 and the expected market size by 2024, along with the growth rate?
    An in-depth analysis of the current impacting factors, opportunities and challenges/restraints in the market
    Which are the largest revenue generating products, services or regions and their comparative growth rate?
    Which technology is in trend and how would it evolve during the forecast period (2016 - 2024)?
    Which are the leading companies in the Chatbot Market and their competitive positioning basis their market share, product portfolio, strategic attempts and business focus?

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