Chatbot market is anticipated to exceed $1.34 billion by 2024.Futuristic advancement in communication is likely to efficiently spur global market share in the near future. It enable enterprises to interact with their customers in two-way communication and help businesses enlarge their revenue share.

AI-based chatbots are projected to showcase the fastest growth in the coming years with an anticipated CAGR of more than 52.8% over 2018-2024. The facilitate enhanced customer interaction by offering personalized responses. Moreover, considerable advances made in the field of NLP and machine learning has enabled various functions such as online payment of tax & bills, quick access to public data, and others.

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The standalone segment dominated industry size in 2017, with a market share of around 50% and is estimated to show similar growth patterns in the upcoming years. standalone interface run on a single computer unified with the system interface. This integration allows control over functions of the computer such as playing media or retrieving documents. These market provide benefits such as effortless installation at low cost, which is expected to provide impetus to the growth of chatbot market size growth over 2017-2024.

Customer service sector has demonstrated strong interest owing to the accessibility of these intelligent digital assistants to solve queries of the customers in efficient and inexpensive manner. It help businesses save more than 30% of customer service overheads by reducing response times and freeing up staffs for more challenging tasks. As per estimates about 56% of firms operating in the multimedia and technology sectors are intending to invest in chatbots in the coming years. The investment of these companies will help them in saving around $8 billion annually in customer supporting expenses.

A prevalent industry forecast report has predicted that Asia Pacific market is projected to grow with the fastest pace over 2018-2024. Asia Pacific chatbot market size may be pegged at almost $350 million by 2024. The regional growth can be attributed to the introduction of several messaging applications such as WeChat in China. Moreover, expanding investments by tech giants have improved chatbot industry outlook.

For example, in April 2018, Alibaba reportedly invested $600 million in SenseTime, which is a leading AI company in China. The investment was intended to assist the company in advancing their technological innovation rate and pursuing new business opportunities. The presence of such a favorable business scenario in the region is likely to augment market trends.

The Prominent Players in the market include Baidu, ReplyYes, Microsoft Corporation, Slack Technologies Inc. Kik, Poncho, Babylon Health, LivePerson, Google Inc., and WeChat.

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Table of Content

Chapter 4.   Competitive Landscape

4.1.  Introduction

4.2.  Company market share, 2017

4.3.  Major market players, 2017

4.3.1. Baidu

4.3.2. Facebook

4.3.3. Google

4.3.4. IBM Watson

4.3.5. Nuance

4.3.6. LivePerson

4.3.7. Microsoft

4.4.  Innovation leaders, 2017

4.4.1. Botsify

4.4.2. Bold360

4.4.3. Chatfuel.

4.4.4. ChattyPeople

4.4.5. Helpshift

4.4.6. ManyChat.

4.5.  Other prominent vendors

Chapter 5.   Chatbot Market, By Application

5.1.  Key trends, by application

5.2.  Customer service   

5.2.1. Market estimates and forecast, 2013 - 2024

5.2.2. Market estimates and forecast, by region, 2015 – 2024

5.3.  Social media

5.3.1. Market estimates and forecast, 2013 - 2024

5.3.2. Market estimates and forecast, by region, 2013 - 2024

5.4.  Payment/order processing

5.4.1. Market estimates and forecast, 2013 - 2024

5.4.2. Market estimates and forecast, by region, 2013 - 2024

5.5.  Marketing

5.5.1. Market estimates and forecast, 2013 - 2024

5.5.2. Market estimates and forecast, by region, 2013 - 2024

5.6.  Others

5.6.1. Market estimates and forecast, 2013 - 2024

5.6.2. Market estimates and forecast, by region, 2013 – 2024

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