Application-based Chatbot Market Likely to Cross US$591 by 2022
Posted on June 22, 2017 at 10:46 am | | Khyama
The application-based chatbot market is expected to cross US$591 million mark by 2022. The e-commerce industry is the largest end-user segment in the global chatbot market.
Beige Market Intelligence announces the publication of its latest market research report, Global Chatbot Market – Strategic Assessment and Forecast 2017–2022. The 115-page report provides the analysis of key segments of the market in terms product type, end-user type, interface type, distribution channel, geography, and vendors. It includes a detailed study of growth drivers, trends, and restraints. The report also analyzes the leading vendors and other prominent vendors in the market.
Analysts at Beige Market Intelligence says that theapplication-based chatbot segment will continue to dominate the global chatbot market during the forecast period. The revenue of the application-based chatbot market is likely to cross US$ 591 million by 2022.
Applications of vendors such as Facebook, Google, and Microsoft have been designed to be easily integrable with a wide range of standalone applications with the application-based chatbot market gaining leverage of ubiquity to gain an edge. While applications such as Skype, Facebook messenger, Instagram, Snapchat, and Twitter continue to retain and grow their prominence, standalone applications are witnessing a steady decline.
Increased Prominence of Messaging Applications
Messaging applications including WhatsApp, Facebook Messenger, WeChat, Snapchat, and others have been the most preferred means of communication on mobile devices. In the first quarter of 2015, the leading four messaging applications surpassed social networks in their worldwide popularity.
Chatbots as a component of messaging have become important and will become increasingly popular as their capabilities are expanding and evolving. They provide businesses and brands a personalized engagement with consumers through a channel, which is already known, messaging. While several industry conversations about chatbots are focused on customer services and e-commerce, chatbots also provide functionality to forge increasingly personal conversations with consumers on various levels. Hence, increased use of messaging is an emerging trend in the global chatbot market.
Emergence of E-commerce Industry as Largest End-user Segment
Chatbots are increasingly becoming a common sight in the e-commerce world. They are specifically designed to replicate the human interaction and exhibit intelligent behavior like humans, and simulate responses as convincingly as a human conversation partner in any given circumstances. The adoption rate of chatbots in the e-commerce industry such food and grocery, fashion, ticketing, and consumer electronics is high as they provide 24/7 support, retain, and re-engage customers by sending messages, and reduce the cost associated with CRM by decreasing the number of human chat operators. Thus, the e-commerce industry is going to contribute a major portion of revenue to the global chatbot market due to the high demand.
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