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Global Chatbot Market 2018-2022 to Post a CAGR of Over 24% | Technavio

The global chatbot market is expected to post a CAGR of more than 24%
over the period 2018-2022, according to the latest market research
report by Technavio.

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Technavio has published a new market research report on the global chatbot market from 2018-2022. (Graphic: Business Wire)

A key factor driving the growth of the market is the advantages of
chatbots over other customer support options. A chat-bot is a front-end
interface, which is used to connect to various kinds of channels such as
websites, SMS, email or messaging applications such as Facebook, Slack.
Chatbots integrated with AI tools collect consumer data and are smart
enough to provide a personalized experience as they can recognize human
emotions such as anger, confusion, fear, and joy.

This market research report on the global
chatbot market 2018-2022 further provides an
analysis of the most important trends expected to impact the market
outlook during the forecast period. Technavio classifies an emerging
trend as a major factor that has the potential to significantly impact
the market and contribute to its growth or decline.

This report is available at a USD 1,000 discount for a limited time
only: View
market snapshot before purchasing

In this report, Technavio highlights the integration of chatbots with
communication channels as one of the key emerging trends in the global
chatbot market:

Global chatbot market: Integration of chatbots
with communication channels

Chatbots are omnichannel as these bots can be integrated with just about
any platform. For instance, Microsoft Bot Connector is a communication
service which links bots with other communication channels such as
Skype, email and more. The rise of the internet, digitalization, and the
adoption of mobile devices have changed the way people and companies
interact. Facebook-owned messaging apps send 60 billion messages a day,
which is three times the number of SMS messages sent globally per day.

“Some of the other key names in bot building are PANDORABOTS,
Robot.me, KiK, and Chatfuel. In the future, as chatbots become
monetized, there will be opportunities for the mass distribution of
marketing and promotional material using chatbots,” says a senior
analyst at Technavio for research on enterprise application.

Global chatbot market: Segmentation analysis

This market research report segments the global chatbot market by
end-user (retail, BFSI, travel and hospitality, government and others),
and key regions (the Americas, APAC, and EMEA).

The retail end-user segment dominated the market in 2017, followed by
the BFSI, and travel and hospitality segments. During the forecast
period, the retail segment is expected to witness the highest growth in
its market share as compared to all the other segments.

Americas held the highest share of the global chatbot market in 2017,
accounting for a market share of more than 51%, followed by APAC and
EMEA respectively. The market share of APAC is expected to witness the
maximum increase during the forecast period, while the other two regions
are expected to see a decline in their market share over the forecast
period.

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Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

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View source version on businesswire.com: https://www.businesswire.com/news/home/20180615005428/en/