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FEATURED COMPANIES
- Cognicor
- Contus
- Conversica
- Gupshup
- Kevit
10% Free customization
This report comes with 10% free customization, enabling you to add data that meets your specific business needs.
A chatbot is an artificial intelligence (AI) driven computer program deployed for interaction. It is commonly known as a ‘conversational agent’ as it simulates human speech for interacting with its user. It enables this communication through texts, audio, or telephone. They can mimic real-life conversations and are therefore used in various sectors such as telecom, healthcare, banking, media, travel & tourism, etc. They play a key role in allowing companies to reach out to their customers to describe the key information of the organization or to resolve queries of the customers by being available 24*7. There has been a rise in its usage as they have multiple advantages that encourage investments in this industry, which in turn boosts its market growth. The market for Chatbots is expected to grow at a CAGR of 29.10%, with a value expecting to reach $16.85 billion by 2026.
Research Methodology:
The chatbot market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology, along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of the publisher's market sizing and forecasting methodology. The publisher's industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
This report provides an overall understanding of the Chatbot market by carefully analyzing its stakeholders and various domains under it.
Based on Application
The Chatbot market based on application mainly comprises customer engagement and support under various verticals. It is an effective tool to engage customers and retain them. It’s also quite useful in collecting data, and also for advertising products and services. The fact that it can be used as a personal assistant is one of the main reasons for its popularity in the present times. These devices have improved the speech recognition considerably by also communicating in the native languages, which has therefore resulted in the wide usage of Chatbots in various applications.
Based on Deployment
The on-premise deployment model is the most popular one, and it held a dominant market share in 2019 and is expected to maintain this position over the forecast period. The on-premise model allows the companies to have a better user experience and security of data. It can also examine all the Chatbot interactions within the company.
Based on Verticals
The banking sector has been one of the main users of chatbots for catering to such large customers and building its relations with them. The other sectors have also adopted Artificial Intelligence tools to focus on bringing customer satisfaction. It is also useful in the healthcare industry for people suffering from diseases such as Alzheimer's.
Based on Organization size
Small and Medium-sized enterprises are increasingly shifting towards conversational user interfaces that are possible through Chatbots.
Based on Region
There are certain limitations of Chatbots. As Chatbots are fed with specific data sets, it is possible for them to fail to understand or fully cater to the customers’ questions. The use of Chatbot solutions is increasing among various industries; there still remain challenges in effectively utilizing Chatbots solutions mainly due to the limited awareness regarding it. Moreover, the cost of introducing Chatbots in the enterprises is quite high, which might limit the adoption of such systems in Small and Medium-sized Enterprises (SMEs).
Nevertheless, Chatbots are the future of the world. The present COVID induced crises have led to minimum human interaction, and many have chosen the option to continue catering to customer demand by using highly-efficient Chatbots. They are also likely to revolutionize the education sector in the future as more and more learning goes online.
The study also includes the analysis of major players in the Chatbot market. Some of the major players consist of Yellow Messenger, Passage AI, Cognicor, Conversica, Kevit, SmartBots.ai, Kore.ai, Yekaliva, Gupshup, Contus, and Google, among others. This report will also be useful in understanding key market trends and dynamics. The qualitative and quantitative analysis will enhance the user experience of the report.
Research Methodology:
The chatbot market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology, along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of the publisher's market sizing and forecasting methodology. The publisher's industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
This report provides an overall understanding of the Chatbot market by carefully analyzing its stakeholders and various domains under it.
Based on Application
- Customer Engagement
- Customer Support
- Employee Engagement
- Data Privacy and Compliance
- Branding and Advertisement
- Personal Assistant
The Chatbot market based on application mainly comprises customer engagement and support under various verticals. It is an effective tool to engage customers and retain them. It’s also quite useful in collecting data, and also for advertising products and services. The fact that it can be used as a personal assistant is one of the main reasons for its popularity in the present times. These devices have improved the speech recognition considerably by also communicating in the native languages, which has therefore resulted in the wide usage of Chatbots in various applications.
Based on Deployment
- Cloud
- On-premises
The on-premise deployment model is the most popular one, and it held a dominant market share in 2019 and is expected to maintain this position over the forecast period. The on-premise model allows the companies to have a better user experience and security of data. It can also examine all the Chatbot interactions within the company.
Based on Verticals
- Healthcare
- Telecom
- BFSI
- Development Sector
- Travel & Tourism
- Media & Entertainment
The banking sector has been one of the main users of chatbots for catering to such large customers and building its relations with them. The other sectors have also adopted Artificial Intelligence tools to focus on bringing customer satisfaction. It is also useful in the healthcare industry for people suffering from diseases such as Alzheimer's.
Based on Organization size
- Small and Medium-sized Enterprises
- Large Enterprises
Small and Medium-sized enterprises are increasingly shifting towards conversational user interfaces that are possible through Chatbots.
Based on Region
- North America
- Europe
- Asia-Pacific
- Rest of the world
There are certain limitations of Chatbots. As Chatbots are fed with specific data sets, it is possible for them to fail to understand or fully cater to the customers’ questions. The use of Chatbot solutions is increasing among various industries; there still remain challenges in effectively utilizing Chatbots solutions mainly due to the limited awareness regarding it. Moreover, the cost of introducing Chatbots in the enterprises is quite high, which might limit the adoption of such systems in Small and Medium-sized Enterprises (SMEs).
Nevertheless, Chatbots are the future of the world. The present COVID induced crises have led to minimum human interaction, and many have chosen the option to continue catering to customer demand by using highly-efficient Chatbots. They are also likely to revolutionize the education sector in the future as more and more learning goes online.
The study also includes the analysis of major players in the Chatbot market. Some of the major players consist of Yellow Messenger, Passage AI, Cognicor, Conversica, Kevit, SmartBots.ai, Kore.ai, Yekaliva, Gupshup, Contus, and Google, among others. This report will also be useful in understanding key market trends and dynamics. The qualitative and quantitative analysis will enhance the user experience of the report.
- The competitive analysis of the major players enables users to understand various strategies of product innovation, partnerships, and gaining market share.
- This report also provides the portfolio analysis, capability analysis of the leading players.
- The quantitative analysis of this market enables users to understand the rationale of the market growth across various domains.
Note: Product cover images may vary from those shown
FEATURED COMPANIES
- Cognicor
- Contus
- Conversica
- Gupshup
- Kevit
1. Executive Summary13. Analyst Opinion
2. Industry Outlook
3. Market Snapshot
4. Market Outlook
5. Deployment Model: Market Size & Analysis
6. Vertical: Market Size & Analysis
7. Application: Market Size & Analysis
8. Organization Sizes: Market Size & Analysis
9. Geography: Market Size & Analysis
10. Competitive Landscape
11. Vendor Profiles
12. Companies to Watch
14. Annexure
List of Tables
List of Figures
Note: Product cover images may vary from those shown
- Yellow Messenger
- Passage AI
- Cognicor
- Conversica
- Kevit
- SmartBots.ai
- Kore.ai
- Yekaliva
- Gupshup
- Contus
Note: Product cover images may vary from those shown
