Chatbot Market:
Overview
A chatbot is
artificial intelligent chat robot designed to interact with human via
textual or auditory conversation methods particularly over the
internet. It is a computer software design that allows conversation
between human and machine using artificial intelligence. It is
designed and programmed to support animation and text or speech
recognition to provide virtual user interaction.
Chatbots
use natural language processing to stimulate a conversation with user
leading to better customer engagement in applications such as
e-commerce, retail and healthcare. Chatbots are accessible on various
platforms such as hypertext markup language (HTML) pages, social
networking websites, smartphones and computers. They are able to
interact with human in various languages and are available in various
graphical design format based on the end user application such as
cartoon character, animal, child or 3D animated creature.
Chatbot Market:
Growth Enablers
The global chatbot
market has been experiencing growth in recent years due to rapid
development in artificial intelligence software market, innovation,
digitalization, technology development and availability of
messaging-as-OS platform. The other additional factors contributing
to the growth of global chatbot market are consumer’s reluctance to
install apps and availability of new interactive interfacing model
with online services. However, the complexity and cost of software is
hindering the market growth. Also, the lack of skilled resources,
privacy and security are restraining the growth of global chatbot
market. The chatbot are being trained and designed to retain and
learn from past interaction and conversation between bussiness and
individuals. This is expected to provide opportunities of expanding
chatbot market and its use in various applications ranging from media
publications to personalized assistance.
Chatbot Market:
Segmentation
Chatbots are used in
healthcare, retail, banking financial services and insurance (BFSI)
sectors for applications such as dialog systems, e-commerce customer
service, internet gaming and call centers. Chatbots also offer
specialized services such as Chatfuel a web based Chatbot is used for
telegram services, Digit chatbot for banking, to allow users to
interact with their bank accounts and Pana Chatbot is used as an
online travel agency. Ultimately, chatbot would change the way
customers apply for jobs and become the integral part of human like
digital ecosystem.
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The global chatbot
market is segmented on the basis of end use adoption, by type and
geography. On the basis of end use adoption, the global Chatbot
market is segmented into large sized enterprises and small and medium
sized enterprises (SME’s). In terms of type, the global chatbot
market is segmented into stand-alone chatbots and web-based chatbots.
Stand-alone chatbots
enable control of the functions of user’s computer such as
retrieving documents or playing media files. Web-based chatbots
usually run on a remote server and the control of personality,
behavior and hosting is with end user. Moreover, on the basis of
geography the global Chatbot market is segmented into North America,
Europe, Middle East and Africa, Asia Pacific and Latin America.
Chatbot Market:
Competitive Dynamics
Aspect Software is a
leading chatbot manufacturer. The integration of Aspect Software,
Inc. with Facebook Messenger support the creation of chatbot in
various languages using natural language processing and can be easily
deployed on SMS and Twitter messaging platform. Some of the leading
companies operating in the global chatbot market with the most
significant developments include Microsoft Corporation, Apple Inc.,
Amazon.com, Inc., Artificial Solutions Ltd., eGain Communications
Corporation, Anboto Group, Creative virtual Ltd., Aspect Software,
Inc., and Inbenta Technologies Inc.
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