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Chatbots Market Growth Factor Details for Business Developments 2019 to 2022 | COVID-19 Effects

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Ehtesham Peerzade

Market Outlook

The global chatbots market is projected to touch USD 6 billion by 2023 at a CAGR of 37% from 2016 to 2023. The increased usage of online messaging on social media networking sites and adoption of cloud technologies can drive market growth. Chatbots enabled in the ecommerce sector to ease shopping needs of customers can spur the market. The use of these applications in suggesting personal recommendations can work favorably in its adoption rate.

Chatbots are also popular by alias such as talkbots, Bot, chatterbot or interactive agents. It is basically a computer program that has the ability to converse like humans. It does so through conversation via auditory or textual methods. They have been intelligently designed to reciprocate like a normal human being would during a conversation.

Voice recognition integrated in chatbots which can complete tasks without coming in touch with the device for small and medium enterprises (SMEs) will fuel market growth. The future potential of blockchain technology for boosting the security and performance of digital personal assistants is going to positively impact market growth.

Paucity of expert personnel and low awareness levels of organizations can impede market growth.

Segmentation

The global chatbots market statistics have been segmented based on deployment, industry verticals, usage, and types. By deployment, the market has been segmented into on cloud & on-premise. The on-cloud segment is dominating the global market.

By industry verticals, the market has been segmented into retail, government, travel & hospitality, e-commerce & BSFI. The BSFI segment holds the largest share of the market as digital banking users, especially in the US are turning to chatbots for their banking needs.

By usage, the market has been segmented into social media, websites & mobile platform.

By types, the market has been segmented into software and services.

Regional

Geographically, the global chatbots market is segmented into Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).

The APAC region can exhibit the highest growth rate for the chatbots market thanks to rapid investments in machine learning and artificial intelligence. Seamless performance of these bots combined with their capacity a large volume of customers can fuel regional market growth. Automation in the healthcare sector which is made possible with bots can augur favorably for the chatbots market in the region. Higher comprehension of patient information, recommendations of medicines, scheduling doctor appointments, and provision of health information to patients are benefits of bots.

North America can account for a respectable market share till 2023 due to technological breakthroughs and adoption of tablets, smartphones, and computers. Customer-centric approaches of organizations, provision of 24/7 services, and operational efficiency and superior performance amid changing market conditions are likely to boost regional market growth.

Competitive Outlook

Prominent names include Facebook, Inc., Nuance Communications Inc., Artificial Solutions, Codebaby (Idavatars), Inc., WeChat, Talla, Semantic Machines, Howdy, Speaktoit Inc., NEXT IT Corp., CX Company, DigitalGenius, 24/7 Customer Inc., IBM, Egain Corporation, Creative Virtual Pvt. Ltd., and others.

Industry News

Google launched Dialogflow, a platform capable of assisting developers in writing chatbot programs wihich can be compatible with the Hangouts Chat application. The application had over 5 million users and the integration of bots can boost user engagement.

Also Read: http://www.marketwatch.com/story/chatbots-market-challenges-growth-forecast-trends-investment-opportunities-and-development-status-covid-19-analysis-of-chatbots-market-2020-05-14 

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Ehtesham Peerzade
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