AI based chatbots market to Grow at a CAGR of 26.5% during the Forecast Period

Technological advancements in terms of cloud computing which is coupled with ever increasing need for offering better customer support are some of the major factors driving the global AI based chatbots market.The global AI based chatbots market was valued at USD 450.5 million in 2018 and is expected to reach USD 2,970.4 million in 2026, growing at a CAGR of 26.5% during the forecast period.

Artificial Intelligence (AI) based chatbots are automated computer program which is employed to interact with the human conversation by using text, voice or hybrid solutions. Artificial Intelligence (AI) powered chatbots are finding increasing adoption across multiple industry verticals owing to their capability to make Customer Relationship Management (CRM) more efficient in operation while minimizing overall costs. Chatbots can be employed in business-to-business, business-to-consumer, and consumer-to-business communications.

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The AI based chatbots industry is primarily driven by demand from e-commerce and banking, finance and insurance industry which require improving customer management for better efficiency. The demand is essentially seen from developing economies such as India and China owing to rising population needs which has resulted into fastest growth rate for Asia Pacific region. However, the high cost associated with the manufacturing of high-tech AI based chatbots as well as the limited awareness about the product is expected to slow down the market growth of the AI based chatbots in the future. Additionally, the security concern is the main challenges for the manufacturers in the market over the coming years.

Key Findings:

• Based on the solution type, the hybrid segment is expected to grow at the highest CAGR of around 40% in the global AI based chatbots market during the forecast period
• Based on the application, the customer service segment is estimated to hold nearly 55% market share in 2018 and further anticipated to showcase tremendous growth rate during forecast period.
• Based on the end use industry, the e-commerce segment came out as a leading sector for the global AI based chatbots market in 2018
• On the basis of region, North America region which is fuelled by growth in banking and online retail segment, accounted largest market share globally by contributing more than 45% share in 2018

Recent News:

• In July 2018, US based AI based chatbots solution provider IBM announced launch of Watson Tone Analyzer, which is focused to make chatbots more responsive to emotions
• In May 2018, eGain Corporation introduced AI chatbot solution Solve which is designed for Amazon Connect and uses Amazon Web Services (AWS) cloud infrastructure. This solution is aimed at enhancing the consumer experience and alleviate the latency in operations.