Global Chatbot Market: Analyzing Short-Term Growth, Trends, and Forecasted Size and Share
The global chatbot market is poised for promising growth in the short term, with key factors driving this expansion. The market is set to experience a surge in demand due to the advent of artificial intelligence (AI) and its rising adoption across small and medium-sized enterprises (SMEs) and large enterprises. Various industries, including media and entertainment, government, retail, e-commerce, travel, and logistics, are increasingly turning to chatbots to enhance customer interaction and engagement.
AI-powered chatbots are revolutionizing customer service and offering substantial cost savings for sales and marketing applications. In 2022, Amazon reported substantial cost savings by deflecting 2% of customer calls to automated chatbots, resulting in a remarkable 97% reduction in operational costs. These automated chatbots can efficiently handle frequently asked questions (FAQs) and manage high call volumes, providing multilingual customer service.
The high demand for cloud-based conversational bots is another key driver propelling the chatbot market’s rapid expansion. The penetration of cloud technology has led to the development and adoption of cloud-based Natural Language Processing (NLP) engines, influencing the market positively. Major players such as Unibot, IBM, and Google have been focusing on the development of conversational bots that allow user interaction with online services through interactive texts, audio, live chat, task modules, and graphics. Start-ups like OnGraph Technologies, Root Info Solutions, Chatbots Studio, and Octne.ai are also investing heavily in advanced bot development.
Self-learning chatbots, driven by NLP technology and supervised machine learning, enable human-like communication, thereby significantly improving the customer experience. The ability to provide customized customer experiences and the cognitive capabilities of self-learning bots are poised to fuel further growth in the chatbot market.
Additionally, the healthcare sector is witnessing a growing use of chatbots, which is expected to create new opportunities for market growth. AI-powered chatbots are being adopted in the healthcare industry to provide information about patient health and assist in setting up physician appointments. Technology companies are partnering with healthcare institutions to promote the use of chatbots, leading to increased productivity and reduced patient waiting times.
Asia Pacific Emerges as a Lucrative Market
The Asia Pacific region is expected to experience substantial growth in the chatbot market in the coming years. This growth can be attributed to the rise of e-commerce and retail businesses in emerging economies such as India, China, Vietnam, Taiwan, Indonesia, and Thailand. Companies are introducing new chatbots across various industry verticals to enhance customer experiences and streamline operations. The proliferation of the internet and the increasing number of SMEs are also accelerating chatbot adoption in the region. The region’s large customer pool, growing population, favorable business environment, and government support make it an attractive market for technology providers.
Competitive Landscape
The chatbot market is marked by new product development, collaborations, acquisitions, and partnerships among major players. For instance, Nuance launched the Omnichannel Patient Engagement Virtual Assistant Platform in January 2021, providing a comprehensive solution for improved digital services. In February of the same year, Nuance acquired Saykara Inc., a startup focused on mobile AI assistants for clinical documentation automation. Kore.ai launched Health Assist in March 2022 at the HIMSS conference, further highlighting the industry’s commitment to innovation and improving customer experiences.
Leading players in the chatbot market include IBM, Nuance Communications Inc., Avaamo Inc., eGain Corporation, AWS, Creative Virtual Ltd., SAP SE, Verloop, Microsoft Corporation, LiveChat Inc., Aivo, Kore.ai, and Oracle.
The global chatbot market is on an upward trajectory, driven by AI advancements, cloud-based solutions, and expanding applications in various sectors, including healthcare. With Asia Pacific emerging as a key growth region, the chatbot market is set to see significant developments in the coming years.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/chatbot-market
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