Todays, Chatbot is the hot and trendy topic. It is a computer program that enables the user to interact with the bot like two real people chat. Before the year 2015, very few people know about the chatbot. As Whatsapp, Facebook messenger or other messaging platform gain popularity, chatbot came in demand. Most of the business want to save the time as well as money by integrating their messaging platforms with the AI ( Artifical Intelligence ) chatbots. There are many sectors already integrated with the chatbot. Healthcare, Retail, and E-Commerce are the major sector. According to a report, the chatbot market size was around USD 190.8 Million in 2016 and it is excepted to increase at a significant rate within the next years.
What is the chatbot? is recommended for the beginners if you have not any knowledge about the chatbot.
Use Cases of the Chatbot
How the chatbot can be uses by the people around the world. In this section, you will find the use cases of the chatbot. I have just listed out the major task chatbot can perform in the future.
- The user will ask the questions and chatbot will give quick answers in the emergency.
- A complaint filed by the user and it will resolve the issues.
- It will give a detailed information on a specific topic asked by the user.
- Chatbot can be use to make a reservation for the hotel or restaurant.
- It can also use buying and be paying a basic item and in Paying a bill.
- Getting ideas and inspiration for the purchasing of the item.
Which Industries will benefit from the chatbot?
Today you will see many industries somehow doing some work manually. They also want to increase revenue and do some automation to improve their services.
E-commerce, healthcare, and insurance are the top 3 industries that will benefit the most from the chatbot. Logistics, recruitment, and technologies are the industries that will least benefit from the chatbot.
Business Functions which will benefit from the chatbot?
You already knew the top industries benefited from the chatbot. Now inside their organization, there are business functions like customer services, sales/ marketing, payments, social media e.tc.
From the above figure, you can see customer service, sales marketing, and orders processing are the top three business functions that will most benefit from their chatbot development. In addition, Social media, payments, and recruitment business functions share the least benefit from the chatbot.
Best platforms for building the chatbot
Now you identified the industries and businesses functions, the chatbot will be most beneficial. Let’s know the best platforms for building the chatbot.
You can see IBM Watson is the first choice for building the chatbot platforms. 45% of the business uses the wit.ai owned by the Social Media Giant and 41 % of business uses Microsoft Bot as the chatbot platform.
Panadorabots, rebot.me, and Octane.ai are the chatbot platform least useful by the business.
Chatbot Market Size based on the Geographical Regions
Chatbot Market size growth will depend upon the geographical regions. According to Technavio report companies in the region like Americas, APAC (Asia-Pacific ) and EMEA (Europe, Middle East, and Africa) have more growth opportunities that the other regions. Americas will see the largest growth in the chatbot market size through the period 2018 -2022. This is due to increasing knowledge in the field of digital and awareness of how the chatbot works and its advantages as the end user.
Preferences of Platform and Networks for Building chatbot
Todays there are many platforms and networks where you can easily integrate chatbot. Facebook, Slack, Twitter, Skype, Whatsapp et.c are among the popular social sites.
The figure shows Facebook is the most preferable social network business are giving priority. Then followed by Slack, Twitter, and Skype. In addition, About 80% of the business considering to integrate their own Chatbot to their Company Website.
Conclusion
A chatbot is a hot trending topic around the globe. Today its a million dollar chatbot market size. Around the year 2022, its market size will be around in billion. It will increase in market size, in fact, it also improves the performance and increase the revenue of the business. Therefore it’s a win-win situation to adopt chatbot for the business.
Hope this article will clear all the queries and chatbot market size. If you want to include any suggestions then please comment below or contact directly.
Data Science Learner Team
References
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