Chatbot is a software of artificial intelligence (AI) used to conduct or simulate a chat conversation via text-to-speech or text. This software helps business teams to converse with a user or potential customer in natural language through websites, mobile apps, messaging applications, and through the telephone. Chatbots are implemented across the banking, financial services, and insurance (BFSI) sector to interact with customers and provide better user experience.
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Impact of COVID-19 on the Industry
The global chatbot market is anticipated to observe fueling growth during the COVID-19 pandemic. This is majorly owing to the increasing deployment of chatbots by multiple industries such as healthcare, banking & insurance, and retail for customer support and responding to queries. In addition, various organizations across the globe have allowed their employees to work remotely, and are thus highly dependent on chatbots to control the customer’s burden. This is also another factor expected to help the global market to witness an acceleration in growth in the COVID-19 chaos.
However, many companies functioning in the chatbot market are taking strategic steps to help people during the pandemic. For instance, in April 2020, the World Health Organization (WHO) announced to have successfully launched their own version of health platform on Facebook messenger, to offer instant and accurate information related to COVID-19. This is predicted to create lucrative opportunities for the market growth in the coming years.
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Key Developments in the Industry
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the chatbot market to grow exponentially.
For instance, in January 2019, Ingenico Group announced the launch of its innovative payment-enabled chatbot that uses natural language processing (NLP) from IBM Watson to create a better & smooth customer experience by understanding & interpreting users in various languages & phrasing. Earlier, IBM and Ingenico entered into a partnership to build this payment-enabled chatbot with an aim to deliver personalized experience to its customers.
In April 2019, Google and Salesforce entered into a strategic partnership to develop smart customer experience. The aim of both the companies behind this partnership is to integrate Dialogflow Enterprise Edition of Google along with Salesforce’s Einstein platform product offerings for customer support & services. The focus of the companies is at developing a solution, (a chatbot) to create an improved customer service experience.
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Forecast Analysis of Global Chatbot Market
The global chatbot market is anticipated to observe a noteworthy growth over the forecast period, due to growing adoption of various technologies such as interference engine, application programing interface (API), cloud-based deployment, and natural language processor (NLP). Conversely, the lack of awareness regarding the benefits of AI chatbots is estimated to hamper the global market growth in the near future.
The growing adoption of advanced chatbots by various industry verticals such as BFSI, retail, healthcare, and others to handle queries or support for customers is the significant factor anticipated to bolster the growth of the global chatbot market during the forecast period. As per a newly published report by Research Dive, the chatbot market is expected to garner $19,570.0 million by 2027. Geographically, the North America market for chatbot is estimated to dominate the global industry, owing to enormous growth in deployment of chatbots in various business verticals in the region. The key players operating in the global industry include Conversica, Inc., Kevit,, Yellow Messenger, KeyReply, CONTUS., Aivo, [24]7.ai, Amazon Web Services, Inc., International Business Machine Corporation, and Google Inc.
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