Chatbot Market: Industry Insights, Trends and Forecast upto 2024

The global chatbot market is led by companies such as Facebook, Microsoft, and Google, who collectively accounted for a stupendous 97.5% of the market in 2015, states Transparency Market Research (TMR) in its new report. This share held by market players convey that the chatbot market is extremely consolidated with most consumers preferring the services or products of these three players.

As all three companies are well established and recognized, they enjoy the brand value and popularity among users. Yahoo, Inc. is another player which holds popularity among users. There is very little scope of entry for new players as the volume of communication market taken by messaging applications such as Line, Skype, WeChat, WhatsApp, Twitter, Facebook, and Kik is high.

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According to TMR, the global chatbot market will be worth US$994.5 mn by 2024. On the basis of end users, the large enterprise segment generated higher revenue than small enterprise and this was due to the various advancements made in the field of artificial intelligence. The demand for online messaging is increasing and this will also fuel the scope of applications for chatbot in various industries.

On the basis of geography, the market in North America not only led in the past and is the current leader, but also is anticipated to be the future leading regional segment. The demand and growth rate, both will be high for North America as compared to all other regions, said a TMR analyst. Asia Pacific on the other hand, will display a remarkable growth in the coming years and shall be the region witnessing a high paced growth in the years to come. High demand from countries such as China and India will be key factors driving the growth of the region.

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One of the key factors boosting the growth of the chatbot market is the vast development in AI and making chatbots engaging and very smart. Businesses are increasingly adopting chatbots and boosting the growth of the market. Technological advancements is gaining more customers and increasing the popularity of chatbot. Online messaging and digital marketing strategies so as to generate leads and engage customers are aiding the growth of chatbots. Voice and messaging technologies have become a key and are going to remain so for several industry verticals. This is effectively boosting the demand for chatbots worldwide.

The key factors restraining the growth of this market is the rate at which capabilities of chatbots are growing, with not as much growth in the areas where they can be used. In addition to this, there are several hosting issues that need to be sorted. Some of them include chatbot monitoring, management, security, and integration.

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Many enterprises are not benefitting from chatbot on account of the failure to provide the aforementioned facilities by the hosts. On the other hand, chatbot-as-a-service is estimated to provide key opportunities for growth in the years to come

The information presented in this review is based on a Transparency Market Research report, titled, “Chatbot Market (Platform - Web-based, Mobile, and Standalone; Enterprise Size - Small and Medium Enterprises and Large Enterprises) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”

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