Chatbots are an artificial conversational character which interacts with human via both verbal and non-verbal communication gateways. Chatbots can work on phones as well as computers and are mostly accessed through internet. All the functions performed by Chatbots are based on an artificial intelligence system. Chatbots are believed to emerge as major channel for commerce and digital communication over next few years.
Chatbot Market Demand, Growth, revenue
The global Chatbots market was valued at USD 88.5 Million in 2015 and is anticipated to witness a substantial compound annual growth rate (CAGR) of 35.08% over the period 2016-2023. Regionally, the global Chatbots market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and Rest of World (Row). Globally, web-based chatbots are gaining traction among the enterprises due to its advanced connectivity and user-friendly interfaces. Expansion of social networking websites across the globe are escalating the demand for chatbots. The demand for chatbots has been particularly seen in large enterprises owing to its efficiency.
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North America Chatbots market is likely to escalate owing to adoption of Chatbots by some of the big organizations such as Facebook Inc. In addition to that emergence of new Chatbots providing start-ups in the U.S. is also expected to expand North America Chatbots market in future. In 2016, demand from U.S. market expanded 19.65% Y-O-Y, making it one the biggest markets for chatbot implementation in North America followed by Canada. Further, Europe is also expected to witness a significant demand of Chatbots from the rapidly growing outsourcing industry in the region. A great demand and opportunity in Europe is expected to arise from Germany, U.K. & France by 2023; new players and existing established market players would see a spiked demand in these three countries in Europe. In addition to that, Asia-Pacific Chatbots market is envisioned to witness a robust growth sparked by increasing expansion of messaging applications in countries such as India, Malaysia, South Korea, Japan, Indonesia and China.
Global Chatbots market includes some of the top players such as Facebook Inc., Amazon Web Services, Inc., Yahoo Inc., Pandorabots, Inc., Microsoft Corp., ChattyPeople, Chatfuel, Motion AI, Inc., Pypestream Inc., PullString Inc.
Growth Drivers and challenges
Rising inclination of enterprises towards increasing customer experience along with reducing operational costs and working efficiency is expected to garner the growth of global Chatbots market over the forecast period i.e. 2016-2023. In addition to that increasing digital transformation is also envisioned to bolster the global Chatbots market over next 4-5 years. However, lack of awareness and large dependency on humans for customer interaction are anticipated to restrain the global Chatbots market in future.
Demand Analysis & Market Segmentation
By End Use
Small and Medium Sized Enterprise
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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This post was originally published on Trading Herald