Albany, NY -- (SBWIRE) -- 09/12/2018 -- The global market for chatbot is highly consolidated, as there are very few companies ruling the market with above 90% of the market share, as stated by Transparency Market Research (TMR). The prominent players in the market are Google, Facebook, and Microsoft. Where some of the other players contributing in the overall development of the chatbot market globally includes Imperson Ltd., Astute Solutions, Haptik, Inc., Kasisto Inc., Pandorabots, Inc., Kiwi, Inc., Helpshift, Microsoft Corporation, ToyTalk (PullString Inc.), and Slack Technologies, Inc. Yahoo is also a significant player among the various global players. Twitter, Skype, WeChat, and Line are various other messaging applications used as massive communication handles. Competition is fierce among the players and is highly depended on the services they provide to their user base.

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According to the TMR analysis, the Chabot market is expected to show astonishing increase of 27.8% of CAGR during the core of eight years staring from 2016 to 2024. The valuation for the Chabot market is estimated to reach US$ 0.94 bn by the end of the forecast period in 2024, which was US$ 0.11 bn in 2015. Enterprise size is categorized on the basis of small and medium enterprise and large enterprise, in which large enterprise is expected to dominate the market by generating a revenue of US$ 0.62 bn by the end of the projected period. They use chatbot for digital marketing applications and massively use to initiate business process automation activities. North America is leading region by having maximum share in the overall market, and is expected to prevail its dominance in the forecast period.

The increasing dependency on technology and constant developments in the working of artificial intelligence (AI) has significantly boosted the demand for chatbot market. Additionally, AI has also evolved the way chatbot responded from simple answering machine into a smart communicative platform for customer interaction. The chatbot has greatly benefited business by growing enhancing their marketing strategy with effective use of chatbots. Moreover, implementation of artificial intelligence in consumer electronics has also grown the customer base with the help of chatbots. Over the past few years, technological developments have enhanced the capacity of the many business using digital ways to boost their marketing strategy, as voice and messaging services have come into the mainstream usage. Thus, these factors are projected to rise the chatbot market globally during the forecast period.

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There are certain factors that may restrain the chabot market to grow effectively. Lack of expertise and awareness about the technological development may lead the market to face certain obstacles during the projected tenure. Moreover, tech-savvy environment involves high deployment cost, management, security, and have integration complexities that could discourage individuals to use the chatbot facility. However, by meeting these hosting issues may create high growth opportunities for the global chatbot market in the forthcoming years.