Chatbots Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2019 - 2025

Report Code: ITR 78442 Report Format: PDF + Excel Database
Chatbots Market Overview:

According to the National Association of Software And Services Companies, headquartered in India, around 1.2 million people are employed worldwide in the Business Process Outsourcing industry.[1]  Businesses need a customer support division for acquiring newer clients and creating a trusted platform for existing consumers to continue using their services. For the larger part of industrial history, customer support call centers have helped address consumer queries’ and provided solutions to their problems. This is transforming now as innumerable businesses are inclining towards chatbots- a service equipped with Artificial Intelligence that helps customers in resolving their questions, make bookings online, get acquainted with a business’s offerings, and similar issues. Chatbots are estimated to completely take over call centers in the upcoming years as the market size in 2018 stood between $850-900 million. Chatbots will help businesses in financial savings by reduction of BPO employees.

The chatbots market has immense potential to grow in the upcoming years as more and more businesses enroll themselves in online platforms, and solicit software powered by AI for enhanced customer acquisition. It is estimated that the market demand will experience an outstanding growth of 25%-30% during the forecast period of 2019-2025. 

Chatbots Market Outlook:

Chatbots are computer programs that are developed by using artificial intelligence and are adept at imitating human conversation. Unlike linear, computerized voice-overs that businesses used previously for customer support on their official numbers, chatbots are capable of answering a customer’s queries in a conversational style, thus eliminating the need for human intervention. More often than not, customers thoroughly enjoy talking with a chatbot and help them gain popularity. One of the most widespread incidences of chatbots is Apple’s Siri which was released in 2010. Siri gained instant popularity as it was present in mobile phones and users could communicate with it through voice. Siri was known for its cheeky humor which became a major driver for iPhone sales in the years that followed. North America, the land of digital innovation, is the geographical leader of chatbots market with a regional share of 35%-40% in 2018. This is unsurprising as North America region has given birth to world’s most popular chatbots including IBM’s Watson, Apple’s Siri, Google’s Google Now/Assistant, Microsoft’s Cortana, and Amazon’s Alexa.

Chatbots Market Growth Drivers:

  • Chatbots Are Elevating Customer Service
An increasing number of customers are now chatting with chatbots online instead of opting for slower means of businesses communication like sending an email. Chatbots analyze the query by recognizing words, and patterns, eventually providing apt solutions to clients. This has helped businesses grow as consumers do not have to wait over the phone for a response or flip through a frustrating set of online menus. Through chatbots, customers can easily do certain tasks like transfer money to friends, check in for a flight, book medical appointments, etc. Increasing utilization of chatbots by online businesses is helping the chatbots market grow.

  • Chatbots And User Experience 
Nearly all entertainment and information related digital products today have a chatbot equipped into them. Amazon’s Firestick for example, the game-changer in over-the-top television viewing uses a virtual assistant called Alexa, without which it is virtually impossible to access visual and audio content. Chatbots enhance the user experience by making smartphone usage easier. Google maps, one of the most widely used applications in the world is powered by Google Assistant which users can communicate with while driving, thus eliminating the need for accessing the phone and making driving easier. Technological advancement of this stature is an esteemed growth driver for the chatbots market. 

Chatbots Market Challenges: 

One of the biggest challenges faced by the chatbots market is that Artificial Intelligence has its limitations. While chatbots can answer most of the queries through recognition of pattern, it is impossible for them to address unprecedented or rare queries. Refinement of algorithms and introduction of automated decision-making in chatbots is a possible way of combating this challenge.

Chatbots Market Key Players Perspective:

Artificial Solutions, the world’s most prominent conversation AI creator has built Teneo, a platform for business users to create AI powered computer and mobile applications. Teneo’s conversational AI can be accessed in 35 different languages. 

Other key players of the chatbots market are IBM Corp., Naunce Communications Inc., eGain Coporation, Creative Virtual Pvt. Ltd., Next IT Corp., CX Company, Codebaby Inc., Next IT Corporation.

