AI based chatbots are defined as a computer program which is used for simulating human conversation over voice commands or text chats or both. Chatbot also is known as chatterbot features artificial intelligence (AI) which can be embedded into the program for further usage via messaging service.
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.
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Company Profiles and Competitive Intelligence:
The major players operating in the global AI based chatbots market are Amazon Web Services, Inc. (Amazon Lex) (U.S.), Dialogflow (Google) (U.S.), Bold360 AI (U.S.), Chatfuel (U.S.), Botsify (Germany), IBM Corporation (U.S.), eGain Corporation (U.K.), Nuance Communications (U.S.), Creative Virtual Ltd. (U.S.) and Artificial Solutions Inc. (U.S.) among others.
Global artificial intelligence-based chatbots industry is primarily driven by tremendous competitiveness of modern business structure which focuses intensively on imparting efficiency and reducing the operational time. AI based chatbots allow businesses to respond faster to customer needs of any sort. Moreover, the technological advancement in technology has enabled multiple industry verticals to progress from traditional platforms onto digital ones with enhanced customer interaction.
Based on solution type, the global AI based chatbots market has been segmented into text, voice, and hybrid. The hybrid type solution is expected to grow the highest CAGR of more than 40% in the global market soon.
Based on application, the market has been segmented into customer service, social media, payment/order processing, and marketing. In 2018, the customer service segment is expected to hold nearly 55% market share in the market, which expected to continue its dominance over the coming years.
Based on end use industry, the ai based chatbots market has been segmented into banking finance and insurance, media and entertainment, healthcare, e-commerce, retail, travel and tourism, and others. The e-commerce segment is expected to lead the market in the base year, while the banking finance and insurance segment are estimated to register the highest growth rate in the market throughout the forecast period.
North America region is by far the largest contributor to the growth of global AI based chatbots market which contributed more than 45% market share globally. However, the Asia Pacific region is anticipated to showcase the highest growth rate during the forecast period owing to intensifying investments from global industry players.
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