Chatbot Market Growth Drivers, Opportunities and Forecast Analysis to 2024

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Futuristic advancement in communication is likely to efficiently spur global chatbot market share in the near future. Chatbots enable enterprises to interact with their customers in two-way communication and help businesses enlarge their revenue share. According to Global Market Insights Inc., chatbot market is anticipated to exceed $1.34 billion by 2024.

How will AI-based chatbots contribute to chatbot industry share?

AI-based chatbots are projected to showcase the fastest growth in the coming years with an anticipated CAGR of more than 52.8% over 2018-2024. AI-based chatbots facilitate enhanced customer interaction by offering personalized responses. Moreover, considerable advances made in the field of NLP and machine learning has enabled various functions such as online payment of tax & bills, quick access to public data, and others.

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These intelligent chatbots are major milestone achieved by chatbot industry and are being increasingly deployed across various verticals. The same can be evidenced by Mississippi Department of Information Technology’s recent deployment of a chatbot named Missi. The chatbot is capable of addressing tax and hunting license-related queries of up to 100 citizens daily.

Why are standalone interface based chatbots dominating the global landscape?

The standalone segment dominated chatbot industry size in 2017, with a market share of around 50% and is estimated to show similar growth patterns in the upcoming years. The chatbots with standalone interface run on a single computer unified with the system interface. This integration allows control over functions of the computer such as playing media or retrieving documents. These chatbots provide benefits such as effortless installation at low cost, which is expected to provide impetus to the growth of chatbot market size growth over 2017-2024.

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How will customer service applications influence chatbot industry trends?

Customer service sector has demonstrated strong interest in chatbots owing to the accessibility of these intelligent digital assistants to solve queries of the customers in efficient and inexpensive manner. Chatbots help businesses save more than 30% of customer service overheads by reducing response times and freeing up staffs for more challenging tasks. As per estimates about 56% of firms operating in the multimedia and technology sectors are intending to invest in chatbots in the coming years. The investment of these companies will help them in saving around $8 billion annually in customer supporting expenses.

What will be the contribution of e-commerce segment in the growth of chatbot market outlook?

The e-commerce segment accounted for almost 35% of chatbot market share in 2017. The e-commerce sector leverages chatbots to perform tasks such as customer’s purchases, provide product recommendations, and offer customer support. Chatbots support in enhancing shopping experience by minimizing waiting time, offering 24/7 support, and retaining shoppers by sending messages. For example, Starbucks chatbot accessible on the Starbucks application helps customers to directly place an order by voice commands or text messaging. This has resulted in enhancement of customer purchasing experience and as well as conservation of purchase time.

How will Asia Pacific chatbot industry share influence global market forecast?

A prevalent chatbot industry forecast report has predicted that Asia Pacific chatbot market is projected to grow with the fastest pace over 2018-2024. Asia Pacific chatbot market size may be pegged at almost $350 million by 2024. The regional growth can be attributed to the introduction of several messaging applications such as WeChat in China. Moreover, expanding investments by tech giants have improved chatbot industry outlook.

For example, in April 2018, Alibaba reportedly invested $600 million in SenseTime, which is a leading AI company in China. The investment was intended to assist the company in advancing their technological innovation rate and pursuing new business opportunities. The presence of such a favorable business scenario in the region is likely to augment chatbot market trends.

Report Content

Chapter 1.   Methodology & Scope

1.1.  Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definition

1.1.6. Methodology and research parameters

1.2.  Data Sources

1.2.1. Primary

1.2.2. Secondary

Chapter 2.   Executive Summary

2.1.  Chatbot industry 360º synopsis, 2013 – 2024

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Application trends

2.1.4. Interface trends

2.1.5. End-use trends

2.1.6. Type trends

2.1.7. Deployment model trends

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