Chatbots Market Trends:

Unprecedented innovation is taking place in the chatbots market with Facebook having provided a common platform on its Facebook Messenger app for companies to create their own chatbots.[2]  

  • National Geographic Genius-
To promote their new show titled Genius, National Geographic created a chatbox that conversed with a user in the form of eminent personalities. Users could choose the personality they wished to chat with and the chatbot talked exactly in the related conversational style. 

  • WholeFoods Messenger Bot
WholeFoods, an American supermarket conglomerate developed a Facebook chatbot that asked customers to select a particular option from various choices provided. After selection, the chatbot suggested recipes with direct links to fresh produce present on Wholefoods website. This helped them in acquiring a lot of customers and boosted their sales.



Chatbots Market Research Scope 

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the chatbots market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the chatbots market, and their specific applications in different areas.

Chatbots Market Report: Industry Coverage

The chatbots market can be segmented on the basis of type, usage, and end user. On the basis of type, the market can be bifurcated into software, professional services and managed services. Based on usage, the market can be divided into websites, contact centers, social media, and mobile platform. And by end user, market is segmented into small enterprises, medium enterprises and large enterprises. 

The chatbots market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

  • North America: The U.S., Canada, Mexico
  • South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
  • Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
  • APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
  • Middle East and Africa: Israel, South Africa, Saudi Arabia

Key Questions Addressed in the Chatbots Market Report

1. Is the market for the Chatbots growing? How long will it continue to grow and at what rate? 
2. Which type of systems presents the major growth opportunities? 
3. Is there a possibility for change in the market structure over time?  
4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands? 
5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product? 
6. What are the short-term, long-term, and medium-term growth drivers for the market? 
7. What are the short-term, medium-term, and long-term challenges for the market? 
8. What are the short-term, medium-term, and long-term opportunities for the market 
9. Who are the top players/companies of the market? 
10. What are the recent innovations in the market? 
11. How many patents have been filed by the leading players? 
12. What are the types of patents filed by the leading players? 
13. What is our Vision 2030 for Chatbots market? 

A few focus points of this Research are given below:

  • Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
  • Provide an overview of the product portfolio, including product planning, development, and positioning
  • Discuss the role of technology companies in partnerships
  • Explore the regional sales activities
  • Analyze the market size and giving the forecast for current and future Chatbots Market during the forecast 2019–2025
  • Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures.

Reference:

