The global Chatbots market was valued at USD 88.5 Million in 2015 and is anticipated to witness a substantial compound annual growth rate (CAGR) of 35.08% over the period 2016-2023.
Chatbots are an artificial conversational character which interacts with human via both verbal and non-verbal communication gateways. Chatbots can work on phones as well as computers and are mostly accessed through internet.
All the functions performed by Chatbots are based on an artificial intelligence system. Chatbots are believed to emerge as major channel for commerce and digital communication over next few years.
Regionally, the global Chatbots market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and Rest of World (Row). Globally, web-based chatbots are gaining traction among the enterprises due to its advanced connectivity and user-friendly interfaces.
Expansion of social networking websites across the globe are escalating the demand for chatbots. The demand for chatbots has been particularly seen in large enterprises owing to its efficiency.
North America Chatbots market is likely to escalate owing to adoption of Chatbots by some of the big organizations such as Facebook Inc. In addition to that emergence of new Chatbots providing start-ups in the U.S.
is also expected to expand North America Chatbots market in future. In 2016, demand from U.S. market expanded 19.65% Y-O-Y, making it one the biggest markets for chatbot implementation in North America followed by Canada.
Further, Europe is also expected to witness a significant demand of Chatbots from the rapidly growing outsourcing industry in the region. A great demand and opportunity in Europe is expected to arise from Germany, U.K.
& France by 2023; new players and existing established market players would see a spiked demand in these three countries in Europe. In addition to that, Asia-Pacific Chatbots market is envisioned to witness a robust growth sparked by increasing expansion of messaging applications in countries such as India, Malaysia, South Korea, Japan, Indonesia and China.
Growth Drivers and challenges
Rising inclination of enterprises towards increasing customer experience along with reducing operational costs and working efficiency is expected to garner the growth of global Chatbots market over the forecast period i.e. 2016-2023. In addition to that increasing digital transformation is also envisioned to bolster the global Chatbots market over next 4-5 years.
However, lack of awareness and large dependency on humans for customer interaction are anticipated to restrain the global Chatbots market in future.
Demand Analysis & Market Segmentation
- Stand Alone
- Web Based
By End Use
- Large Enterprise
- Small and Medium Sized Enterprise
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This report also provides the existing competitive scenario of some of the key players of the global chatbots market which includes company profiling of Facebook Inc., Amazon Web Services Inc., Yahoo Inc., Pandorabots Inc., Microsoft Corp., ChattyPeople, Chatfuel, Motion AI, Inc., Pypestream Inc., PullString Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global chatbots market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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