A chatbot refers to an artificial intelligent robot which has been designed to interact or communicate with humans through auditory or textual methods, basically over the internet. It is a computer based software that enables conversation between machine and human via artificial intelligence. A chatbot is programmed and designed to support text, speech recognition, and animation to provide a virtual user interface. Chatbots employ natural language processors to encourage a conversation with the user leading to an enhanced customer experience in applications such as healthcare, retail, and e-commerce. These chatting robots may be accessed via several platforms such as computers, smartphones, social networking websites, and hypertext markup language (HTML) pages. They can interact with their users using several languages and graphical designs and format based on the application of the end user such as a 3D animated creature, animal, or a cartoon character.
According to a report published by Transparency Market Research, the global chatbot market is expected to witness an outstanding 27.8% CAGR between 2016 and 2024. In 2015, the market was valued at US$113.0 mn and is projected to rise to a valuation of US$994.5 mn by the end of 2024.
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How are large enterprises efficiently utilizing the features of the chatbots?
The global chatbot market can be simplified into two simple segments according to the size of the organizations that use them. The medium and small enterprises are dwarfed by the growing utility of chatbots in large enterprises. Large enterprises regularly employ chatbots for customer engagement procedures and promotional activities. The extensive use of chatbots helps these enterprises to expand their consumer pool and lift their promotional rate. Over the coming years, the large enterprise’s segment is expected to lead the global chatbot market in terms of revenue.
These enterprises are also likely to benefit from the automation of business process that chatbots are likely to bring into function, thus further increasing their involvement in social media and improving the marketing of their products. Thus, leading companies are also introducing new robots to fulfill the consumer demands. For instance, recently Microsoft released another experimental chatbot known as Zo. It was released on the social app Kik.
How is the shortfall in the capabilities of chatbot likely to act as a hindrance in the growth of the market?
The primary factor that is expected to hinder the growth of the global chatbot market is the improving capabilities of chatbots as compared to the fields it can be employed in. Although, voice messaging and text messaging are accepted across several industries, there are certain issues that still need to be addressed such as integration, security, monitoring, and chatbot management.
Which region should be the main focus for the chatbot manufacturers?
Among all the regions of the global chatbot market, North America led the market in 2015 with a valuation of US$52.7 mn and is expected to continue its domination over the market until 2024. The growing innovation in chatbot and advancement in robot technology along with demand for easy services are the primary factors driving the growth of the market. However, Asia Pacific is also expected to exhibit significant growth over the forthcoming years.
