Due to strengthening demand and increased assistance lent to human lives, the chatbot market is expected to grow from 703.3 million dollars to just over 3 billion dollars, at a CAGR of 35.2 percent from 2016 to 2021. During this critical time chatbots will be used to understand consumer behavior, adoption of cloud-based technology, and proliferating demand of intelligent customer engagement.
The only thing holding back growth of this market is lack of awareness owing to relatively early presence in its tech-adoption life cycle, high deployment cost and system integration complexities.
The data from ReportsnReports further say the websites segment is expected to lead the smart advisors usage market between 2016 and 2021, due to the increasing number of websites of various industries. It is very necessary for business organizations to take care of this concept of emotions on websites to increase their sales and eventually their market share. Hence, a strong need to understand the customer personality is driving the growth of chatbots market.
Who will grow fast thanks to chatbots
The mobile platform segment is expected to grow at the healthy pace during the forecast period due to increasing mobile users. Growing needs of integrated patient engagement for better physician experience, comprehensive patient documentations, medicines, doctor visits and check-ups reminder systems, patient education, Electronic Health Records (EHR), is projected to increase the adoption of smart advisors across healthcare industry, hence the healthcare industry is also expected to grow at a faster rate.
On-cloud deployment type holds the largest chatbots market share and is expected to grow at the highest CAGR during the forecast period. The cloud-based smart advisor solution reduces the up-front costs and eliminates maintenance of the server. Large enterprises will be the largest users of on-cloud deployment and will deploy much of the on-cloud chatbot. Large enterprise are using chatbots for customer retention and better revenue generation.
The report’s geographic analysis says North America is likely to benefit the most from its technological advancements, large number of devices, and industries. Asia-Pacific (APAC) is expected to lead the smart advisors market by region between 2016 and 2021. The growth can be attributed to hyper urbanization and industrialization.
The various key chatbot vendors profiled in the report include
Artificial Solutions (Sweden),
IBM Watson (U.S.),
Nuance Communications, Inc. (U.S.) and
CX Company (Netherlands).
