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Chatbot Market: Growth Strategies, Opportunity, Rising Trends and Revenue Analysis 2024

Author : Ronak Bora | Published Date : 2020-08-25 

The chatbot market is at present being dominated by rule based and machine learning-based chatbots. While simple rule based chatbots are economic and effectively handle basic customer queries, their drawback is that they do not understand intent and context of a conversation. On the other hand, chatbots that are using pattern recognition, data analysis and predictive analytics as the three pillars for development are being more readily employed in businesses as all it takes for the chatbot to learn and enhance its data processing speed is continuous exposition and data feeding. This might explain why rule based chatbots, in 2017, despite having accounted for substantial market share, are forecast to remain modestly profit-oriented over 2018-2024. However, AI based chatbots, not surprisingly, are anticipated to record a CAGR of 53% during the same period.

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.

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Chatbot Market is projected to surpass USD 1.34 billion by 2024. The introduction of chatbot has opened new boundaries into the business world in terms of customer engagement and ease of interaction enabling the countries to connect with their customers globally. Chatbots also allow businesses to interact with their customers in two-way communication. It permits them to examine and measure interactions with consumers, taking their requirements into consideration, and optimizing customer experiences. Chatbots also aid in increasing customer retention rate by sending personalized messages and offering 24/7 availability, accelerating the market demand.

The technological advancements in the field of AI had benefitted the chatbot market as they have brought about a change from just being simple software with scripted answers to present day intelligent chatbots that are able to engage potential consumers. These chatbots have brought about various positive social impacts such as enhanced customer interaction with businesses, quick access to public data, and online payment of tax and bills. Moreover, the governmental agencies are also relying on chatbots to enhance customer experience. For instance, the Mississippi Department of Information Technology has been using a chatbot named Missi to resolve inquiries of 100 citizens daily relating to taxes and hunting licenses.

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.

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.

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The companies in the chatbot market are spending in the research and development, aimed at developing new and customized chatbots. The vendors in the market are Astute Solutions, Baidu, Botsify, Bold360, Chatfuel, ChatterOn, ChattyPeople, Facebook, Google Inc., Haptik Inc., Helpshift, IBM Watson, Imperson Ltd., Kiwi Inc., ManyChat, Microsoft Corporation, Nuance Communication Inc., LivePerson, Poncho, ReplyYes, Slack Technologies Inc., and SRI International.

Table of Contents (ToC) of the report:

Chapter 5.   Chatbot Market, By Application

5.1.  Key trends, by application

5.2.  Customer service    

5.2.1. Market estimates and forecast, 2013 - 2024

5.2.2. Market estimates and forecast, by region, 2015 – 2024

5.3.  Social media

5.3.1. Market estimates and forecast, 2013 - 2024

5.3.2. Market estimates and forecast, by region, 2013 - 2024

5.4.  Payment/order processing

5.4.1. Market estimates and forecast, 2013 - 2024

5.4.2. Market estimates and forecast, by region, 2013 - 2024

5.5.  Marketing

5.5.1. Market estimates and forecast, 2013 - 2024

5.5.2. Market estimates and forecast, by region, 2013 - 2024

5.6.  Others

5.6.1. Market estimates and forecast, 2013 - 2024

5.6.2. Market estimates and forecast, by region, 2013 – 2024

Chapter 6.   Chatbot Market, By Interface

6.1.  Key trends, by interface

6.2.  Standalone

6.2.1. Market estimates and forecast, 2013 - 2024

6.2.2. Market estimates and forecast, by region, 2013 – 2024

6.3.  Web-based

6.3.1. Market estimates and forecast, 2013 - 2024

6.3.2. Market estimates and forecast, by region, 2013 – 2024

6.4.  Third-party

6.4.1. Market estimates and forecast, 2013 - 2024

6.4.2. Market estimates and forecast, by region, 2013 – 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/chatbot-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia 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. [email protected] | https://twitter.com/RonakBora26

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