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..
Talk to one of our sales
representative about the full report by providing your details in the link
below:
https://www.industryarc.com/support.php?id=500497
Related Reports:
a) Healthcare Chatbots Market
https://www.industryarc.com/Research/Healthcare-Chatbots-Market-Research-505668
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
Frequently
Asked Questions:
Q. Does IndustryARC
provide customized reports and charge additionally for limited customization?
Response: Yes, we can customize the report by extracting
data from our database of reports and annual subscription databases. We can
provide the following free customization:
1. Increase the level of
data in application or end user industry.
2. Increase the number
of countries in geography chapter.
3. Find out market
shares for other smaller companies or companies which are of interest to you.
4. Company profiles can
be requested based on your interest.
5. Patent analysis,
pricing, product analysis, product benchmarking, value and supply chain
analysis can be requested for a country or end use segment.
Any other custom
requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting
services.
To request for a quote, provide your details in the below link:
https://www.industryarc.com/reports/request-quote?id=500497
Media Contact:
Mr. Venkat Reddy
Sales
Manager
Email 1:
[email protected]
Or Email 2:
[email protected]
Contact Sales:
+1-614-588-8538 (Ext-101)
About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.