What is AI Powered Chatbots?
Artificial Intelligence (AI) based chatbots are automated computer program which is employed to interact with the human conversation by using text, voice or hybrid solutions. Artificial Intelligence (AI) powered chatbots are finding increasing adoption across multiple industry verticals owing to their capability to make Customer Relationship Management (CRM) more efficient in operation while minimizing overall costs. Chatbots can be employed in business-to-business, business-to-consumer, and consumer-to-business communications.
The market study is broken down, by Application (Lead Generation, Customer Engagement, Customer Support, Feedback and Insights, E-commerce and Others) and major geographies with country level break-up.
The growing marketing need in the market for various business and start-ups is increasing demand of such effective platforms .The top leading firms have rooted so deeply in the market, there are no chance to new entrants to compete with them, but there is strong competition between top leading firms to acquire more business and rule the market. New launches, as well as mergers and acquisitions, are also one of the key factors responsible for changing strategical business in the market. Research Analyst at AMA estimates that Players from United States will contribute to the maximum growth of Global AI Powered Chatbots market throughout the predicted period.
IBM (United States), Google (United States), Microsoft (United States), AWS (United States), SAP (Germany), Oracle (United States), Cognizant (United States), Baidu (China), Nuance (United States) and Artificial Solutions (Spain) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Haptik (India).
AdvanceMarketAnalytics has segmented the market of Global AI Powered Chatbots market by Type, Application and Region.
On the basis of geography, the market of AI Powered Chatbots has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. Cloud-based will boost the AI Powered Chatbots market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industries, the sub-segment i.e. Retail will boost the AI Powered Chatbots market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Operating System, the sub-segment i.e. IOS will boost the AI Powered Chatbots market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On November 2, 2016, IBM has acquired XPS, a Watson-based AI chatbot for personal shopping, from software firm Fluid.
In July 2018, US-based AI-based chatbots solution provider IBM announced the launch of Watson Tone Analyzer, which is focused to make chatbots more responsive to emotions
On May 25, 2018, the European Union has introduced a new law The General Data Protection Regulation (GDPR), a regulation on data protection for European Union citizens. It also applies to the transfer of personal data outside of the EU area. GDPR gives users control over their personal information and whether they want to share or keep their data private. At the beginning of a conversation, the chatbot should provide users with a clear-cut, transparent, distinguishable, and easily accessible form to understand what data is collected, and how it will be used by the bot and organization.
- Rapid Rise in Smart Speakers and Voice Search are Accelerating Conversational AI Adoption
- AI-powered Chatbots with Human Fall Back Option
- Growing Adoption of AI-Powered Chabot’s by Small and Large Enterprises
- Increased Productivity and Greater Customer Satisfaction for Businesses across Many Sectors of Global Economy
- Reduction in Development Time, Operational Costs, with Embedded Crowdsourcing
- Omni-Channel Deployment to Voice and Chat Channels
- Potential to Use AI-Powered Chatbots to Improve Conversion Rates, While Providing Operational Efficiencies
- More and More Businesses Leveraging Conversational AI to Achieve Business Goals
- Availability of Open Source Software
- Annoying, Unhelpful, and Glitch Chabot’s
- Integration with Others Software’s and Platforms
Key Target Audience
Venture Capitalists, New Entrants/Investors, Analysts and Strategic Business Planners, Manufacturers, Suppliers, and Distributors, Government Regulatory, Research Organizations and End-Use Industries
During this study the evaluation and validation of the market size is done through various sources including primary and secondary analysis. AMA Research & Media follows industrial and regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
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