Global Chatbot Market is Likely to Grow at a CAGR of 28% during the Forecast Period 2016–2022
Chatbot Market – Report Insights
The chatbot revolution often draws a parallel to robotic automation as it is cited to save as much as 25–30% on manpower costs over the next decade. It is also considered as a game changer in the labor market, eliminating the need for secondary activities to emerging economies and warranting the need to invest upon skill upgrading and next generation technologies rather than routine processes. The adoption of chatbot is spearheaded by major social networks and technology companies, including Microsoft, Facebook, Slack, Twitter, and Snapchat who have well identified the potential of chatbot.
Scope of the Report
The report “Global Chatbot Market – Strategic Assessment and Forecast 2017-2022”, considers the present scenario of the global chatbot market and its strategic assessment for the period 2016−2022. It includes a comprehensive study of growth drivers, trends, and restraints. It also analyzes leading five vendors and ten other prominent vendors in the market.
The report provides the analysis of key segments of the market in terms by type,interface, end-user, geography, country, and vendors. It provides a detailed analysis of the revenue from the following segments:
Chatbot Market – Market Size and Dynamics
Analysts at Beige Market Intelligence expect that the global chatbot market is likely to post a CAGR of more than 28% during 2016–2022. The market over the forecast period will be majorly driven by high awareness about the benefits of bots and the rise of innovative test cases for their implementation. While developed countries are increasingly relying on automation to better mitigate their dependence on developing countries for cheap manpower, developing countries are focusing on upgrading their skillsets for existing jobs. Chatbot is recognized as an ideal tool, facilitating the same as they enable the automation of routine support activities, while allowing the resource to focus on intelligent algorithms incorporating machine learning.
In the end-user segment, the news and media contributes the maximum market revenue to the global market. The adoption of chatbot for this end-user segment is majorly driven by the marginal utility of the customer for live newsfeeds.
Chatbot Market – Trends, Drivers, and Restraints
The report includes a detailed study of emerging trends, factors driving the growth, and expected challenges of the market during the period 2017–2022. The open-source ecosystem driving innovation and adoption and active support from Facebook, Microsoft and Google to drive down development costs are among the latest trends which are likely to drive the global chatbot market in the next five years. In addition, there is a major shift from rule-based to AI-based implementation, which will drive the market. Similarly, progressive growth in natural language processing, increased prominence of messaging applications, and the need for optimization of customer management costs are among the driving factors that are likey to catalyze the market.
Chatbot Market – Geographical Analysis
The report includes the market analysis of different regions such as North America, Latin America, APAC, MEA, and Europe. It outlines major market shareholders and the market size analysis of all regions. North America, particularly the US undoubtedly remains to be the most advanced market for the development and hosting of a diverse range of chatbots. APAC, on the other hand, hosts key markets of China and India that collectively host one-third of the world’s population and one-fourth of the world’s internet user base and are key sources of internet traffic. Also, APAC remains as the largest market during the forecast period. As the chatbot markets in US and Europe are mature, in emerging economies there is little presence of paid offerings.
Chatbot Market –Key Vendors and Market Share
The report profiles major companies in the global chatbot market and provides the competitive landscape and market share of the leading players. It covers the entire market outlook regarding the value chain operating in the market.
Nuance Communications Inc.
Other prominent vendors included in the report are Haptik Inc., Viclone, Astute Solutions, Kasisto Inc., True Image Interactive, CX Company, Next IT Corp., H-Care, Synthetix Ltd., and Helpshift.
Why should you buy the report?
The report provides answers to the following questions related to the global chatbot market.
What are the current changes witnessed by the market and how are they likely to impact the market landscape in the coming years?
What are the various factors that can affect the market over the next few years?
What are the major emerging trends and challenges for the market over the next five years?
What is the market size and market forecast for each product segment and end-user type?
Which region is expected to witness the highest market share and what are the factors driving the growth in that region?
What is the sale growth rate in key geographies?
Which are the major countries in terms of market size and market forecast?
Which are the key vendors in the market?
What are the main strategies implemented by the leading vendors to increase growth opportunities?
Which are the key emerging vendors in the market?
Chatbots, which are also known as conversational agents or dialog systems, are computer programs that mimic conversation with people using AI. Currently, chatbots are basically replacing all individual application, and many companies such as Microsoft, Facebook, Apple, Google, WeChat, and Slack are making big bets on chatbots. Also, a new wave of start-ups is emerging to differentiate how customers interact with services providers by building consumer applications, bot platforms, and bot libraries. For instance, Microsoft has recently released its own bot developer framework. Companies are developing chatbots to have natural conversations which are indistinguishable from human ones, using natural language processing and deep learning techniques.
The key objectives of the study are as follows
To provide a detailed analysis of the worldwide chatbot market
To provide a break-down of chatbot market
By End User
By Geographic Segment
To provide the competitive landscape of the key players operating in this market and how the market will evolve over the forecast period
To provide strategic insights into what is happening in the market and what should happen in the market during the forecast period
To provide key insights into the various factors that are aiding as well as adversely affecting the market and how this scenario will change during the forecast period
The scope of the study is as follows
The report provides the optimistic and pessimistic scenarios for chatbot market.
the study considers the revenue generated by various data center vendors by geographic segments and key countries market share analysis:
Timeline of the study is as follows
Base Year: 2016 (Actual figures)
Forecast Period: 2017-2022 (Forecasted figures)
Why should you buy this study?
