Chatbots Market Augmented by Artificial Intelligence and Machine Learning

The need to engage potential customers round the clock will ensure strong investments on chatbot applications by small and medium enterprises in the near future, as per the findings of a recent business intelligence study from IndustryARC. The report has evaluated the global chatbots market value at $850 to $900 million as of 2018, and projected the opportunities to increment at robust CAGR of 25% to 30% during the forecast period of 2019 to 2025. 

The report is titled “Chatbots Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast (2019 – 2025).” It incorporates detailed analysis of the industry and prospects for the vendors along with the latest trends that are influencing the market.

A computer program or an artificial intelligence tool used for conducting auditory or textual method conversations is known as chatbot. Some of the sophisticated chatbots use natural language processing while the simpler ones scan keywords. Nowadays, most of the chatbots are accessed through Google Assistant and Amazon Alexa. The need for chatbots is drastically observed in almost every industry and consequently, the chatbots market is augmented by its easier communication method in small, medium, and large sectors.

North America contributed the largest demand share in the global chatbots market, at 35% to 40% in 2018, owing to the increasing investments made by various companies in the development process of chatbots for different types of uses. It is quite observable when North America boasts for maximum usage of chatbots in financial services, with the US as the most lucrative country. In North America, there are numerous startups investing in chatbots, artificial intelligence, and machine learning technology. 

The number of financial companies that are ratifying chatbots is increasing owing to the rising artificial intelligence demand which is fueling the global chatbots market growth. The State of Mississippi has a chatbot named as Missi that can respond to over 100 inquiries at a time, according to the National Association of State Chief Information Officer. With the sustained growth, the application CAGR of chatbots in financial services is projected to grow at 30% to 35% through to 2025. 

E-commerce sector is commonly influenced by chatbots market. Spring was the first shopping destination that chatbot had ratified, which was one of Facebook’s launch partner. Few other latest disruptive trends are listed below:

In 2017, Google and Amazon launched smart speakers in the market. Google had launched Google Assistant and Amazon had launched Amazon Alexa for speech recognition technologies. Furthermore, Google is also trying to develop voice-assisted assistants available for all android phones, wearables, and smart TVs. This will bring a tectonic shift in the chatbots market as the technology will be incorporated in many companies. 

With technological advancements such as NLO, there are companies planning to start an automated call center that might soon come into existence. Those call centers will be inbuilt by artificial intelligence voice generation with server-less technology, and they will be inculcated with in-depth domain knowledge so that it is easier to have a conversation with the customers.

The chatbots market has gained more attention after the messaging applications started becoming more common amongst people. Chatbots have entered the mainstream market for one-on-one conversations with the users. This is most helpful in the e-commerce sector.

Chatbots can easily store ample amount of data. Artificial intelligence helps to automate data collections, and it performs the basic analysis. Advanced chatbots are ingrained with an auto-rectification feature that can focus on improvements that are required and minimize its errors, due to which chatbots market demand is rising. 

Some of the key companies identified in the report that are currently holding majority shares in the global chatbots market are Artificial Solutions, IBM Corp., Naunce Communications Inc., eGain Coporation, Creative Virtual Pvt. Ltd., Next IT Corp., CX Company, Codebaby Inc., Next IT Corporation, and Speaktoit Inc.

Healthcare Chatbots Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 - 2024

https://www.industryarc.com/Research/Healthcare-Chatbots-Market-Research-505668