The Future of Chatbots in the Technology Market

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Chatbots, being computer programs enabling communication between machines and humans, have been gaining popularity among large enterprises recently. The key drivers in the market for chatbots are the rising popularity of messaging via the Internet and an overall increase in the number of computer and mobile applications. In contrast, one of the major restraints on the market for chatbots is the high basic requirement for installing them.

Large-scale Industries and Big Companies to Make Most of Chabots

In the year 2015, the chatbot market worldwide amounted to US$113.0 mn. A CAGR of 27.8% is expected between the years 2016 and 2024, reaching a value of US$994.5 mn by 2024.

On the basis of application, the key segments of the chatbot market are social media platforms, gaming and mobile applications, call centers, and ecommerce websites. Based on platform, the market is further segmented into stand-alone, mobile, and web-based. On the basis of enterprise size, large, medium and small are the key segments. The country-wise segmentation includes Russia, Brazil, the U.S., the U.K., Canada, Australia, France, India, Japan, China, Saudi Arabia, Argentina, and United Arab Emirates (UAE). It has been observed that large enterprises are anticipated to account for a significant share in the overall market.

Asia Pacific Promises Lucrative Opportunities for Growth

Regional segmentation of the chatbot market includes Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. Although the market has been dominated by North America, whose revenue was estimated to be US$52.7 mn in the year 2015, Asia Pacific holds the largest potential for the growth in the chatbot market. This trend is owing to the expansion of ICT infrastructure in emerging countries such as India and China. Other reasons for the promising growth of Asia Pacific include the ever-increasing number of mobile phone users.

The key players in the chatbot market are Haptik, Inc., Kiwi, Facebook, Astute Solutions, Kasisto Inc., ToyTalk (PullString Inc.), Imperson Ltd., Google, Inc., Helpshift, Yahoo Inc., Pandorabots, Inc.,  and Slack Technologies, Inc.