Customer support services for a business are as important as its sales and profits conquered by the service provider. The increased services along with colossal customer base require an assistive tool that entertains the queries of their customers. Over the years, this has been done by man force indulging and expensive human customer support call centers. Today, these situations are being tackled by chatbots, whose global market size value was $850m as of 2018. As per the IndustryARC’s business intelligence report, the chatbots market is foreseen to grow at an incredible CAGR of 28% during the forecast period 2019-2025.
The report gives a deep-dive analysis of the key operational strategies with a focus on the complete corporate structure, R&D strategies, competitive factors including product planning, development, and positioning. The report is titled, “Chatbots Market: By Type (Software); By Usage (Websites, Contact Centers, Social Media, Mobile Platform); By Industry (Financial, Healthcare, Communication, Retail, Travel, Government, Education, Utility); By Deployment Type (On-Premises, On-Cloud); By Strategic Analysis (Value Chain Analysis, Opportunity Analysis, Product Lifecycle, Suppliers and Distributors); By Geography - Forecast(2019-2025).”
Chatbots Market: Geographical Analysis & Leading Segments
By geography, North America grabs the largest chatbots market share and it accounted for 38% of the global chatbots market share in 2018. North America is considered as the land of digital innovations owing to the presence of technical giants such as Google and Apple. Both Google and Apple introduced their own chatbot facility system which uses natural language processing to establish communication with the help of artificial intelligence. Considering the APAC region, demand for chatbots from India is expected to portray exponential growth mainly due to the rapid development concurring to their IT infrastructure.
By application, financial services are the key application in the global chatbots market. These services are projected to grow at a CAGR of 33% through to 2025. These financial service includes but are not limited to medical appointments, monetary transactions, e-commerce, and flight bookings. Chatbots are trained with various AI models that enhances the operations in the financial services provided by multiple small scale and medium scale enterprises. In the plaguing era of automation, the need for assisting people in the financial services has become paramount. Thus, there exists tremendous opportunities in the global chatbots market.
Chatbots Market Trends and Growth Drivers
Personal Assistant on Phone: Chatbots are regarded as software-as-a-service; some of the most popular chatbots which are making people’s life hassle-free are Siri from Apple and OK Google from Google. Customers rely on their mobile chatbots for important tasks such as bookings, transactions, e-mails, and entertainment as well. The initial chatbot was Siri whose humorous feature boosted the sales of iPhone. With amalgamation of cognitive learning along with artificial intelligence, the features and abilities of such chatbots are expected to surge, further driving profits in the global chatbots market. Increasing smartphone sales across the globe is also a major factor influencing the market as major smartphone software companies are implementing chatbots as a software-as-a-service.
Optimizing Business Processes and Marketing: Enterprises have streamlined their business initiation process with the help of automation activities provided by chatbots. Chatbots have a vast scope of applications in businesses; one such application is digital marketing. They have been proven to enhance marketing strategies and social media involvement for numerous enterprises. Also, chatbots are known to be the tool for retaining existing customers and attracting potential consumers in the business.
Home Assistant Device: Last decade marked the commercial availability of various home assistant devices such as Echo. Such devices are an ideal example of chatbots, they are hastily colonizing consumers’ home in both the developed and the developing economies. These chatbots are trained on cognitive algorithms that are capable of voice recognition and dialog systems which ensures a conversational interaction with the human. Amazon has mentioned about Alexa for business in recent years. The company suggests that the presence of Alexa at the workplace will improve efficiency and productivity. Multiple small and big enterprises are estimated to employ chatbots for their business which will boost profits in the global chatbots market.
Chatbots Market: Competitive Landscape
Some of the key companies identified in the chatbots market intelligence report that are striving to capitalize on the customer-base are Artificial Solutions, IBM Corp., Naunce Communications Inc., eGain Coporation, Creative Virtual Pvt. Ltd., Next IT Corp., CX Company, Codebaby Inc., Next IT Corporation, Speaktoit Inc..
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a) Healthcare Chatbots Market
What can you expect from the report?
The chatbots market report is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue &Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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