Market Highlights
Chatbots are also popular by alias such as Bot, talkbots, interactive agents, or chatterbot. It is essentially a computer program that has the capability to get into conversations like humans. It is done through conversation via textual or auditory methods. They have been designed intelligently to respond like an average human being would during a conversation. The technology has a significant role to play in dialog systems. The global chatbots market has gone through several innovations over the past years. One of the most recent development in this industry has been the launch of holographic intelligence virtual assistance. The holographic intelligence virtual assistance can assist in managing interactions by offering an instant response when the concerned human is not around. They serve a number of practical purposes such as information acquisition or customer service. Progressive chatterbots utilize advanced natural language processing systems. While, the normal ones recognize keywords that have been offered and deliver results accordingly. At present, chatbots form a vital part of virtual assistants like Google Assistant & are applied by a majority of the websites, instant messaging mediums, and commercial apps.
The need for digitization is on an all-time high across the globe. Attributing to this, it can be concluded that the global chatbots market is likely to develop with leaps & bounds. Over the forecast period of 2018-2022, the chatbots market is estimated to generate a revenue of above USD 5.4 million. Besides, the market is estimated to expand at an impressive CAGR of 36.6%. The market growth is owing to several factors. The primary factor is the progress of the artificial intelligence industry. The chatbots popularity can be substantially contributed to the recognition of artificial intelligence. Throughout the time of their inception, chatbots have been widely accepted by people and businesses. As a result, the worldwide chatbot market has attained notable prosperity.
Market Drivers & Challenges
The global chatbots market is mainly driven by artificial intelligence for past years, and presently, one of the foremost driving factors in the market is the increasing use of online messaging. People across the world has been increased with the use of social networking websites as well as significant adoption of cloud-based technologies have also been recorded to have contributed to the market’s growth.
On the flip side, the factor of lack of awareness and expertise could restrain the global chatbots market in the future. The growth is caused due to early adoption of technologies and high deployment costs involved in the chatbots market. Besides, in banking and financial industry, the attempt to mitigate the need for live call centers and slit excess expenses, which are very significantly visible can be achieved with the introduction of the Chabot, which further contributes to the market share substantially.
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Regional Analysis
As per the reports published by Market Research Future, the chatbots market is dominated by North America. The increasing adoption of technology and the growing demand for smart devices in the market is driving the demand for chatbots substantially. Additionally, the expanding businesses in the market is increasingly applying chatbots in conducting their day to day activities. Providing excellent customer service is a key aspect of these businesses which influences the integration of chatbots in their business operations. Asia Pacific holds a substantial share of the chatbots market owing to its increasing population, increasing per capita income, rapid industrialization, and urbanization.
Key Players
The global chatbots market is dominated by key players such as WeChat (China), Facebook, Inc. (U.S.), IBM (U.S.), Egain Corporation (U.S.), Naunce Communications Inc. (U.S.), NEXT IT Corp. (U.S.), Creative Virtual Pvt. Ltd. (U.K.), Speaktoit Inc. (U.S.), CX Company (Netherlands), Codebaby (Idavatars), Inc. (U.S.), 24/7 Customer Inc. (U.S.), Howdy (U.S.), DigitalGenius (U.K.), Semantic Machines (U.S.), and Talla (U.S.), among others.
Segmentation:
The global chatbots market is segmented into five segments. They encompass, industry verticals, usage, deployment, regions, and types. Based on deployment, the market is segmented into on premise & on cloud. Out of the two, on-cloud represents the larger share in the market. Based on industry verticals, the market is segmented into government, retail, e-commerce, BSFI, and travel & hospitality. BSFI stands for banking, financial services & insurance. The BSFI segment represents the largest market share & will dominate the industry in future as well. The usage segment is sub segmented into websites, mobile platform, and social media. The types segment is sub segmented into software & services. Based on geography, the market is segmented into Asia Pacific, Europe, North America, & Rest of the World.
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List of Figures
FIGURE 1 RESEARCH TYPE
FIGURE 2 CHATBOTS MARKET, BY TYPE (%)
FIGURE 3 CHATBOTS MARKET, BY DEPLOYMENT (%)
FIGURE 4 CHATBOTS MARKET, BY USAGE (%)
FIGURE 5 CHATBOTS MARKET, BY INDUSTRY VERTICALS (%)
FIGURE 6 CHATBOTS MARKET, BY REGIONS (%)
FIGURE 7 NORTH AMERICA CHATBOT MARKET, BY TYPE (%)
FIGURE 8 NORTH AMERICA CHATBOTS MARKET, BY DEPLOYMENT (%)
FIGURE 9 NORTH AMERICA CHATBOTS MARKET, BY USAGE (%)
FIGURE 10 NORTH AMERICA CHATBOT MARKET, BY INDUSTRY VERTICALS (%)
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Whether you are very small businesses, SMEs (small and medium-sized businesses) or larger, the same objectives stand out: market products or services, maintain their network of contacts, manage accounting and improve productivity in order to find new customers and make a profit.However, unlike large organizations, small businesses have limited resources, and virtual assistants - in theory - offer them a great way to better manage their time and money.But how can virtual assistants benefit businesses?Let us first recall what a virtual assistant or intelligent personal assistant is.What is a virtual assistant?A virtual assistant is a software agent based on speech recognition that can perform tasks and services for an individual.Like carrying out an Internet search, scheduling a conference, switching off or switching on connected objects or managing your emails, etc.
...You all probably already use them on a daily basis.
The best known are Apple Siri, Cortana Microsoft, Google Now (Android and iOS app), Alexa M Amazon and Facebook.
Whenever you ask Apple Siri or Microsoft Cortana a question, you're using a smart personal assistant.What benefits can these virtual assistants bring to my business?Concretely, virtual assistants can be useful to companies by relieving them of administrative tasks which are particularly time-consuming for VSEs and SMEs.A virtual assistant helps you gain responsiveness and competitiveness.
Several tasks can be entrusted to the virtual assistant:Email managementAgenda managementRoute planningPurchase of train / plane ticketsHotel or taxi reservationUse of translation servicesObtain information on traffic conditionsBut virtual assistants can also go further and handle particular administrative tasks like a real secretary.Stealth Agents – A reputable virtual assistant companyStealth Agents (https://stealthagents.com/) is a virtual assistant company that helps businesses save time, make more money and scale operations.
They do this by providing professional services like customer service, social media management, content marketing and more.
