According to a new market research report “Chatbots Market by Type (Software, and Services), Usage (Websites, Contact Centers, Social Media, and Mobile Platform), Deployment Type (On-Premises, and On-Cloud), Industry Verticals (Healthcare, Retail, Education), End User–Global Forecast to 2021″, The chatbots market size is expected to grow from USD 703.3 Million in 2016 to USD 3,172.0 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 35.2% during 2016–2021.
Chatbot is an integrated form of artificial intelligence (embedded with text-to-text, text-to-speech, speech-to-text, machine learning, and speech-to-speech recognition communication modes) which possess the ability of software to mimic human intelligence through experience and learning, and perhaps resolve detailed questions, function complex tasks, and solve complicated problems.
The major drivers for upsurge in demand for chatbot software and services include increasing penetration of websites and mobile applications, proliferating demand of intelligent customer engagement, strong need to understand consumer behavior, and adoption of cloud-based technology
Chatbots software is likely to hold the largest market share in the chatbots market
Enhanced technological features in chatbots software such as Natural Language Processor (NLP), multilingual, interference engine, metrics, cloud-based deployment, Application Programing Interface (API), mobile platform compatibility, analytics, multichannel, and single point of search is expected to spur the market growth. In addition to that, the software is widely used on the users’ smartphone, websites, social media, and call centers to answer all the queries, which would fuel the software segment growth in the coming years
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Mobile platform segment is expected to grow at the highest CAGR during the forecast period
The market for mobile platform would witness a major growth because of the rise in the adoption of chatbots, which is propelled by the increasing penetration of smart phones as well as tablets across the globe. In addition to that, the smart mobile advisors provide help to the organization in real time monitoring of customer behavior, trends, and interaction. It also tracks mobile services, such as geo-location, enabling rich, targeted communications based on location and event.
North America is expected to hold the largest market share in the chatbots market
As per the geographic analysis, North America is likely to benefit from its technological advancements and followed by high usage of mobile, tablets, and computers. The adoption of chatbots across North America is estimated to rise at a significant rate due to client-centric approaches, provision of 24/7 customer engagement, operational efficiencies, cost containment, and sustainability benefits and the changing business dynamics. This eventually increases the penetration of chatbots deployment in this region.
The major vendors covered in the chatbots market for this study include Artificial Solutions (Stockholm, Sweden), IBM Watson (U.S.), Naunce Communications Inc. (U.S.), eGain Coporation (U.S.), Creative Virtual Pvt. Ltd. (U.K.), Next IT Corp. (U.S.) CX Company (Netherlands), Speaktoit Inc. (U.S.), 24/7 Customer Inc. (U.S.), and Codebaby (Idavatars), Inc. (U.S.).