LONDON--(BUSINESS WIRE)--The global chatbot market is expected to post a CAGR of more than 24% over the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the advantages of chatbots over other customer support options. A chat-bot is a front-end interface, which is used to connect to various kinds of channels such as websites, SMS, email or messaging applications such as Facebook, Slack. Chatbots integrated with AI tools collect consumer data and are smart enough to provide a personalized experience as they can recognize human emotions such as anger, confusion, fear, and joy.
This market research report on the global chatbot market 2018-2022 further provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the integration of chatbots with communication channels as one of the key emerging trends in the global chatbot market:
Global chatbot market: Integration of chatbots with communication channels
Chatbots are omnichannel as these bots can be integrated with just about any platform. For instance, Microsoft Bot Connector is a communication service which links bots with other communication channels such as Skype, email and more. The rise of the internet, digitalization, and the adoption of mobile devices have changed the way people and companies interact. Facebook-owned messaging apps send 60 billion messages a day, which is three times the number of SMS messages sent globally per day.
“Some of the other key names in bot building are PANDORABOTS, Robot.me, KiK, and Chatfuel. In the future, as chatbots become monetized, there will be opportunities for the mass distribution of marketing and promotional material using chatbots,” says a senior analyst at Technavio for research on enterprise application.
Global chatbot market: Segmentation analysis
This market research report segments the global chatbot market by end-user (retail, BFSI, travel and hospitality, government and others), and key regions (the Americas, APAC, and EMEA).
The retail end-user segment dominated the market in 2017, followed by the BFSI, and travel and hospitality segments. During the forecast period, the retail segment is expected to witness the highest growth in its market share as compared to all the other segments.
Americas held the highest share of the global chatbot market in 2017, accounting for a market share of more than 51%, followed by APAC and EMEA respectively. The market share of APAC is expected to witness the maximum increase during the forecast period, while the other two regions are expected to see a decline in their market share over the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market sizing
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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