[1]https://economictimes.indiatimes.com/tech/ites/bpo-industry-adds-lowest-number-of-jobs-in-7-years/articleshow/63615037.cmsc
[2]https://www.forbes.com/sites/forbesagencycouncil/2018/06/04/using-facebook-messenger-and-chatbots-to-grow-your-audience/#3416e6de733b
1. Chatbots Market - Overview
        1.1 Definitions and Scope
2. Chatbots Market - Executive summary
        2.1 Market Revenue, Market Size and Key Trends by Company
        2.2 Key Trends by type of Application
        2.3 Key Trends segmented by Geography
3. Chatbots Market
        3.1 Comparative analysis
            3.1.1 Product Benchmarking - Top 10 companies
            3.1.2 Top 5 Financials Analysis
            3.1.3 Market Value split by Top 10 companies
            3.1.4 Patent Analysis - Top 10 companies
            3.1.5 Pricing Analysis
4. Chatbots Market - Startup companies Scenario Premium
        4.1 Top 10 startup company Analysis by
            4.1.1 Investment
            4.1.2 Revenue
            4.1.3 Market Shares
            4.1.4 Market Size and Application Analysis
            4.1.5 Venture Capital and Funding Scenario
5. Chatbots Market - Industry Market Entry Scenario Premium
        5.1 Regulatory Framework Overview
        5.2 New Business and Ease of Doing business index
        5.3 Case studies of successful ventures
        5.4 Customer Analysis - Top 10 companies
6. Chatbots Market Forces
        6.1 Drivers
        6.2 Constraints
        6.3 Challenges
        6.4 Porters five force model
            6.4.1 Bargaining power of suppliers
            6.4.2 Bargaining powers of customers
            6.4.3 Threat of new entrants
            6.4.4 Rivalry among existing players
            6.4.5 Threat of substitutes
7. Chatbots Market -Strategic analysis
        7.1 Value chain analysis
        7.2 Opportunities analysis
        7.3 Product life cycle
        7.4 Suppliers and distributors Market Share
8. Chatbots Market - By Type (Market Size -$Million / $Billion)
        8.1 Software
8.2 Services
            8.2.1 Professional Services
            8.2.2 Managed Services
9. Chatbots Market - By Usage (Market Size -$Million / $Billion)
9.1 Introduction 
9.2 Websites 
9.3 Contact Centers 
9.4 Social Media 
9.5 Mobile Platform
10. Chatbots Market - By Industry Vertical (Market Size -$Million / $Billion)
10.1 Introduction 
10.2 Financial Services 
10.3 Healthcare 
10.4 Communication 
10.5 Retail 
10.6 Travel and Hospitality 
10.7 Government 
10.8 Education 
10.9 Utilities 
10.10 Others
11. Chatbots Market - By Deployment Type (Market Size -$Million / $Billion)
11.1 Introduction 
11.2 On-Premises
11.3 On-Cloud
12. Chatbots Market - By End User (Market Size -$Million / $Billion)
12.1 Introduction 
12.2 Small & Medium Enterprises
12.3 Large Enterprises
13. Chatbots - By Application (Market Size -$Million / $Billion)
        13.1 Segment type Size and Market Share Analysis
        13.2 Application Revenue and Trends by type of Application
        13.3 Application Segment Analysis by Type
14. Chatbots- By Geography (Market Size -$Million / $Billion)
        14.1 Chatbots Market - North America Segment Research
        14.2 North America Market Research (Million / $Billion)
            14.2.1 Segment type Size and Market Size Analysis
            14.2.2 Revenue and Trends
            14.2.3 Application Revenue and Trends by type of Application
            14.2.4 Company Revenue and Product Analysis
            14.2.5 North America Product type and Application Market Size
                  14.2.5.1 U.S
                  14.2.5.2 Canada
                  14.2.5.3 Mexico
                  14.2.5.4 Rest of North America
        14.3 Chatbots- South America Segment Research
        14.4 South America Market Research (Market Size -$Million / $Billion)
            14.4.1 Segment type Size and Market Size Analysis
            14.4.2 Revenue and Trends
            14.4.3 Application Revenue and Trends by type of Application
            14.4.4 Company Revenue and Product Analysis
            14.4.5 South America Product type and Application Market Size
                  14.4.5.1 Brazil
                  14.4.5.2 Venezuela
                  14.4.5.3 Argentina
                  14.4.5.4 Ecuador
                  14.4.5.5 Peru
                  14.4.5.6 Colombia
                  14.4.5.7 Costa Rica
                  14.4.5.8 Rest of South America
        14.5 Chatbots- Europe Segment Research
        14.6 Europe Market Research (Market Size -$Million / $Billion)
