- A chatbot is a computer program that stimulates human conversation through voice commands or text chats or both.
- It is estimated 80% of companies presently use or are going to use chatbots by 2020.
- Growing popularity of online messaging applications is the key factor contributing to the growth of the Global Chatbot Market.
The global Chatbot market is valued at $435.2 Million in 2018 and expected to reach $2306.3 Million by 2025 with the CAGR of 26.9% over the forecast period. Growing popularity of online messaging applications is the key factor contributing to the growth of the global Chatbot market.
Scope of Chatbot market Report
A chatbot is a computer program that stimulates human conversation through voice commands or text chats or both. It is an artificial intelligence feature that can be inserted and used through any major messaging application. It is an associate assistant that communicates through text messages, a virtual companion that participates into websites, applications or instant messengers and helps entrepreneurs relate more closely to more customers.
Improved customer service, increased customer engagement, monitoring consumer data and gaining insights, and an easier approach to global markets are the benefits of the chatbot market. Even if live chat, self-service, social media, and chatbots are relatively low in terms of raw volume, the growth of these channels are staggering.
One of the most effective examples may be a computer programming spider. It is estimated 80% of companies presently use or are going to use chatbots by 2020. Chatbots are used in numerous applications for programming meetings, ordering online food, providing customer support, and also offer weather conditions and forecasting.
The global chatbot market report is segmented on the basis of type, platform, application and regional & country level. Based on type, the market is classified into software and services. Based on platform, the global chatbot market is classified as mobile-based and web-based. By application, the global chatbot market is classified as BFSI, healthcare, retail, utilities and others.
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The global chatbot market report covers prominent players like Artificial Solutions, IBM Watson, Naunce Communications, eGainCoporation, Creative Virtual, Next IT Corp., CX Company, Speaktoit, Customer, Codebaby, Facebook, IPsoft, Interactions, Botego, Ivee, Microsoft, Baidu, Jibo, EasilyDo, CogniCor, Living Actor (Cantoche), Google, Inbenta Technologies, Applied Voice & Speech Technologies and others.
Growing popularity of online messaging applications is the key factor contributing to the growth of the Global Chatbot Market. The rapid ascent of this new wave of messaging apps reflects the extent to which various communication tools serve different social needs. Facebook maintains the two biggest platforms in the global messaging market; whatsapp has 900 million monthly active users (MAUs); and messenger, with 700 million MAUs. Wechat, which is mostly used in China, ranks third with more than 600 million MAUs. Whatsapp delivered more than a trillion messages in 2014, the equivalent to about 1000 messages for every person. Facebook paid $21.8 billion for the service, which now transfers at least 50%, a lot more messages than the complete world short message service system.
This report focuses attention in geographic regions (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) on key countries. It also covers market drivers, restraints, opportunities, challenges, and key issues in the global chatbot market.