Sheer Analytics and Insights Pvt. Ltd. have published a report titled Global Chatbot Market (By Product- Human Intelligence, Artificial Intelligence and Marketing. By Type- Web-Based, Stand-Alone and Messenger Based. By Application- Healthcare, Media & Entertainment, Banking, Financial Services, and Insurance, Retail, Travel & Tourism, E-Commerce, and Others. By End-User- Small Enterprises, Medium Enterprises, and Large Enterprises) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2025.
The market is currently estimated to reach US$ 3.99Bn by the year 2025. The market is growing at a CAGR of 26.9% during the forecast period 2018-2025. The report covers the forecast and analysis of the chatbot on both regional as well as global level.
Presently, the internet has been the key platform for the various industry to market their products. Moreover, the internet is acting as a selling platform for various industries such as the IT industry, e-commerce which is solely depending on the internet for marketing and selling coupled with customer handling, and others. Communication with prospective customers for promoting products and asking for any added specification about products has become easier with the introduction of Internet-of-Things (IoT) in marketing channels. Chatbot is an automated chat box or Artificial Conversational Entity which is being added to several company websites for having a conversation with the person seeking any product or company related information by accessing the company websites without any direct call, message and emails. Upgradation in machine learning technologies coupled with artificial intelligence is expected to enhance the performance of chatbot technology.
Increasing focus of individuals regarding online messaging applications and social networking sites creates ample opportunity for the global chatbot market. Over-the-top messaging applications such as WhatsApp, Facebook messenger, Hike, Twitter, and others, are expected to withstand an increase in demand by 2025. Modernization of public and government sectors has resulted in the upgradation of marketing styles and hence, top-level managers have started emphasizing on their customer relationship management which in turn is expected to drive the Global Chatbot Market during the forecast period.
In the research report. geographically, the global chatbot market is segmented in Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa. The North-America region has witnessed the highest growth on the global chatbot market. Rapid evolution of technologies such as IoT, artificial intelligence, APIs and others in the North-America region have made the region the largest market share holder. The asia-pacific market has been anticipated to follow the North America market with its increase in the modernization of the private and public enterprises to utilize the chatbot technology. The usage of the chatbot could also be seen in the Latin American, Middle East, and African region.
In the very recent market research report published by Sheer Analytics and Insights Pvt. Ltd., the market is segmented on the basis of its product, type and application, end-user and regional demand. Based on its product- Human Intelligence, Artificial Intelligence, and Marketing. Based on the type-Web-Based, Stand-Alone and Messenger Based, based on application, the market is divided into Healthcare, Media & Entertainment, Banking, Financial Services, and Insurance, Retail, Travel & Tourism, E-Commerce, and Others. On the basis of its end-user, the market is segmented as Small Enterprises, Medium Enterprises, and Large Enterprises.
Landbot, a one-year-old Spanish startup is taking a unique approach. Instead of just doing a robotic conversation through messages they have decided to make a chatbot-builder for businesses. The small company landed $2.2 million in a single round of funding and they decided to utilize their funding to relocate their operation to Barcelona. Instead of designing advanced tech solutions that could predict and analyze user prompts, Landbot decided to work on a simple user interface that allows businesses to create chat flows that link prompt and action, question and answer. It’s been more of a chatbot flowchart builder. And according to the company officials, the results were quite positive, and the company witnessed attractive revenue growth. Presently, the company reported that the tool is used by an attractive number of businesses in more than 50 countries.
According to Co-founder, Jiaqi Pan, “We started our chatbot journey using Artificial Intelligence technology but found out that there was a huge gap between user expectations and reality. No matter how well trained our chatbots were, users, were constantly dropped off the desired flow, which ended up in 20 different ways of saying ‘TALK WITH A HUMAN’.”
The report covers a detailed competitive outlook that includes the market share and company profiles of key players operating in the global market. Key players profiled in the report include Babylon Health, Inbenta, SRI International, Reply Yes among others.
Global Chatbot Market: By Product
Global Chatbot Market: By Type
Global Chatbot Market: By End-User
Global Chatbot Market: By Application
Global Chatbot Market: By Geography
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