Global Chatbot Market worth over $1.34bn by 2024
Published Date: August 26, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Chatbot Market size is poised to reach USD 1.34 billion by 2024; according to a new research report by Global Market Insights, Inc.
The market demand is due to factors such as proliferation of messaging platforms and improved customer service. The growing usage of mobile messaging applications, such as Facebook Messenger, Viber, and WeChat, has enabled the development of an interactive platform to build strong relations with the customers, triggering the chatbot market growth.
The rising penetration of AI technology for developing user-friendly decision-support systems will also support market size. The technology is widely used in language translation, information retrieval, and knowledge acquisition applications, making it a preferable option for the development of chatbot solutions.
The market growth is also attributed to rising usage of chatbots for marketing & sales of the products. These platforms aid companies to expand their reach by connecting with a larger audience at the same time addressing their queries and providing them with solutions.
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The social media segment in the chatbot market is expected to exhibit a growth rate of 30% during the forecast timeline due to growing popularity of social media platforms among enterprises to enhance their marketing & sales activities. Large and small enterprises rely heavily on these platforms, enabling them to improve their sales and customer base as they offer a huge platform for businesses to connect with their customers. The growing inclination toward social media platforms from traditional methods of marketing has laid a positive impact on the market.
The web-based chatbots are projected to hold a market share of over 25% through 2024, as the operators can bring about the personalization of contents and have control over the personality & behavior of the chatbot. The users can bring changes and improvements in the application as per their requirements due to which the demand for web-enabled solutions is increasing at a faster pace.
Browse key industry insights spread across 350pages with 262 market data tables & 43 figures & charts from the report, “Chatbot Market Size By Application (Customer Service, Social Media, Payment/ Order Processing, Marketing), By Interface (Standalone, Web-Based, Third-Party), By End-Use (BFSI, Media and Entertainment, Healthcare, E-Commerce, Retail, Travel and Tourism), By Type (Rule-Based, AI-Based), By Deployment Model (On-Premise, Cloud)), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, China, Japan, Australia & New Zealand (ANZ), South Korea, India, Singapore, Brazil, Mexico, Argentina, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
The BFSI end-use segment will hold a market share of around 20% till 2024, as chatbots act as a personal finance assistant, helping customers during each stage of banking. Various banks have integrated chatbots into their mobile applications and websites, increasing the number of potential customer interactions with the banks and encouraging visitors to open new accounts.
The rule-based segment will grow at a CAGR of over 60% between 2018 and 2024 as rule-based applications accept input from the user, examine the already defined rules, and return with a pre-programmed answer. The rules are defined by the user as per his requirements and can answer questions based on the specific rules on which they are trained.
The Europe chatbot market revenue will experience around 25% gains till 2024 driven by presence of major market players, who are investing heavily in AI technology to develop interactive solutions. The growing e-commerce market owing to smartphone adoption is also augmenting the market growth. Chatbots help in providing enhanced customer services by delivering adequate customer research information and personal customer experience.
The cloud deployment model will experience a growth rate of above 35% owing to rapid adoption of cloud-based platforms, enabling users to easily configure chatbots. The companies operating in the market include IBM Watson, Chatfuel, and Microsoft Azure. These companies are developing cloud-based technologies and are also leveraging cognitive approaches to develop applications. These platforms vary in their features and functionalities.
The market competition is characterized by new product developments and enhancement of the existing solutions to gain a competitive edge when compared to its competitors. For instance, in June 2017 LogMeIn launched the Bold360 CRM suite aimed toward managing multiple communication channels between vendors and systems. This provided a comprehensive view of all the customers’ touchpoints, delivering a unified interface that can manage text, chat, and video chat. The market also consists of a various number of startups, who are raising funds and entering into partnerships to sustain in the market.
Some of the major companies operating in the chatbot market include Baidu, ReplyYes, Microsoft Corporation, Slack Technologies Inc. Kik, Poncho, Babylon Health, LivePerson, Google Inc., and WeChat.
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