Chatbots Market Report | Chatbots Market
Chatbots are the computer programmed dialogue systems that enable conversational automation and helps users to get engaged across digital touch points. Several virtual assistants are deployed on websites, mobile devices, and support seamless integration with assisted channels. It also offers effective customer service and results in reducing operational costs. Chatbots have the ability to generate the response according to user’s query. Natural language text is taken as an input, and then the application creates an answer which is most suitable to the input. This process is repeated and the conversation continues in the form of either text or speech.
Chatbots have wide range of applications in various end-user industries including healthcare, Retail, Banking, Financial Services, and Insurance (BFSI), Media & Entertainment, Travel & Tourism, and E-commerce. Chatbots in healthcare assists patients to enter their symptoms via chat, analyzes the symptoms, and helps identify a patient’s condition. Integrating chatbots in retail sector allows users to place an order, and by using certain commands, products can be added or removed. Moreover, chatbots also play an important role in media and entertainment as they assist people in browsing, selecting and buying tickets for their favorite events.
Geographically, the global chatbots market is segmented in North America, Europe, Asia-Pacific, Central and South America, and Middle East and Africa. North America held the major share of the chatbots market in 2017, and is expected to retain its dominance over the forecast period. The growth in the region is attributed to the presence of many key players of the chatbot technology market, rising capital investments, increasing usage of chatbots in various end-user industries, and growing acceptance of technologies such as artificial intelligence, internet of things, among others. Furthermore, Asia-Pacific is expected to register the highest CAGR, during 2018-2024. The growth of the market is primarily due to the rapid increase in the usage of mobile applications for social networking, travel, education, and shopping.
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Last Update : Sep 14, 2018
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