The study will tell the reader how the market has been performing over the last few years and how it is expected to perform over the next five years. Detailed analysis of the performance of the market is provided thereby providing the reader with key insights into what is taking place and how the market is being affected, both positively and adversely. Individuals who are interested in knowing which are the key companies involved in the market should purchase this report.
In short, the study will provide a holistic view of the chatbot Market, which are the companies that are involved in the market and what are the factors that contribute to this market. The report will also provide information on what are some of the trends that have started to surface and are expected to be a strong driving force in the market over the next five years.
Section 1 Research Methodology
Section 2 Executive Summary
Section 3 Report Coverage
3.1 Report Assumption
3.2 Scope of the Report
3.3 Currency Exchange Rates
3.4 Market Derivation
3.5 Key Definitions
Section 4 Introduction
Section 5 Key Market Trends
5.1 Open-source Ecosystem Driving Innovation and Adoption
5.2 Active Support from Facebook, Microsoft, and Google Reducing Development Costs
5.3 Major Shift from Rule-based to AI-based Implementation
5.4 Conversational Interfaces to Dominate with Higher Engagement Rates
Section 6 Key Market Drivers
6.1 Need for Optimization of Customer Management Costs
6.2 Progressive Growth in Natural Language Processing
6.3 Application Fatigue and Higher Development Costs
6.4 Increased Prominence of Messaging Applications
Section 7 Key Market Challenges
7.1 Lack of Viable Pricing Model
7.2 Implementation Limitations for Sensitive End-users
7.3 Spamming and Data Privacy Concerns
Section 8 Global Chatbot Market
Section 9 Chatbot Market by End-user
9.1 Segmental Overview
9.2 News and Media: Market Size and Analysis
9.3 E-commerce: Market Size and Analysis
9.4 Banking and Insurance: Market Size and Analysis
9.5 Healthcare: Market Size and Analysis
9.6 Gaming and Entertainment: Market Size and Analysis
9.7 Telecom: Market Size and Analysis
9.8 Other Chatbot Applications: Market Size and Analysis
Section 10 Chatbot Market by Type
10.1 Segmental Overview
10.2 Rule-based Chatbots: Market Size and Analysis
10.3 AI-integrated Chatbots: Market Size and Analysis
Section 11 Chatbot Market by Interface
11.1 Segmental Overview
11.2 Web-based Chatbots: Market Size and Analysis
11.3 Application-based Chatbot: Market Size and Analysis
Section 12 Segmentation by Geography
12.1 Geographical Overview of Chatbot Market
Section 13 Chatbot Market in APAC
13.1 Market Size and Analysis
13.2 China Chatbot Market: Market Size and Analysis
13.3 Japan Chatbot Market: Market Size and Analysis
13.4 Market Size and Analysis in Other APAC Countries
Section 14 Chatbot Market in Europe
14.1 Market Size and Analysis
Section 15 Chatbot Market in MEA
15.1 Middle East: Market Size and Analysis
15.2 Africa: Market Size and Analysis
Section 16 Chatbot Market in North America
16.1 Market Size and Analysis
16.2 US Chatbot Market: Market Size and Analysis
16.3 Canada Chatbot Market: Market Size and Analysis
Section 17 Chatbot Market in Latin America
17.1 Market Size and Analysis
Section 18 Competitive Landscape
18.1 Porter’s Five Forces Model
18.1.1 Threat of New Entrants
18.1.2 Bargaining Power of Suppliers
18.1.3 Bargaining Power of Buyers
18.1.4 Threat of Substitutes
18.1.5 Competitive Rivalry
18.2 Market Structure and Mapping of Competition
18.3 Overview of Competition
Section 19 Key Vendor Analysis
19.1 Anboto Group
19.2 Creative Virtual
19.3 eGain Corp.
