Chatbot Market Will Grow at a CAGR of 24.43% by 2022, due to Growing Popularity of Various Messaging Services Among Consumers: Radiant Insights, Inc.

SAN FRANCISCO, July 30, 2018 /PRNewswire/ --

The global Chatbot Market is subject to witness a substantial growth over the forecast period, due increasing adoption by large-scale enterprises in order to reduce overall operating costs. Increasing adoption of the chatbot by small and medium-sized enterprises (SMEs) is expected to fuel market growth in coming years. Growing popularity of the chatbot among small and medium-sized enterprises (SMEs) is attributed to advantages such as reduced operating costs, improved customer satisfaction, and enhanced operating efficiency. Growing popularity of various messaging services among consumers is one of the key drivers for the growth of the chatbot market, in recent years. Number of users of messaging services is predicted to surpass the number of users of social networking services. Furthermore, the natural language processing (NLP) field has witnessed substantial growth since last decade, thus resulting in development of streamlined approaches for communication in-between machines and human languages.

Typically, a chatbot system consists of a number of cross-connected features that help to facilitate improved performance of chatbots in numerous business processes. Such advantages are driving the organization towards adoption of chatbot as in-built feature for their websites. These chatbots offer highly interactive customer services. For example, WeChat and Twitter messaging services are gaining major attention by organization to enhance customer services. Over-the-Top (OTT) messaging applications have witnessed substantial growth in the last couple years. Some of key application of the over-the-Top (OTT) messaging services includes WhatsApp, Facebook Messenger, and WeChat messenger. Growing popularity of the over-the-Top (OTT) messaging services is attributed to easy accessibility, ease to use and flexibility, thus driving expansion of the chatbot market, over past few years. With the recent technological advancement such as innovation in chatbots that can be integrated with messaging applications, are estimated to boost market demand in near future. Additionally, chatbots are widely adopted in various businesses for automating their sales and customer services. Chatbots helps businesses to deliver well-timed services at minimum costs.

Chatbots marker is mainly categorized into three types such as standalone chatbots systems, web-based chatbots, and messenger-based chatbots or third party chatbots. The standalone chatbots is one of the fastest growing segment in the chatbot market with substantial revenue generation in the last couple of years. Rising popularity of the standalone chatbots is attributed to its capability to directly interact with customers. Web-based chatbots market segment has also witnessed substantial growth, in recent years, owing to the rising preference towards chatbots for various messaging platforms and customer service bots in web-based applications. Chatbots predicts how is likely to behave as a conversational partner, and responding accordingly. Chatbots are widely adopted in dialog systems. These dialog systems are mainly placed for solving customer queries and for information acquisition. Most of these chatbots utilizes highly sophisticated natural language processing (NLP) systems. Operation of the chatbots involves scanning of keywords when specific input given, and responding with the most matching keywords, or matching given word pattern, from a database.

The chatbot market is divided by region such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the adoption of routine customer service activities by large-scale industries and increase in the number of startups. Asia-Pacific region is predicted to hold major market share in the chatbot market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with substantial growth in the service industry and significant investment by leading industry players considering potential opportunities in the region. Some of the key benefits of a chatbot include minimum operational costs, enhanced customer satisfaction, and high functional efficiency, thus attracting small and medium-sized enterprises to adopt chatbot in their business processes in the region. The key players in the chatbot market are Baidu, Inc., Poncho Company, Kik Interactive, WeChat, Varo Money, Inc., Babylon Health, ReplyYes, and SRI International.

Access 100 page research report with TOC on "Chatbot Market" available with Radiant Insights, Inc. @ https://www.radiantinsights.com/research/global-chatbot-market-2018-2022

Chatbot is a computer application that is used by companies for text and voice-based conversation with people by integrating them into applications, instant messages, and websites. Radiant Insights analysts forecast the global chatbot market to grow at a CAGR of 24.43% during the period 2018-2022. The report covers the present scenario and the growth prospects of the global chatbot market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of chatbots across several end-user industries including BFSI, retail, travel and hospitality, and government.

The market is divided into the following segments based on geography: 

• Americas
• APAC
• EMEA

Key vendors  

• Anboto
• Creative Virtual
• eGain
• Inbenta Technologies
• Nuance Communications

Market driver 

• Focus on improving CRM
• For a full, detailed list, view our report

Market challenge 

• Integration issues between front-end and back-end knowledge bases
• For a full, detailed list, view our report

Market trend 

• Increasing mobility of chatbots with use in smartphones
• For a full, detailed list, view our report

Key questions answered in this report 

• What will the market size be in 2022 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?

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About Radiant Insights, Inc.: 

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