Vast developments in the field of artificial intelligence in the past few years have significantly benefitted the level of maturity that chatbots have witnessed from being simple answer machines with scripted responses to the present day chatbots that are smart enough to effectively engage potential consumers. Businesses are also increasingly using chatbots in highly interesting ways demonstrating the larger spectrum of capacities and capabilities of chatbots.
Technological advancements are allowing the easy implementation of artificial intelligence tools in consumer electronic products, thereby allowing the chatbot market to gain a larger consumer base. The market for chatbots is also significantly benefitting from the increased use of online messaging and the use of chatbots in digital marketing strategies for purposes such as customer engagement and generation of lead.
Transparency Market Research estimates that the global chatbot market will exhibit a staggering 27.8% CAGR, in terms of revenue, over the period between 2016 and 2024. The market is expected to rise from a valuation of US$113.0 mn in 2015 to US$994.5 mn in 2024.
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Large Enterprises Make Best Use of Current Chatbot Features
The global chatbot market has been segmented in terms of the size of enterprises making use of them into small enterprises, medium-sized enterprises, and large enterprises. Of these, the segment of large enterprises accounted for a dominant share in the global chatbot market revenue in 2015. The segment is also expected to remain the key demand-driver for chatbots over the report’s forecast period, generating US$626.3 mn for the global market by 2024.
The vast scope of use of chatbots in large enterprises for digital marketing applications is the key factor contributing to the leading position of the segment in the global chatbot market. The segment of large enterprises also presents massive demand for chatbots owing to their use in initiating business process automation activities. Large enterprises also benefit from the use of chatbots in improving their marketing strategies and social media involvement.
North America to Contribute Massive Share in Global Revenue
From a geographical standpoint, the report includes the analytical overview of the chatbot market across regions such as North America, Asia Pacific, Latin America, Europe, and Middle East and Africa. Of these, the market in North America is presently known to account for a massive share in the overall market, the regional market was valued at US$52.7 mn in 2015 and is expected to retain its leading spot throughout the report’s forecast period, in terms of growth rate as well as demand. Healthy growth of the U.S. market for chatbots will remain the key force driving the North America market over the forecast period.
On the other hand, the market for chatbots in Asia Pacific is also expected to exhibit a highly promising CAGR over the report’s forecast period. Demand will chiefly stem from the rapidly expanding ICT infrastructure in leading economies such as India and China in the region. The already massive and rising population of mobile phone users is the region forms a highly promising consumer pool for the region’s chatbot market, especially for applications such as personalized assistance applications.
Some of the leading vendors contributing notably to the overall development of the global chatbot market are Helpshift, Imperson Ltd., Astute Solutions, Facebook, Inc., Haptik, Inc., Pandorabots, Inc., Google, Inc., Kiwi, Inc., Microsoft Corporation, Kasisto Inc., ToyTalk (PullString Inc.), Yahoo Inc., and Slack Technologies, Inc.