Pune, India -- (SBWIRE) -- 04/10/2019 -- The market study covers the Chatbots Market crosswise segments. It purposes at estimating the market size and the growth prospective of the market segments, such as supplier, application, organization size, business vertical, Industry Analysis, Trends, Market Size, and Forecasts up to 2024 and region. The study also includes a detailed competitive analysis of the key players in the market, along with their enterprise profiles, key observations related to product and industry offerings, new developments, and key market plans. The global chatbots market is projected to grow at a CAGR of 27.5% over the forecast period of 2018 - 2024.

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Chatbots Market: Industry Insights

A chatbot is a computer program that automates certain tasks, typically by chatting with a user through a conversational interface. It can simulate a conversation with a user in common language through messaging applications, websites, mobile apps or through the telephone. The most advanced chatbots are powered by artificial intelligence, helping it to understand complex requests, personalize responses, and improve interactions over time.

Chatbots Market: Drivers and Restraints

The increasing incorporation of chatbots technology in various business primarily drives the growth of the chatbots market. Chatbots are used for handling customer requests on mobile apps, websites, consumer messaging apps, and social media, as customers nowadays are mostly engaged on digital channels. They have access to a very broad array of information and functionality and are designed to outperform humans in terms of the speed and accuracy in a narrow domain. Additionally, more than 100,000 bots are being functioned at FB Messenger to contact consumers in real-time mode. Furthermore, chatbots allow businesses to deliver services in a highly personalized manner where the message, operations, and human support are integrated into a single experience. In addition to enhanced customer experience, chatbots also improve operational efficiency by reducing the typical cost of customer service. However, low adoption of chatbots among small scale enterprises due to its high-cost act as a constraint for market growth.

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Chatbots Market: Segmentation

The report on global chatbots market is segmented into type, product, application, and end use. The type segment in the global chatbots market is categorized into a web-based, standalone and messenger-based/third party. Based on the product, the global chatbots market is categorized into marketing, human intelligence, and artificial intelligence.

The application segment is further segmented into bots for social media, bots for marketing, bots for service, bots for payments/order processing and others. Among the applications, social media is likely to hold the largest market share. Social media not only provides information to the customers but also provide innovative solutions and features to attract as well as retain customers. Social media helps customers with updated information about the events and other business strategies.

The end use segment is categorized into small enterprises, medium enterprises, and large enterprises. Among end use, large enterprise dominated the chatbots market. This segment provides a massive demand for chatbots due to its use in business process activities. Large business has huge investments & skilled work force and they always focus on customer retention through innovative techniques such as chatbots.

Chatbots Market: Regional Insight

North America dominates the global chatbots market. The U.S holds the major market share in the North America region owing to increase deployment of chatbots across various business segments. In the U.S., 35.6 million have used a voice-activated assistant device at least once a month in 2017. In addition, chatbots are rapidly being implemented for customer service in several businesses in this region that in turn promotes the growth of the chatbots market. Asia Pacific is set to grow at the highest CAGR over the forecast period owing to the growing adoption of technology in several businesses vertical for enhancing the customer experience.

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Chatbots Market: Competitive Insight

The chatbots market is a moderately fragmented market. The major players in the global chatbots market are Next It Corporation, 24/7 Customer, Inc, IBM Corporation, Creative Virtual Pvt. Ltd., Egain Corporation, Artificial Solutions, Nuance Communications, Inc, Speaktoit, Inc, CX Company and Codebaby (Idavatars), Inc among others. The companies are focusing on implementing additional features in the chatbots to gain maximum market share.