Global Chatbot Market 2017-2021
A chatbot is a conversational user interface (CUI) like an avatar or a 3D animated persona that delivers text-based or voice-based information and service assistance to customers via a kiosk, mobile, or website on the Internet. It incorporates natural language processing (NLP) and domain knowledge that changes according to the content of the dialog between the chatbot and the customer.
Technavio’s analysts forecast the global chatbot market to grow at a CAGR of 37.11% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global chatbot market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of chatbots.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Chatbot Market 2017-2021
Technavio recognizes the following companies as the key players in the global chatbot market: Anboto, Creative Virtual, eGain, Inbenta, and Nuance
Other Prominent Vendors in the market are: CX Company, Ecreation, GetAbby, H-care, Next IT, Synthetix, and Viclone
Commenting on the report, an analyst from Technavio’s team said: “The social networking platform started as an interaction tool for social activities and to allow users to remain connected with friends, family, and colleagues. However, it is maturing into a tool for brand engagement and interaction between the brand and the customer. In 2014, there were around 1.82 billion active social media users. This opens up ample opportunities for both consumers and enterprises to use chatbot technology that can benefit both. If the user of a social networking site requires assistance regarding new features, security, and other issues of the site, interaction with the chatbot will help the person to find a solution. Chatbot will prove helpful for enterprises as it will help them to connect with the user, increasing their brand awareness.”
According to the report, customer relationships are crucial for effective revenue generation in any enterprise. The rising competition has made the enterprises strive for the largest market share and develop a wider customer base. To achieve this, the companies have started implementing enterprise solutions such as enterprise resource planning (ERP) and customer relationship management (CRM). However, it is difficult to maintain the same level of personal contact with all the customers. The lack of a centralized system to control continuous communication with customers with relevant and consistent data results in loss of customer base and exposes the business to risks. Chatbots can be deployed for enterprise websites, enabling the companies to have continuous communication with customers. For instance, enterprises deploy chatbots to provide product or brand information to customers to increase the brand awareness. Chatbot also helps in promotions to encourage customers for signing up to the company's account. Therefore, effective deployment of chatbot enables personalized customer interaction.
Further, the report states that standardization is the process of developing common technical standards that could maximize interoperability and realize maximum gains among all the value chain members. Software developers and business enterprises are using different business models to optimize the use of chatbot from the customer perspective. There are several chatbot providers that are developing live chat solutions for different sectors. One of the major reasons for this is the low entry barriers in the market, which is leading to a large number of players entering the market with different live chat software products.
Anboto, Creative Virtual, eGain, Inbenta, Nuance, CX Company, Ecreation, GetAbby, H-care, Next IT, Synthetix, and Viclone