Key Market Players in the Chatbots Market and Its Opportunities for growth

Posted on 2019-11-11 by MarketsandMarkets in Technology // 0 Comments

The Chatbots Market estimated to grow from USD 703.3 million in 2016 to USD 3,172.0 million by 2021, at a Compound Annual Growth Rate (CAGR) of 35.2% during 2016–2021, as per a report by MarketsandMarkets.

The major drivers for upsurge in demand for chatbot software and services include increasing penetration of websites and mobile applications, proliferating demand of intelligent customer engagement, strong need to understand consumer behavior, and adoption of cloud-based technology

Why growing number of social media platforms remain a sustainable opportunity for chatbots?

Social media platform such as Facebook, Twitter, blogs, communities, and forums have started evolving since a few years back with remarkable penetration in the market. The growth of the social media platform is exceptionally high in current scenario which gives massive growth opportunities for the deployment of chatbots using social media platform.

Social media deploys NLP and knowledge management technologies to provide self-service, and real-time personalized social know-how for customers. Services such as social network integration, real-time metrics, customized branding, and customer profile specific solutions enhance chatbots’ scope for social media platform, leading towards the growth. Enterprises’ social presence and customer engagement go hand in hand for branding as well as advertising. Following that, it helps to create awareness about product by online reviews and company’s social community. Amplifying the number of social media platform is anticipated to drive the growth for chatbots market.

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Key Market Players for Chatbots Market

Technological giants such as IBM Watson (New York, U.S.), Nuance Communications Inc. (Massachusetts, U.S.), eGain Corporation (California, U.S.), Artificial Solutions (Stockholm, Sweden), Creative Virtual Pvt. Ltd. (London, U.K.), Next IT Corporation (Washington, U.S.), CX Company (Rotterdam, The Netherlands), Speaktoit Inc. (California, U.S.), 24/7 Customer Inc. (California, U.S.), and Codebaby (iDAvatars) (Mequon, U.S.) offer leading chatbot software and services, to cater to the needs and demands of the market. These players have adopted various growth strategies, such as expansions, acquisitions, and mergers with partnerships, and new product launches being the key strategies. Partnerships and new product launches have been the major strategical trends, accounting for more than half of the market share of all the growth strategies adopted by the major market players.

IBM has adopted a strategic mix of organic and inorganic growth strategies, such as new product developments, partnerships, acquisitions, and business expansions.

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