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Global Chatbot Market 2017-2021

Global Chatbot Market 2017-2021

About Chatbots

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:

  • Americas
  • APAC
  • EMEA
Technavio's report, Global Chatbot Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • Anboto
  • Creative Virtual
  • eGain
  • Inbenta
  • Nuance
Other prominent vendors
  • CX Company
  • Ecreation
  • GetAbby
  • H-care
  • Next IT
  • Synthetix
  • Viclone
Market driver
  • Rising adoption of chatbots in healthcare insurance industry
  • For a full, detailed list, view our report
Market challenge
  • Lack of integration between front-end and back-end knowledge base
  • For a full, detailed list, view our report
Market trend
  • Chatbot integration with social media
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2021 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?


Press Release

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.

Companies Mentioned

Anboto, Creative Virtual, eGain, Inbenta, Nuance, CX Company, Ecreation, GetAbby, H-care, Next IT, Synthetix, and Viclone

  • Executive summary
  • Scope of the report
    • Market overview
    • End-user segmentation
    • Geographical information
      • Table Countries covered
    • Vendor selection
    • Base year and forecast period
    • Summation errors
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
    • Evolution of chatbots
  • Benefits of chatbots
  • Market landscape
    • Market overview
    • Market size and forecast
      • Table Global chatbot market 2016-2021 ($ millions)
  • Market segmentation by end-user
    • Global chatbot market by end-user
      • Table Global chatbot market by end-user 2016
      • Table Global chatbot market by end-user 2016-2021 ($ millions)
      • Table Global chatbot market by end-user 2016-2021
      • Table Global chatbot market in BFSI sector 2016-2021 ($ millions)
      • Table Global chatbot market in government sector 2016-2021 ($ millions)
      • Table Global chatbot market in retail sector 2016-2021 ($ millions)
      • Table Global chatbot market in travel and hospitality sector 2016-2021 ($ millions)
      • Table Global chatbot market in others segment 2016-2021 ($ millions)
  • Geographical segmentation
    • Global chatbot market by geography
      • Table Global chatbot market by geography 2016 and 2021
      • Table Global chatbot market by geography 2016-2021 ($ millions)
      • Table Global chatbot market by geography 2016-2021
    • Americas
      • Table Chatbot market in Americas 2016-2021 ($ millions)
    • EMEA
      • Table Chatbot market in EMEA 2016-2020 ($ millions)
    • APAC
      • Table Chatbot market in APAC 2016-2021 ($ millions)
      • Table Internet users in APAC countries 2016-2020 (millions)
  • Market drivers
    • Growing need to improve CRM
    • Rising adoption of chatbots in healthcare insurance industry
      • Table Number and growth rate of healthcare insurers in US 2008-2014
    • Increased demand for web self-service
    • Advantages of chatbot over other customer support options
  • Impact of drivers
    • Table Impact of drivers
  • Market challenges
    • Integration issues between front-end and back-end knowledge base
    • Lack of standardization
    • Lack of product differentiation and viability issues
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
    • Chatbot integration with social media
    • Increase in mobility
    • Growing popularity of live chat
      • Table Use of live chat by age 2016
  • Five forces analysis
    • Table Five forces analysis
  • Vendor landscape
    • Competitive scenario
    • Top-vendor offerings
      • Table Product offerings
  • Key vendor analysis
    • Vendor profiles
      • Anboto
        • Table Anboto: Product and description
    • Creative Virtual
      • Table Creative Virtual: Products and description
      • Table Creative Virtual: Recent developments
    • eGain
      • Table eGain: Recent developments
    • Inbenta
      • Table Inbenta:Recent developments
    • Nuance
      • Table Key product portfolio
      • Table Nuance: Mobile solutions
      • Table Nuance: Automotive solutions
      • Table Nuance: Recent developments
  • Other prominent vendors
    • Table Other prominent vendors
  • Assumptions
    • Market assumptions
      • Table Market assumptions
  • Appendix
    • List of abbreviations
  • Explore Technavio

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