LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global chatbot market is expected to grow at a CAGR of more than 37% during the forecast period.
This research report titled ‘Global Chatbot Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
Request a sample report: http://www.technavio.com/request-a-sample?report=56253
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
The market research analysis categorizes the global chatbot market into five major end-user segments, of which the top three are discussed in detail below. They are:
- BFSI
- Government
- Retail and e-commerce
- Travel and hospitality
- Others
BFSI
The large customer base of the BFSI sector made it an early adopter of chatbot worldwide. In a highly competitive financial services industry, good customer engagement is a priority to reduce operating costs. Failure to address customer inquiries reduces new revenue opportunities and forces the customers to discontinue the services of the company.
Therefore, to manage this problem, enterprises started implementing chatbots to provide the best value and service to their customers. With the deployment of chatbots in business processes, enterprises could address customer queries and reduce the operating costs incurred because of phone calls and live chats.
“The BFSI sector mostly uses live chatbots for supporting mobile apps, which is one of the major factors responsible for its market dominance in this sector. Major enterprises, such as ING Netherlands and Tangerine Bank, are implementing mobile chatbot products to enhance their customer experience,” says Amit Sharma, a lead analyst at Technavio for enterprise application research.
Government
The government sector industries, including aviation, healthcare, railways, and tourism, often fail to provide good customer service leading to high traffic on government websites. This need to address the high traffic on government web-sites makes this sector the largest potential market for chatbots during the forecast period. Also, government websites are loaded with hundreds of web pages, which makes it difficult for customers to search for specific information. Government organizations are creating chatbots to enhance customer satisfaction and enhance the overall customer experience. The global chatbot market in the government sector is expected to grow at a CAGR of over 42%.
Retail and e-commerce
The retail sector could prove to be one of the fastest growing markets for chatbot during the forecast period because of the accelerating growth of the major e-commerce platforms worldwide such as Amazon, Alibaba, Flipkart, Snapdeal, and Walmart. According to an analysis by Technavio, more than 50% of the worldwide Internet users purchased products or services through online platforms in 2016, and this is expected to increase by 5%-10% during the forecast period.
“The retail sector thrives on consumer experience, as retention of the customer is very important to increase sales revenue. The deployment of a chatbot will help customers with online shopping and will secure loyalty to the brand, thus driving revenues,” says Amit.
The top vendors highlighted by Technavio’s ICT market research analysts in this report are:
- Anboto
- Creative Virtual
- eGain
- Inbenta
- Nuance
Browse Related Reports:
- Global Live Chat Software Market 2016-2020
- Global Clientless Remote Support Software Market 2017-2021
- Global Output Management Software Market 2017-2021
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like IT hardware, IT professional services, and IT security. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
