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Chatbot Market Share

Report ID: GMI2643
Published Date: Jun 2018
Report Format: PDF

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Chatbot Market Share

Companies present in the market are emphasizing strategic acquisitions and investments in various complementary product companies to execute their growth strategies. For example, in July 2017, Facebook Inc. acquired Ozlo, an AI-based chatbot developer to enhance its AI capabilities.

Established companies are making rapid investments in R&D, focusing mainly on the areas of machine learning and cloud to develop new products to gain a competitive edge when compared to their customers. In July 2016, Google, Inc. introduced its New Cloud Natural Language API, assisting developers to access Google-powered sentiment analysis, syntax analysis, and entity recognition.

Some of the key players operating in the market include:

Google
Microsoft
ReplyYes
Kik
Poncho
Babylon Health
LivePerson
Baidu
Slack Technologies
WeChat.

Authors: Preeti Wadhwani, Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of chatbot surpassed USD 250 million in 2017.

The industry share of chatbot is anticipated to grow at a CAGR of over 31% between 2018 and 2024.

Healthcare institutions need to be online round-the-clock, to that end, they employ chatbots to provide 24/7 assistance to patients, carry out insurance claims and billing processes, and help in inventory management.

Increasing investments in AI and machine learning by technological players is making chatbots more sophisticated and fostering their adoption across the healthcare, education, retail, BFSI, and travel industries.

Chatbots would likely witness immense use throughout Latin America due to growing smartphone penetration. Brazil would likely lead the charge owing to large-scale deployment of AI-powered systems in its BFSI sector.