Chatbot Market: Overview
A chatbot is artificial
intelligent chat robot designed to interact with human via textual or auditory
conversation methods particularly over the internet. It is a computer software
design that allows conversation between human and machine using artificial
intelligence. It is designed and programmed to support animation and text or
speech recognition to provide virtual user interaction.
Chatbots use natural
language processing to stimulate a conversation with user leading to better
customer engagement in applications such as e-commerce, retail and healthcare.
Chatbots are accessible on various platforms such as hypertext markup language
(HTML) pages, social networking websites, smartphones and computers. They are
able to interact with human in various languages and are available in various
graphical design format based on the end user application such as cartoon
character, animal, child or 3D animated creature.
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Chatbot Market: Growth Enablers
The global chatbot
market has been experiencing growth in recent years due to rapid development in
artificial intelligence software market, innovation, digitalization, technology
development and availability of messaging-as-OS platform. The other additional
factors contributing to the growth of global chatbot market are consumer’s
reluctance to install apps and availability of new interactive interfacing
model with online services.
However, the complexity and cost of software is
hindering the market growth. Also, the lack of skilled resources, privacy and
security are restraining the growth of global chatbot market. The chatbot are
being trained and designed to retain and learn from past interaction and
conversation between bussiness and individuals. This is expected to provide
opportunities of expanding chatbot market and its use in various applications
ranging from media publications to personalized assistance.
Chatbot Market: Segmentation
Chatbots are used in
healthcare, retail, banking financial services and insurance (BFSI) sectors for
applications such as dialog systems, e-commerce customer service, internet
gaming and call centers. Chatbots also offer specialized services such as
Chatfuel a web based Chatbot is used for telegram services, Digit chatbot for
banking, to allow users to interact with their bank accounts and Pana Chatbot
is used as an online travel agency. Ultimately, chatbot would change the way
customers apply for jobs and become the integral part of human like digital
ecosystem.
The global chatbot
market is segmented on the basis of end use adoption, by type and geography. On
the basis of end use adoption, the global Chatbot market is segmented into
large sized enterprises and small and medium sized enterprises (SME’s). In
terms of type, the global chatbot market is segmented into stand-alone chatbots
and web-based chatbots.
Stand-alone chatbots
enable control of the functions of user’s computer such as retrieving documents
or playing media files. Web-based chatbots usually run on a remote server and
the control of personality, behavior and hosting is with end user. Moreover, on
the basis of geography the global Chatbot market is segmented into North
America, Europe, Middle East and Africa, Asia Pacific and Latin America.
Chatbot Market: Competitive Dynamics
Aspect Software is a
leading chatbot manufacturer. The integration of Aspect Software, Inc. with
Facebook Messenger support the creation of chatbot in various languages using
natural language processing and can be easily deployed on SMS and Twitter
messaging platform. Some of the leading companies operating in the global
chatbot market with the most significant developments include Microsoft
Corporation, Apple Inc., Amazon.com, Inc., Artificial Solutions Ltd., eGain
Communications Corporation, Anboto Group, Creative virtual Ltd., Aspect
Software, Inc., and Inbenta Technologies Inc.
The report offers a
comprehensive evaluation of the market. It does so via in-depth qualitative
insights, historical data, and verifiable projections about market size. The
projections featured in the report have been derived using proven research
methodologies and assumptions. By doing so, the research report serves as a
repository of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and applications.
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