A chatbot is an interactive chat robot based on artificial intelligence that is designed to interact with humans through textual or auditory conversation process particularly over the internet. Chatbots pop up on messaging services; thereby helping users in a wide range of applications including order take-out or call a ride among others or flight booking. Chatbots started increasing eight years after Apple introduced its online shop for mobile apps.
Chatbots are considered as the applications of voice interfaces. Research states that chatbots have potential to leapfrog mobile apps to become the major medium for digital communication and commerce. So, we can expect enterprises of all sizes to adopt chatbot platforms the same way they are embracing IoT and mobile platforms.
It is a computer software design that allows conversation between human and machine using artificial intelligence. It is designed and programmed to support text or speech and animation and text or speech identification to provide virtual user interaction. Chatbots use natural language processing to stimulate a conversation with user leading to better customer engagement in applications such as retail, healthcare, and e-commerce. Chatbots are accessible on different platforms such as social networking websites, computers, hypertext markup language (HTML) pages, and smartphones. They are able to interact with humans in various languages and available in various graphical design formats based on the end-user applications such as animal, cartoon character, child or 3D animated creature.
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Facebook, Google, and Microsoft Corporation are the top most firms in the GlobalChabotMarket size. Their collective share in the market’s revenue is an indicator of the extremely consolidated nature of the market size. Consumers show an extremely high preference for the products of these three players due to their recognition and the much larger investments they make into developing chatbot technologies. Similarly, Yahoo has also made unique floors of development for itself to gather a significant share in the market size.
Research states that the scope of new players into the global chatbot market size is notably minor, given the sheer volume of the communications markets taken up by messaging applications such as Kik, Facebook Messenger, Twitter, WhatsApp, Skype, WeChat, and Line. The market size thrives on the need shown by enterprises to deliver a better customer experience while maintaining a virtual and automated presence. The power to effectively resolve customer queries and complaints while efficiently promoting company products to the correct demographics are extremely valuable tools for any business today; thereby showing a promising future for the global chatbot market size.
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