A chatbot is an interactive
software program that has the ability to interact with humans via textual
conversation methods. A chatbot is designed using a set of rules or the AI
technology and is generally incorporated with various messaging services, thereby
helping users in different sectors. Chatbots offer many benefits to various
companies in order to help increase the business like lowering the overall
operational costs. A chatbot, without any human interaction, can even help
generate leads and carry out some specific task. These bots find a wide variety
of applications in different sectors such as retail, healthcare, Banking,
Financial Services, and Insurance (BFSI), travel and tourism, media and
entertainment, and several others.
BFSI:
The Largest Application Segment
Among all applications, the
BFSI segment accounted for the largest share in the past and also generated the
highest revenue. Chatbots are becoming popular in other segments as well due to
the growing awareness about the benefits offered to a business by these bots.
However, the travel and tourism segment is anticipated to exhibit the maximum
development during the forecast years i.e., from 2017 to 2025.
The healthcare segment is also
expected to witness a steady expansion over the next few years due to the
rapidly growing industry of e-pharma across the globe, where patients purchase
medicines from online medical stores. Moreover, continuous product and
technological developments are also likely to propel the growth of this segment
in near future. For instance, Microsoft has announced the first trial of their
new Artificial Intelligence (AI)-based chatbot system for healthcare segment.
The new system focuses on enhancing the quality of healthcare while lowering
the costs by offering patients with accurate information related to their
health concerns.
Market
Overview
Based on the findings of a
research by Grand View Research, Inc.; the global chatbot market is predicted to
reach USD 1.25 by 2025 with at a CAGR of 24.3 % from 2017 to 2025. The
fact that chatbots allow businesses to considerably reduce overall operational
costs is considered the key growth driver for the market. In addition, factors
such as developments in the AI and various Machine Learning (ML) technologies
are also expected to augment the market expansion over the coming years.
Furthermore, a rise in the
adoption of customer service activities from various businesses and increased
awareness about the benefits of using chatbots are also likely to spur the
global market demand. Varo Money Inc.; Baidu, Inc.; Kik Messenger; SRI
International; and WeChat are some of the prominent companies operating in the
worldwide chatbot market.
In-Depth
Research Report On Chatbot Market:
https://www.grandviewresearch.com/industry-analysis/chatbot-market
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