Chatbots Market: Introduction, Drivers ,Challenges, Segmentation, Regional overview and Key Players
Chatbot is a messaging application which animates a conversation between a human and a machine. Chatbots came into picture in 2011 by integration of business intelligence, artificial intelligence and messaging platforms. Considering a business point of view, it is a way for companies to interact with buyers and provide customer support which could evolve with changing nature of communication. There are two types of chatbots, one operates based on a particular script and other operates solely on artificial intelligence. The chatbots based on script have limited functionality as their intelligence is majorly dependent on the way its script is programmed, while those which operate on artificial intelligence understands and simultaneously learns from the conversation it has with human being. Chatbots are majorly used in ecommerce websites, social media platforms, gaming and mobile applications.
With the continuous evolvement in artificial intelligence, developers are making chatbots more human-like with personalities, capable of recognizing speech patterns and can interpret non-verbal cues to make interactions more effortless.
The main driver from of chatbots market is that the growth of messaging apps exceeds that of social networks as the consumer behavior has shifted from social networks to messaging platforms such as SMS, Facebook Messenger, and Apple iMessage. One of the biggest driver of chatbots market is that people are reluctant to install apps in their phones and chatbots allow them to interact with a business without downloading one. Another driver would be that they don’t have to be restricted to a specific channel and hence helps brands to leverage their omnichannel presence.
The major challenge faced by vendors in chatbots market is compatibility between bots created by different organizations and institutes as they have limited world knowledge and suffer while making choices and not be able to deliver what a consumer has asked for.
Chatbots market is mainly segmented on the basis of platform, end-user, and geography. On the basis of the platform, chatbots market is segmented as Stand-alone, Mobile, and Web based.
In the End user category, chatbots market is classified into two segments, one is enterprise size and other is vertical market. On the basis of enterprise size it is further segmented into large sized enterprise and medium and small sized enterprise. While on the basis of the vertical market it is categorized as BSFI, Government, Retail and E-commerce, Travel and hospitality, and others.
Region wise, chatbots market can be segmented into North America, Latin America, Asia Pacific, Japan, Eastern Europe, Western Europe, and Middle East & Africa.
North America is the leader in demand for chatbots and is expected to continue to do so, whereas Asia-Pacific is showing prolific growth in demand of chatbots due to massive usage of mobile phones in this region.
The leading key players in chatbots market are Apple, Facebook, Google, Microsoft Corporation, Haptik, Kiwi, Yahoo, Astute Solutions, Slack Technologies, Creative virtual, Codebaby, Applied voice & Speech Technologies, and Artificial Solutions.
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