19.5 Nuance Communications
Section 20 Other Prominent Vendors
20.1 Haptik Inc.
20.3 Astute Solutions
20.4 Kasisto Inc.
20.5 True Image Interactive
20.6 CX Company
20.7 Next IT Corp.
Section 21 Appendix
Section 22 Summary of Figures
22.1 Key Revenue Figures of Global Chatbot Market for Different Geographies
22.2 Key Revenue Figures of Global Chatbot Market for Different End-users
22.3 Key Revenue Figures of Global Chatbot Market for Different Types
22.4 Key Revenue Figures of Global Chatbot Market for Different Interfaces
22.5 Key Revenue Figures of Global Chatbot Market for Different Hosted Platforms
Exhibit 1 Segmentation of Global Chatbot Market
Exhibit 2 Average Annual Savings by End-user Industry due to Automation in US 2017–2022 ($ billion)
Exhibit 3 Tentative Project Estimates for Development of iOS and Android Applications ($)
Exhibit 4 Number of Monthly Active Users on Various Messaging Applications Worldwide as of January 2017 (million)
Exhibit 5 Number of Active Users on Various Social Network Sites Worldwide as of April 2017 (in million)
Exhibit 6 EFF Secure Messaging Scorecard
Exhibit 7 Global Chatbot Market by Revenue 2016−2022 ($ million)
Exhibit 8 Segmentation of Chatbot Market by End-user
Exhibit 9 Comparison of Revenue Growth Rates in Chatbot Market by End-users 2017–2022
Exhibit 10 Revenue of News and Media Segment in Chatbot Market 2016−2022 ($ million)
Exhibit 11 Percentage of US Adults Receiving News Through Online Platforms (2016)
Exhibit 12 Revenue of E-commerce Segment in Chatbot Market 2016−2022 ($ million)
Exhibit 13 Adoption Rate and Market Share of Various End-users in E-commerce Segment
Exhibit 14 Revenue of Banking and Insurance Segment in Chatbot Market 2016−2022 ($ million)
Exhibit 15 Savings Offered Under Key Expenditure Heads by Chatbots in Banking and Insurance Industry 2016
Exhibit 16 Revenues of Healthcare Segment in Chatbot Market 2016−2022 ($ million)
Exhibit 17 Scope of Bot-implementation in Healthcare Technology 2016 (% of Segmental Revenues)
Exhibit 18 Revenue of Gaming and Entertainment Segment in Chatbot Market 2016−2022 ($ million)
Exhibit 19 Scope of Bot-implementation in Telecom Industry 2016 (% of Segmental Revenues)
Exhibit 20 Revenue of Telecom Segment in Chatbot Market 2016−2022 ($ million)
Exhibit 21 Revenue of Other Applications in Chatbot Market 2016−2022 ($ million)
Exhibit 22 Segmentation of Chatbot Market by Type
Exhibit 23 Comparison of Revenue Growth Rates in Chatbot Market by Type 2017–2022
Exhibit 24 Rule-based Chatbot Market by Revenue 2016−2022 ($ million)
Exhibit 25 AI-integrated Chatbot Market by Revenue 2016−2022 ($ million)
Exhibit 26 Segmentation of Chatbot Market by Interface
Exhibit 27 Comparison of Revenue Growth Rates in Chatbot Market by Interface 2017–2022
Exhibit 28 Web-based Chatbot Market by Revenue 2016−2022 ($ million)
Exhibit 29 Application-based Chatbot Market by Revenue 2016−2022 ($ million)
Exhibit 30 Segmentation of Chatbot Market by Geography
Exhibit 31 Comparison of Revenue Growth Rates in Chatbot Market by Geography 2017–2022
Exhibit 32 Revenue of Chatbot Market in APAC 2016−2022 ($ million)
Exhibit 33 Chatbot Market in China by Revenue 2016−2022 ($ million)
Exhibit 34 Chatbot Market in Japan by Revenue 2016−2022 ($ million)
Exhibit 35 Major Drivers for Adoption of Chatbot in Other APAC Countries
Exhibit 36 Adoption of Chatbots in Europe by End-users 2016 ($ million)
Exhibit 37 Chatbot Market in Europe by Revenue 2016−2022 ($ million)
Exhibit 38 Chatbot Market in MEA by Revenue 2016−2022 ($ million)
Exhibit 39 Segmentation of Chatbot Market in MEA by End-user 2016 ($ million)
Exhibit 40 Internet Penetration in Key African Countries 2017
Exhibit 41 Chatbot Market in North America by Revenue 2016−2022 ($ million)
Exhibit 42 Key Focus Areas in Facebook’s F8 Conference 2017
Exhibit 43 Chatbot Market in US by Revenue 2016−2022 ($ million)
Exhibit 44 Adoption of Chatbots in US by End-user 2016 ($ million)
Exhibit 45 Major Drivers and Restraints for Chatbot Proliferation in US
Exhibit 46 Chatbot Market in Canada by Revenue 2016−2022 ($ million)
Exhibit 47 Chatbot Market in Canada by End-user 2016 (Revenues)
Exhibit 48 Chatbot Market in Latin America by Revenue 2016−2022 ($ million)
Exhibit 49 Comparison of Consumer Landscape in Latin America 2015
Exhibit 50 Internet Penetration in Latin America 2016 (% of population)
Exhibit 51 Overview of Market Concentration in Various Geographies 2016 (as illustrated by HHI)
Exhibit 52 Market maturity in terms of Awareness rate and Adoption rate (as % of number of Chatbot customers polled)
Exhibit 53 Size of Global Chatbot Market and Growth Rate for Geographies (2016–2022)
Exhibit 54 Size of Global Chatbot Market and Growth Rate for Different End-users (2016–2022)
Exhibit 55 Size of Global Chatbot Market and Growth Rate for Different Types (2016–2022)
Exhibit 56 Size of Global Chatbot Market and Growth Rate for Different Interfaces (2016–2022)
Exhibit 57 Size of Global Chatbot Market and Growth Rate for Different Hosted Platforms (2016–2022)