Chatbot Markets Poised For Exponential Growth
Stand-alone chatbots have an appealing graphical interface, easy use, and a simple installation process, reveals the report. Research firm Acute Market Reports expects the global chatbot market to undergo “exponential growth” through 2030, spurred by the growing popularity of interactive online channels, the need to improve customer relationships, and research dedicated toward integrating them with […]
Topics
Stand-alone chatbots have an appealing graphical interface, easy use, and a simple installation process, reveals the report.
Research firm Acute Market Reports expects the global chatbot market to undergo “exponential growth” through 2030, spurred by the growing popularity of interactive online channels, the need to improve customer relationships, and research dedicated toward integrating them with messaging platforms.
The chatbots market, in its infancy, is still primarily limited to large enterprises, according to the research, which found the penetration of chatbots among small and mid-sized businesses (SMBs)to be “fairly sluggish.”
In 2020, the large enterprise segment accounted for more than 80 per cent of the global market, the research found. Acute Market Reports expects that trend to continue. However, it says the advancements in technology and the rising popularity of interactive online channels will take chatbots deeper into the SMB segment.
The market research firm found a significant preference for stand-alone chatbots that run on a single computer, control certain functions, retrieve documents, or play media files. Stand-alone chatbots, it said, have an appealing graphical interface, easy use, and a simple installation process.
The downside to stand-alone bots is that the bot is not completely your-own in most setups today. The report said it limits the degree to which users can personalise them.
On the other hand, Web-based chatbots, which operate on remote servers, give users more control over personality, behaviour, and hosting. However, they are more challenging to set up, and additional features, such as voice recognition and text-to-speech, are unavailable or limited.
The research also found that North America accounts for more than 35 per cent of the global chatbot market value, a trend that it says is likely to continue. Asia Pacific, though, is poised for robust growth, outpacing Europe and North America as the significant chatbot market by 2030. As manufacturers and software developers seek to gain first-mover advantage, Acute Market Research expects increased technology penetration and intensifying competition in the emerging economies of Asia, the Middle East, and Latin America.
The report identified Microsoft, Facebook, Amazon, Google, Yahoo, Apple, Helpshift, and Haptik as leading providers of chatbot technology.
