April 17, 2020
As per the report titled ‘Global Chatbot Market Size study, by Type (Solution and Service), By Deployment Type (Cloud and On-premise), By Usage (Website, Contact Centers , Social media and Mobile Platform), By End-user (BFSI, Healthcare, IT and Telecommunication, Retail, Utilities, Government and Other End-user Verticals) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global chatbot market was worth USD 2 billion in 2018 and is projected to register a CAGR of 29.7% during 2019-2026.
Chatbot is a computer program designed to emulate real human conversation with users over the internet. Increasing implementation of machine learning and artificial intelligence algorithms are fueling the market growth.
Continuous online activity through social and digital platforms facilitated by smart devices and rising internet connectivity, has created a demand for seamless customer experience for the new generation of customers. This has encouraged enterprises across various sectors to adopt virtual agents and chatbots for managing customer queries in real-time and fulfilling their demands, thereby stimulating the market growth.
Furthermore, widespread adoption of chatbots in BFSI sector, owing to the program’s ability to describe the essentials of an organization or resolve queries in situations where real-time face-to-face conversation with the support personnel is not feasible, is positively impacting the market growth.
According to Center for Data Innovation (United States), in 2017, Canada initiated Pan-Canadian Artificial Intelligence Strategy, backed up by an investment of USD 98.7 million, led by Canadian Institute for Advanced Research (CIFAR) for supporting the national research on artificial intelligence (AI). Through this initiative, the Canadian government is promoting AI research and focusing on expand the application scope AI into various industries including telecommunication. Hence, inflowing investments in AI and ongoing R&D activities are expected to foster the market growth in the coming years.
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AI integrated chatbot use computational methods for understanding, learning and delivering human language content to develop user-interactive online applications and improved customer experience. However, inability to understand customer intent and respond accordingly is expected to hinder chatbot market growth to some extent.
As per the regional analysis, Asia Pacific chatbot market is anticipated to gain significant revenue share in the coming years, owing to the high penetration of AI and related technologies in the region. Several Asian countries including India, China, Japan and Singapore are leveraging information-intensive AI technologies, including chatbots.
Artificial Solutions, Amazon.com, Inc., Creative Virtual Ltd., Microsoft Corporation, CX Company, Egain Corporation, IBM Corporation, and Inbenta Technologies Inc. are the key players in global chatbot industry.