A chatbot (also known as a talkbots, chatterbot, Bot, IM bot, interactive agent, or Artificial Conversational Entity) is a computer program or an artificial intelligence which conducts a conversation via auditory or textual methods.
Such programs are often designed to convincingly simulate how a human would behave as a conversational partner, thereby passing the Turing test. Chatbots are typically used in dialog systems for various practical purposes including customer service or information acquisition. Some chatterbots use sophisticated natural language processing systems, but many simpler systems scan for keywords within the input, then pull a reply with the most matching keywords, or the most similar wording pattern, from a database.
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Major Key Players in Chatbot Market are: Babylon Health, Inbenta, SRI International, ReplyYes .
Scope Of the Report :
The study provides a detailed view of the chatbot market, by segmenting it based on by product, by type, by application, by end-user and regional demand. The increasing need for upgradation in CRM or customer relationship management is a major factor which is expected to augment the growth of the global chatbot market in the upcoming years. Moreover, innovations in machine learning technologies and artificial intelligence are further estimated to enhance the qualities of chatbots, which represents a prime driver of the chatbot market.
Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Middle East and Africa and Latin America. The segmentation also includes by product, by type, by end-user and application in all regions. These include different business strategies adopted by the leading players and their recent developments.
A comprehensive analysis of the market dynamics that is inclusive of market drivers, restraints, and opportunities is part of the report. Additionally, the report includes potential opportunities in the chatbot market at the global and regional levels. Market dynamics are the factors which impact the market growth, so their analysis helps understand the ongoing trends of the global market. Therefore, the report provides the forecast of the global market for the period from 2017 to 2025, along with offering an inclusive study of the chatbot market.
The report provides the size of the chatbot market in 2017 and the forecast for the next eight years up to 2025. The size of the global chatbot market is provided in terms of revenue. Market revenue is defined in US$ Mn. The market dynamics prevalent in North America, Europe, Asia Pacific, Middle East and Africa and Latin America has been taken into account in estimating the growth of the global market.
Market estimates for this study have been based on revenue being derived through regional pricing trends. The Chatbot market has been analyzed based on expected demand. Bottom-up approach is done to estimate the global revenue of the chatbot market, split into regions. Based on product, type, applications and end-user, the individual revenues from all the regions is summed up to achieve the global revenue for chatbot. Companies were considered for the market share analysis, based on their innovation and application and revenue generation. In the absence of specific data related to the sales of chatbot several privately held companies, calculated assumptions have been made in view of the company’s penetration and regional presence.
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Based on Geography, the Global Chatbot market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico whereas Europe consists of UK, Russia, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into Global, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Most widely used downstream fields of Chatbot Market covered in this report are: Healthcare, Media & Entertainment, Banking, Financial Services, And Insurance, Retail, Travel & Tourism, E-Commerce and Others.
Most important types of Chatbot covered in this report are: Web-Based, Stand-Alone, Messenger-Based and Others.
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The total market is further divided by company, by country, and by application/type for the competitive landscape analysis. The report then estimates 2018-2025 market development trends of Chatbot industry. Analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out. In the end, the report makes some important proposals for a new project of Chatbot industry before evaluating its feasibility. Overall, the report provides an in-depth insight of 2013-2025 Chatbot industry covering all important parameters.
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