            14.6.1 Segment type Size and Market Size Analysis
            14.6.2 Revenue and Trends
            14.6.3 Application Revenue and Trends by type of Application
            14.6.4 Company Revenue and Product Analysis
            14.6.5 Europe Segment Product type and Application Market Size
                  14.6.5.1 U.K
                  14.6.5.2 Germany
                  14.6.5.3 Italy
                  14.6.5.4 France
                  14.6.5.5 Netherlands
                  14.6.5.6 Belgium
                  14.6.5.7 Denmark
                  14.6.5.8 Spain
                  14.6.5.9 Rest of Europe
        14.7 Chatbots - APAC Segment Research
        14.8 APAC Market Research (Market Size -$Million / $Billion)
            14.8.1 Segment type Size and Market Size Analysis
            14.8.2 Revenue and Trends
            14.8.3 Application Revenue and Trends by type of Application
            14.8.4 Company Revenue and Product Analysis
            14.8.5 APAC Segment - Product type and Application Market Size
                  14.8.5.1 China
                  14.8.5.2 Australia
                  14.8.5.3 Japan
                  14.8.5.4 South Korea
                  14.8.5.5 India
                  14.8.5.6 Taiwan
                  14.8.5.7 Malaysia
                  14.8.5.8 Hong kong
                  14.8.5.9 Rest of APAC
        14.9 Chatbots - Middle East Segment and Africa Segment Research
        14.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
            14.10.1 Segment type Size and Market Size Analysis
            14.10.2 Revenue and Trend Analysis
            14.10.3 Application Revenue and Trends by type of Application
            14.10.4 Company Revenue and Product Analysis
            14.10.5 Middle East Segment Product type and Application Market Size
                  14.10.5.1 Israel
                  14.10.5.2 Saudi Arabia
                  14.10.5.3 UAE
            14.10.6 Africa Segment Analysis
                  14.10.6.1 South Africa
                  14.10.6.2 Rest of Middle East & Africa
15. Chatbots Market - Entropy
        15.1 New product launches
        15.2 M&A s, collaborations, JVs and partnerships
16. Chatbots Market - Industry / Segment Competition landscape Premium
        16.1 Market Share Analysis
            16.1.1 Market Share by Country- Top companies
            16.1.2 Market Share by Region- Top 10 companies
            16.1.3 Market Share by type of Application - Top 10 companies
            16.1.4 Market Share by type of Product / Product category- Top 10 companies
            16.1.5 Market Share at global level - Top 10 companies
            16.1.6 Best Practises for companies
17. Chatbots Market - Key Company List by Country Premium
18. Chatbots Market Company Analysis
        18.1 Market Share, Company Revenue, Products, M&A, Developments
        18.2 Artificial Solutions
        18.3 CX Company
        18.4 Codebaby Inc.
        18.5 Creative Virtual Pvt. Ltd.
        18.6 IBM Corporation
        18.7 Next IT Corporation
        18.8 eGain Corporation
        18.9 Company 9
        18.10 Company 10 & More
*Financials would be provided on a best efforts basis for private companies
19. Chatbots Market - Appendix
        16.1 Abbreviations
        16.2 Sources
20. Chatbots Market - Methodology
        20.1 Research Methodology
            20.1.1 Company Expert Interviews
            20.1.2 Industry Databases
            20.1.3 Associations
            20.1.4 Company News
            20.1.5 Company Annual Reports
            20.1.6 Application Trends
            20.1.7 New Products and Product database
            20.1.8 Company Transcripts
            20.1.9 R&D Trends
            20.1.10 Key Opinion Leaders Interviews
            20.1.11 Supply and Demand Trends

List of Tables

1 US Chatbots Market Size 2018
2 Canada Chatbots Market Share 2018
3 Brazil Chatbots Market Outlook 2019 - 2023
4 Mexico Chatbots Market Research 2018
5 Germany Chatbots Market Trends 2019 - 2023 
6 France Chatbots Market Growth 2019 - 2023 
7 UK Chatbots Market Demand 2019 - 2023 
8 Italy Chatbots Market Segmentation 2018
9 Russia Chatbots Market Analysis 2019 - 2023
10 China Chatbots Market Revenue 2019 - 2023
11 Japan Chatbots Market Volume 2019 - 2023
12 South Korea Chatbots Market Potential 2019 - 2023
13 India Chatbots Market Leaders 2018
14 Saudi Arabia Chatbots Market Forecast 2019 - 2023 
15 Kuwait Chatbots Market Value 2018

List of Figures

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