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Chatbot Market in web-based segment to grow at more than 36% CAGR over 2018-2024

Author : Ronak Bora | Published Date : 2019-03-26 

Chatbot Market demand in web-based segment is growing fast as the chatbot operators are personalizing the content and have control over the personality and behavior of the chatbot. The standalone segment held approximately 50% shares in the market in 2017 and is anticipated to dominate the market. They operate on a single computer integrated with the system interface and can control certain functions of the computer such as retrieving documents or playing media. These chatbots offer benefits such as ease of installation and reduced installation prices.

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The e-commerce segment is expected to benefit the most from the chatbot market. Due to the rapid development and growth of AI, chatbots are anticipated to get more sophisticated with time. This has increased the acceptance of chatbots in the e-commerce sector. The usage of chatbots in the BFSI sector is growing rapidly due to the factors such as automated fraud prevention, assistance to customers in making improved financial decisions, and improved customer experience. For instance, in 2016, Bank of America launched a chatbot named Erica available for the customers in the bank’s mobile application. This chatbot enabled customers to perform various tasks such as making transactions and checking balances to improve customer satisfaction.

The AI-based chatbot market is growing at a CAGR of 53% as they provide highly conversational experiences through text and voice, which can be customized for use on various web browsers, mobile devices, and varied chat platforms. Furthermore, increasing collaboration in the AI-based companies also drives the market growth. For instance, in March 2018, Haptik, a leading AI-based chatbot platform partnered with Amazon Web Services to deliver solutions for Indian customers. This will enable the company to expand its AI-based market in India.

The rule-based segment dominates the chatbot market with a revenue of USD 218 million in 2017 anticipated to reach USD 869 million by 2024. However, the development of these chatbots is done following a rule-based approach and hence are unable to answer questions whose patter mismatches with the rules on which the bot is trained. The AI-based chatbots are projected to grow at the fastest rate of CAGR 52.8% over the forecast timeline. The rapid progresses in the field of NLP and machine-learning have also led to the development of AI-based chatbots which can offer personalized responses. For instance, in 2018, the Indian railways decided to use AI-based chatbots for handling passenger queries. These chatbots assist in improving traveler experience in an efficient manner by providing enhanced passenger safety, amenities, and better service delivery.

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According to experts, financial and healthcare institutions will have an easier time adopting chatbots due to their structured processes that make automation easier. For instance, Bank of America’s chatbot Erica made major headlines, having registered 1 million users within 3 months. Financial advice provided by the chatbot and easy transaction searches are the factors that made Erica such a big hit. Analysts listed transactions with popular merchants such as Walmart, Uber, Amazon, Costco, etc., as among the top queries that customers search for. When Erica is asked to show all transactions with a particular merchant, such as Amazon, Erica lists all debit, credit and check transactions, which makes online banking much easier to keep track of. Banks all over the world have already employed some form of chatbot or the other, making BFSI one of the fastest growing segments of the chatbot market.

North America is projected to dominate the chatbot market by 2024 as chatbot solutions have gained prominence in different sectors such as BFSI e-commerce, gaming, and healthcare. Furthermore, the technological advancements in the AI and NLP technologies followed by the increased usage of computers, tablets, laptops, and mobiles are also driving the market growth. Asia Pacific is growing the fastest in the market during the forecast timeline, generating revenues of approximately USD 350 million by 2024 due to the rising advent of messaging applications such as WeChat in China. Furthermore, the rapid investments by tech giants have also boosted the chatbot growth. For instance, in April 2018, Alibaba invested USD 600 million in SenseTime, China’s leading AI company. This funding will assist the company in increasing their technological innovation rate and expanding their new business opportunities.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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